Mirae Asset Global Investments Co. Ltd. increased its position in Bank of America Corporation (NYSE:BAC) by 151.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,802,970 shares of the financial services provider’s stock after buying an additional 1,086,247 shares during the period. Bank of America Corporation makes up 0.8% of Mirae Asset Global Investments Co. Ltd.’s portfolio, making the stock its 28th largest position. Mirae Asset Global Investments Co. Ltd.’s holdings in Bank of America Corporation were worth $42,533,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of BAC. Armbruster Capital Management Inc. raised its position in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the last quarter. Pinnacle Bank acquired a new position in shares of Bank of America Corporation during the first quarter valued at $122,000. Adirondack Trust Co. raised its position in shares of Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock valued at $140,000 after buying an additional 519 shares during the last quarter. Cohen Capital Management Inc. acquired a new position in shares of Bank of America Corporation during the first quarter valued at $145,000. Finally, Grisanti Capital Management LLC acquired a new position in shares of Bank of America Corporation during the first quarter valued at $153,000. 66.04% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America Corporation (BAC) traded up 1.5448% during trading on Wednesday, hitting $23.8224. The company had a trading volume of 19,443,631 shares. The stock has a 50-day moving average of $24.22 and a 200 day moving average of $23.84. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80. The stock has a market capitalization of $250.53 billion, a price-to-earnings ratio of 14.1884 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same quarter in the prior year, the company earned $0.41 EPS. The business’s revenue was up 7.1% compared to the same quarter last year. On average, analysts predict that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

Bank of America Corporation declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 2.04%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is currently 17.86%.

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A number of research firms have recently commented on BAC. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Vetr lowered shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price target on the stock. in a research report on Wednesday, June 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a research report on Friday, August 11th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $24.27.

In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.18% of the stock is owned by company insiders.

About Bank of America Corporation

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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