Price Action Don’t Lie: What’s Propelling Bank of America Corp to Increase So Much?

Price Action Don't Lie: What's Propelling Bank of America Corp to Increase So Much?

The stock of Bank of America Corp (NYSE:BAC) is a huge mover today! About 20.04 million shares traded hands. Bank of America Corp (NYSE:BAC) has risen 14.79% since March 11, 2016 and is uptrending. It has outperformed by 9.34% the S&P500.
The move comes after 5 months positive chart setup for the $162.85 billion company. It was reported on Oct, 14 by Barchart.com. We have $24.72 PT which if reached, will make NYSE:BAC worth $86.31 billion more.

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 $3.32 billion for 12.24 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. As per Wednesday, August 12, the company rating was maintained by Deutsche Bank. The stock of Bank of America Corp (NYSE:BAC) has “Buy” rating given on Tuesday, August 25 by Deutsche Bank. The stock of Bank of America Corp (NYSE:BAC) has “Buy” rating given on Tuesday, January 26 by Deutsche Bank. Jefferies maintained it with “Buy” rating and $18 target price in Wednesday, October 7 report. The stock has “Outperform” rating given by Oppenheimer on Saturday, September 5. As per Tuesday, September 8, the company rating was upgraded by Nomura. As per Monday, May 16, the company rating was downgraded by Keefe Bruyette & Woods. The firm has “Buy” rating by Robert W. Baird given on Tuesday, September 1. The rating was upgraded by UBS on Wednesday, August 26 to “Neutral”. The stock of Bank of America Corp (NYSE:BAC) has “Buy” rating given on Wednesday, July 13 by Berenberg.

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 dived, 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.
Northeast Financial Consultants, a Connecticut-based fund reported 22,287 shares. Cap Mgmt Associate Ny holds 0.46% of its portfolio in Bank of America Corp (NYSE:BAC) for 20,400 shares. Clifford Swan Investment Counsel Ltd Com has invested 0.09% of its portfolio in Bank of America Corp (NYSE:BAC). Deprince Race Zollo has invested 0.15% of its portfolio in Bank of America Corp (NYSE:BAC). Parametric Risk Advsrs Limited Com reported 63,000 shares or 0.05% of all its holdings. American Assets Management Ltd Liability Com has 1.06% invested in the company for 327,610 shares. Plante Moran Fincl Advisors holds 0.1% or 10,752 shares in its portfolio. Moreover, Odey Asset Management Group Ltd has 0.78% invested in Bank of America Corp (NYSE:BAC) for 658,000 shares. Eulav Asset Mgmt holds 250,000 shares or 0.18% of its portfolio. Salem Cap Management last reported 2.22% of its portfolio in the stock. Kcg Holdg has invested 0.09% of its portfolio in Bank of America Corp (NYSE:BAC). Cohen And Steers has 1.13M shares for 0.04% of their US portfolio. Calvert Inv Mngmt accumulated 0.53% or 766,731 shares. Jp Marvel Inv Advsrs Limited Liability last reported 88,165 shares in the company. Amica Pension Fund Board Of Trustees has 260,436 shares for 0.45% of their US portfolio.

Insider Transactions: Since August 2, 2016, the stock had 1 buying transaction, and 0 insider sales for $353,250 net activity. Shares for $353,250 were bought by Woods Thomas D.

More notable recent Bank of America Corp (NYSE:BAC) news were published by: Investorplace.com which released: “Bank of America Corp (BAC) Is Set to Beat Profit Estimates … Again” 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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