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

Formidable Asset Management LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 10.8% in the 4th quarter, HoldingsChannel reports. The firm owned 53,959 shares of the financial services provider’s stock after selling 6,554 shares during the period. Formidable Asset Management LLC’s holdings in Bank of America were worth $2,371,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Lederer & Associates Investment Counsel CA lifted 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 purchasing an additional 217 shares during the last quarter. Avalon Trust Co lifted its position in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 219 shares during the last quarter. Prossimo Advisors LLC lifted its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 220 shares during the last quarter. Keudell Morrison Wealth Management lifted its position in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the last quarter. Finally, Consolidated Planning Corp lifted its position in Bank of America by 2.9% during 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 currently owned by institutional investors.

Bank of America Stock Down 0.3%

Shares of Bank of America stock opened at $43.20 on Friday. 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’s fifty day simple moving average is $40.34 and its two-hundred day simple moving average is $43.61. The company has a market cap of $325.38 billion, a P/E ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Evercore ISI lowered their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Argus lowered their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Citigroup lowered their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday. Finally, Barclays lowered their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

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.