Voleon Capital Management LP Invests $6.60 Million in Bank of America Co. (NYSE:BAC)

Voleon Capital Management LP bought a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 150,192 shares of the financial services provider’s stock, valued at approximately $6,601,000.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after buying an additional 569,385 shares in the last quarter. Morse Asset Management Inc acquired a new stake in Bank of America in the third quarter valued at about $306,000. SkyView Investment Advisors LLC boosted its stake in Bank of America by 4.3% in the third quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock valued at $619,000 after buying an additional 645 shares in the last quarter. Tudor Financial Inc. acquired a new stake in Bank of America in the third quarter valued at about $645,000. Finally, Eaton Financial Holdings Company LLC acquired a new stake in Bank of America in the third quarter valued at about $488,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Cfra Research raised their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Argus dropped their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Piper Sandler dropped their target price on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Evercore ISI dropped their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.25.

Bank of America Stock Up 0.6 %

Shares of NYSE BAC opened at $40.00 on Wednesday. The firm has a market cap of $304.11 billion, a PE ratio of 12.42, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The company’s fifty day simple moving average is $40.25 and its 200 day simple moving average is $43.56. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.