Cohen Investment Advisors LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Cohen Investment Advisors LLC boosted its holdings in Bank of America Co. (NYSE:BAC) by 5.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 78,468 shares of the financial services provider’s stock after acquiring an additional 3,787 shares during the quarter. Bank of America comprises approximately 1.9% of Cohen Investment Advisors LLC’s portfolio, making the stock its 21st biggest holding. Cohen Investment Advisors LLC’s holdings in Bank of America were worth $2,976,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Ethos Financial Group LLC lifted its stake in shares of Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 492 shares during the period. Auxano Advisors LLC lifted its position in shares of Bank of America by 234.5% during the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after acquiring an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC boosted its stake in shares of Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares during the period. Finally, DiNuzzo Private Wealth Inc. purchased a new position in Bank of America in the 4th quarter valued at approximately $105,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on BAC shares. Citigroup boosted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. HSBC restated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.02.

Bank of America Trading Down 0.1 %

Shares of NYSE BAC traded down $0.03 on Thursday, reaching $40.90. 17,100,666 shares of the company traded hands, compared to its average volume of 35,032,784. The company has a 50 day moving average of $39.06 and a 200 day moving average of $36.25. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $41.20. The stock has a market capitalization of $319.85 billion, a PE ratio of 14.15, a P/E/G ratio of 1.56 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Co. will post 3.22 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 28th. Investors of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Bank of America Company Profile

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.