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

Cohen Investment Advisors LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 456.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 410,739 shares of the financial services provider’s stock after purchasing an additional 336,896 shares during the quarter. Cohen Investment Advisors LLC’s holdings in Bank of America were worth $17,140,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Joel Isaacson & Co. LLC lifted its position in Bank of America by 6.4% during the first quarter. Joel Isaacson & Co. LLC now owns 89,008 shares of the financial services provider’s stock valued at $3,714,000 after purchasing an additional 5,345 shares during the last quarter. TBH Global Asset Management LLC lifted its position in Bank of America by 28.0% during the first quarter. TBH Global Asset Management LLC now owns 13,805 shares of the financial services provider’s stock valued at $576,000 after purchasing an additional 3,016 shares during the last quarter. Golden State Wealth Management LLC lifted its position in Bank of America by 7.8% during the first quarter. Golden State Wealth Management LLC now owns 24,276 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 1,765 shares during the last quarter. CWC Advisors LLC. bought a new position in Bank of America during the first quarter valued at $250,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Bank of America by 21.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,495,379 shares of the financial services provider’s stock valued at $103,533,000 after purchasing an additional 442,280 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.7%

Shares of Bank of America stock opened at $47.11 on Friday. The firm’s 50 day moving average price is $43.31 and its 200-day moving average price is $43.33. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a market cap of $354.85 billion, a P/E ratio of 14.02, a PEG ratio of 1.27 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Analysts Set New Price Targets

Several equities analysts have commented on BAC shares. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Cowen assumed coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Cfra Research raised their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Finally, Truist Financial lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.