BDF Gestion Sells 41,267 Shares of Bank of America Co. (NYSE:BAC)

BDF Gestion trimmed its position in Bank of America Co. (NYSE:BAC - Free Report) by 11.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 317,798 shares of the financial services provider's stock after selling 41,267 shares during the period. Bank of America comprises 1.3% of BDF Gestion's investment portfolio, making the stock its 13th biggest position. BDF Gestion's holdings in Bank of America were worth $13,967,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider's stock worth $5,546,871,000 after acquiring an additional 1,700,141 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Bank of America by 4.0% in the 3rd quarter. Fisher Asset Management LLC now owns 45,215,832 shares of the financial services provider's stock worth $1,794,164,000 after purchasing an additional 1,731,003 shares during the period. Sanders Capital LLC raised its holdings in shares of Bank of America by 2.8% in the 3rd quarter. Sanders Capital LLC now owns 22,341,213 shares of the financial services provider's stock worth $886,499,000 after purchasing an additional 601,211 shares during the period. Diamond Hill Capital Management Inc. lifted its stake in Bank of America by 0.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 17,042,952 shares of the financial services provider's stock valued at $676,264,000 after purchasing an additional 59,853 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock valued at $611,692,000 after purchasing an additional 569,385 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BAC shares. Piper Sandler cut their price target on Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research note on Friday, January 17th. Barclays increased their target price on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Citigroup raised shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their target price for the company from $46.00 to $54.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $48.58.

Bank of America Price Performance

Shares of Bank of America stock traded down $0.07 on Thursday, hitting $46.68. 31,111,726 shares of the company traded hands, compared to its average volume of 37,309,539. Bank of America Co. has a 12-month low of $32.35 and a 12-month high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $358.19 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.24 and a beta of 1.33. The firm's 50-day simple moving average is $45.85 and its 200 day simple moving average is $42.73.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter last year, the business posted $0.70 earnings per share. The company's revenue for the quarter was up 15.0% on a year-over-year basis. Analysts expect that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date is Friday, March 7th. Bank of America's dividend payout ratio is currently 32.30%.

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.