Formidable Asset Management LLC Sells 6,554 Shares of Bank of America Co. (NYSE:BAC)

Formidable Asset Management LLC lessened its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 10.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 53,959 shares of the financial services provider's stock after selling 6,554 shares during the quarter. Formidable Asset Management LLC's holdings in Bank of America were worth $2,371,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Lederer & Associates Investment Counsel CA increased its position in Bank of America by 1.1% during the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after acquiring an additional 217 shares during the last quarter. Avalon Trust Co lifted its holdings in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after buying an additional 219 shares during the period. Prossimo Advisors LLC raised its holdings in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares in the last quarter. Keudell Morrison Wealth Management raised its stake in Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after buying an additional 223 shares in the last quarter. Finally, Consolidated Planning Corp grew its stake in Bank of America by 2.9% in the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock valued at $356,000 after purchasing an additional 226 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on BAC shares. Royal Bank of Canada decreased their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Argus dropped their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. UBS Group upped their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Trading Down 0.5%

Shares of BAC stock traded down $0.20 during mid-day trading on Wednesday, hitting $44.02. The company's stock had a trading volume of 13,227,674 shares, compared to its average volume of 39,678,331. The company has a market cap of $331.55 billion, a PE ratio of 13.67, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company's fifty day simple moving average is $40.39 and its 200-day simple moving average is $43.58. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 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.