The stock of Bank of America Corp (NYSE:BAC) is a huge mover today! About 21.16M shares traded hands. Bank of America Corp (NYSE:BAC) has risen 20.80% since March 10, 2016 and is uptrending. It has outperformed by 13.28% the S&P500.
The move comes after 8 months negative chart setup for the $158.81B company. It was reported on Oct, 13 by Barchart.com. We have $14.23 PT which if reached, will make NYSE:BAC worth $14.29 billion less.
Analysts await Bank of America Corp (NYSE:BAC) to report earnings on October, 17 before the open. They expect $0.33 earnings per share, down 10.81% or $0.04 from last year’s $0.37 per share. BAC’s profit will be $3.35B for 11.85 P/E if the $0.33 EPS becomes a reality. After $0.36 actual earnings per share reported by Bank of America Corp for the previous quarter, Wall Street now forecasts -8.33% negative EPS growth.
Bank of America Corp (NYSE:BAC) Ratings Coverage
Out of 22 analysts covering Bank of America (NYSE:BAC), 14 rate it a “Buy”, 0 “Sell”, while 8 “Hold”. This means 64% are positive. Bank of America has been the topic of 44 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Bank of America Corp (NYSE:BAC) has “Buy” rating given on Tuesday, August 25 by Deutsche Bank. The firm has “Outperform” rating given on Tuesday, October 6 by Oppenheimer. The firm has “Neutral” rating given on Tuesday, August 25 by Robert W. Baird. Macquarie Research upgraded Bank of America Corp (NYSE:BAC) on Tuesday, August 25 to “Underperform” rating. The firm earned “Buy” rating on Wednesday, August 12 by Deutsche Bank. KBW upgraded the stock to “Buy” rating in Tuesday, September 1 report. The stock has “Neutral” rating given by UBS on Wednesday, August 26. The rating was maintained by Jefferies on Monday, October 10 with “Buy”. The stock of Bank of America Corp (NYSE:BAC) earned “Outperform” rating by Wells Fargo on Thursday, September 10. Jefferies maintained the shares of BAC in a report on Wednesday, October 7 with “Buy” rating.
According to Zacks Investment Research, “Bank of America Corp. is one of the world’s leading financial services companies. Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose.”
Insitutional Activity: The institutional sentiment decreased to 0.9 in Q2 2016. Its down 0.33, from 1.23 in 2016Q1. The ratio dropped, as 101 funds sold all Bank of America Corp shares owned while 529 reduced positions. 83 funds bought stakes while 482 increased positions. They now own 6.08 billion shares or 0.24% less from 6.09 billion shares in 2016Q1.
The Louisiana-based Summit Financial Wealth Llc has invested 0.12% in Bank of America Corp (NYSE:BAC). Goldman Sachs Grp Inc, a New York-based fund reported 73.82 million shares. Espalier Mngmt Ltd Liability Corporation last reported 149,791 shares in the company. Moreover, Destination Wealth Management has 0.02% invested in Bank of America Corp (NYSE:BAC) for 14,289 shares. Ferguson Wellman Cap Mgmt, a Oregon-based fund reported 28,124 shares. The Tennessee-based Argent Tru has invested 0.28% in Bank of America Corp (NYSE:BAC). Smith Chas P & Assocs Pa Cpas holds 16,966 shares or 0.04% of its portfolio. Credit Invs holds 5.01% or 3.55 million shares in its portfolio. Hollencrest Secs Limited Co holds 0.31% or 151,131 shares in its portfolio. Moreover, Price Michael F has 0.18% invested in Bank of America Corp (NYSE:BAC) for 100,000 shares. Aviva Pcl owns 7.64 million shares or 0.69% of their US portfolio. Adage Capital Prtnrs Ltd Limited Liability Company last reported 0.59% of its portfolio in the stock. Amp Cap Limited accumulated 0.4% or 4.56M shares. Sumitomo Mitsui Asset Mgmt Ltd accumulated 0.32% or 795,237 shares. Ledyard Natl Bank accumulated 0.02% or 8,628 shares.
Insider Transactions: Since August 2, 2016, the stock had 1 insider buy, and 0 sales for $353,250 net activity. Shares for $353,250 were bought by Woods Thomas D on Tuesday, August 2.
More notable recent Bank of America Corp (NYSE:BAC) news were published by: Seekingalpha.com which released: “Buy Bank Of America On Drop To $15” on October 13, 2016, also Investorplace.com with their article: “Don’t Buy Bank of America Corp (BAC) Stock, Says … BofA?” published on October 07, 2016, Wsj.com published: “Bank of America Names Retirement Head Andy Sieg Chief of Merrill Brokerage” on October 06, 2016. More interesting news about Bank of America Corp (NYSE:BAC) were released by: Investorplace.com and their article: “Friday’s Vital Data: Bank of America Corp (BAC), Tesla Motors Inc (TSLA) and …” published on October 07, 2016 as well as Investorplace.com‘s news article titled: “Wednesday’s Vital Data: Bank of America Corp (BAC), Facebook Inc (FB) and …” with publication date: October 05, 2016.
BAC Company Profile
Bank of America Corporation, incorporated on July 31, 1998, is a bank holding firm (BHC) and a financial holding company. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with a range of banking, investing, asset management and other financial and risk management services and products. The Company’s divisions include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, Legacy Assets & Servicing (LAS) and All Other. Through its banking and various nonbank subsidiaries throughout the United States and international markets, the Company provides a range of banking and nonbank financial services and products.
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