Desjardins Global Asset Management Inc. Reduces Holdings in Bank of America Co. (NYSE:BAC)

Desjardins Global Asset Management Inc. decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 18.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 43,317 shares of the financial services provider’s stock after selling 9,941 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Bank of America were worth $1,458,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of BAC. Wealth Alliance lifted its holdings in shares of Bank of America by 8.3% during the fourth quarter. Wealth Alliance now owns 20,973 shares of the financial services provider’s stock worth $706,000 after purchasing an additional 1,604 shares during the period. Main Street Research LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $223,000. Octavia Wealth Advisors LLC lifted its holdings in shares of Bank of America by 1.6% during the fourth quarter. Octavia Wealth Advisors LLC now owns 53,626 shares of the financial services provider’s stock worth $1,806,000 after purchasing an additional 851 shares during the period. Buffington Mohr McNeal lifted its holdings in shares of Bank of America by 266.0% during the fourth quarter. Buffington Mohr McNeal now owns 163,314 shares of the financial services provider’s stock worth $5,499,000 after purchasing an additional 118,695 shares during the period. Finally, Independent Family Office LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $243,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $34.68 on Wednesday. The stock has a fifty day simple moving average of $35.51 and a 200-day simple moving average of $32.19. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market cap of $273.65 billion, a PE ratio of 11.30, a P/E/G ratio of 1.64 and a beta of 1.39.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on BAC shares. Keefe, Bruyette & Woods lifted their target price on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, BMO Capital Markets decreased their price target on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Hold” and an average price target of $38.29.

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.