Desjardins Global Asset Management Inc. Sells 9,941 Shares of Bank of America Co. (NYSE:BAC)

Desjardins Global Asset Management Inc. decreased its position in Bank of America Co. (NYSE:BAC) by 18.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Schechter Investment Advisors LLC boosted its stake in Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 4,187 shares in the last quarter. Eastern Bank boosted its stake in Bank of America by 354.5% in the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after purchasing an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC raised its position in Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in 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 buying an additional 46,950 shares during the last quarter. Finally, Sarasin & Partners LLP purchased a new position in Bank of America in the 4th quarter worth about $673,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 3.5 %

Shares of NYSE:BAC opened at $34.68 on Wednesday. The stock has a 50 day moving average of $35.51 and a 200 day moving average of $32.19. The company has a market cap of $273.65 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35.

Bank of America Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BAC shares. Oppenheimer decreased their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Tuesday, March 19th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. UBS Group reissued a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price 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.