Cohen Investment Advisors LLC Buys 11,178 Shares of Bank of America Corporation (NYSE:BAC)

Cohen Investment Advisors LLC grew its position in Bank of America Corporation (NYSE:BAC - Free Report) by 15.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 85,021 shares of the financial services provider's stock after purchasing an additional 11,178 shares during the period. Bank of America makes up 2.1% of Cohen Investment Advisors LLC's holdings, making the stock its 22nd largest position. Cohen Investment Advisors LLC's holdings in Bank of America were worth $3,548,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions acquired a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.5%

Shares of NYSE:BAC traded up $0.23 during midday trading on Friday, hitting $48.94. 21,620,278 shares of the stock were exchanged, compared to its average volume of 40,113,109. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The business's fifty day simple moving average is $44.10 and its two-hundred day simple moving average is $43.42. The company has a market capitalization of $368.61 billion, a PE ratio of 14.56, a P/E/G ratio of 1.33 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an "outperform" rating in a research report on Monday. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Finally, Morgan Stanley lifted their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $48.28.

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.