Formidable Asset Management LLC Sells 5,855 Shares of Bank of America Corporation (NYSE:BAC)

Formidable Asset Management LLC lessened its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 10.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,104 shares of the financial services provider's stock after selling 5,855 shares during the quarter. Formidable Asset Management LLC's holdings in Bank of America were worth $2,007,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG grew its position in shares of Bank of America by 35.7% in the 4th 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 during the period. Proficio Capital Partners LLC increased its stake in shares of Bank of America by 65.3% in the 4th quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider's stock worth $890,000 after acquiring an additional 7,999 shares in the last quarter. AllSquare Wealth Management LLC boosted its stake in Bank of America by 5.6% during the fourth quarter. AllSquare Wealth Management LLC now owns 22,452 shares of the financial services provider's stock worth $987,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. grew its holdings in Bank of America by 13.0% in the fourth quarter. Adams Diversified Equity Fund Inc. now owns 848,268 shares of the financial services provider's stock worth $37,281,000 after purchasing an additional 97,500 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BAC. The Goldman Sachs Group increased their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Cowen assumed coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Hsbc Global Res downgraded shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Finally, Oppenheimer lowered their price objective on Bank of America from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.03.

Bank of America Price Performance

Shares of Bank of America stock traded up $0.31 during trading hours on Friday, hitting $47.33. The company's stock had a trading volume of 48,220,966 shares, compared to its average volume of 40,501,913. The company has a market cap of $356.48 billion, a PE ratio of 13.84, a PEG ratio of 1.29 and a beta of 1.30. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.78 and a current ratio of 0.80. The business has a 50 day moving average price of $45.53 and a two-hundred day moving average price of $43.64. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. Bank of America's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.83 earnings per share. Analysts expect 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. Shareholders of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. Bank of America's payout ratio is currently 30.41%.

Bank of America 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.