Cohen Investment Advisors LLC Purchases 336,896 Shares of Bank of America Corporation (NYSE:BAC)

Cohen Investment Advisors LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 456.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 410,739 shares of the financial services provider's stock after buying an additional 336,896 shares during the quarter. Cohen Investment Advisors LLC's holdings in Bank of America were worth $17,140,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Graney & King LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America in the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America during the fourth quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the fourth quarter worth approximately $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE BAC traded up $0.19 on Monday, hitting $47.31. 47,917,208 shares of the company were exchanged, compared to its average volume of 39,958,447. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a market cap of $356.33 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.28 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a 50 day moving average of $43.31 and a two-hundred day moving average of $43.31.

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

Bank of America Announces Dividend

The firm also recently declared 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 dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective on the stock. Robert W. Baird reiterated a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research note on Friday. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Finally, Royal Bank Of Canada cut their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.65.

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.