Mirae Asset Global Investments Co. Ltd. Has $39.12 Million Stock Position in Bank of America Corporation (NYSE:BAC)

Mirae Asset Global Investments Co. Ltd. raised its position in shares of Bank of America Corporation (NYSE:BAC) by 15.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,007,867 shares of the financial services provider's stock after purchasing an additional 133,813 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Bank of America were worth $39,119,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares in the last quarter. Whipplewood Advisors LLC acquired a new position in shares of Bank of America during the fourth quarter worth $57,000. Proficio Capital Partners LLC increased its holdings in Bank of America by 7,164.3% in the fourth quarter. Proficio Capital Partners LLC now owns 890,096 shares of the financial services provider's stock valued at $39,120,000 after purchasing an additional 877,843 shares during the period. Finally, Flputnam Investment Management Co. increased its holdings in Bank of America by 2.5% in the fourth quarter. Flputnam Investment Management Co. now owns 426,505 shares of the financial services provider's stock valued at $18,745,000 after purchasing an additional 10,366 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Keefe, Bruyette & Woods decreased their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Cfra Research increased their price objective on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Finally, Evercore ISI cut their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $47.65.

Bank of America Trading Down 0.7%

BAC opened at $47.11 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a market capitalization of $354.85 billion, a PE ratio of 14.02, a P/E/G ratio of 1.27 and a beta of 1.30. The company's 50-day moving average is $43.31 and its 200 day moving average is $43.33.

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, 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 company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.21%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

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.

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