Market Runner: Could Bank of America Corp Change Direction After Today’s Huge Increase?

Market Runner: Could Bank of America Corp Change Direction After Today's Huge Increase?

The stock of Bank of America Corp (NYSE:BAC) is a huge mover today! About 98.78 million shares traded hands. Bank of America Corp (NYSE:BAC) has risen 44.64% since April 11, 2016 and is uptrending. It has outperformed by 38.50% the S&P500.
The move comes after 8 months positive chart setup for the $197.69B company. It was reported on Nov, 11 by Barchart.com. We have $25.86 PT which if reached, will make NYSE:BAC worth $75.12 billion more.

Bank of America Corp (NYSE:BAC) Ratings Coverage

Out of 22 analysts covering Bank of America (NYSE:BAC), 13 rate it a “Buy”, 0 “Sell”, while 9 “Hold”. This means 59% are positive. Bank of America has been the topic of 45 analyst reports since July 21, 2015 according to StockzIntelligence Inc. KBW upgraded the shares of BAC in a report on Tuesday, September 1 to “Buy” rating. Credit Agricole upgraded the stock to “Outperform” rating in Friday, January 29 report. The rating was upgraded by Bruyette & Woods” on Monday, August 24 to “Mkt Perform”. The stock of Bank of America Corp (NYSE:BAC) has “Outperform” rating given on Friday, September 23 by CLSA. The rating was maintained by Deutsche Bank with “Buy” on Wednesday, August 12. As per Monday, August 24, the company rating was upgraded by KBW. On Tuesday, October 6 the stock rating was maintained by Oppenheimer with “Outperform”. UBS upgraded the stock to “Neutral” rating in Wednesday, August 26 report. The stock of Bank of America Corp (NYSE:BAC) earned “Hold” rating by Macquarie Research on Tuesday, September 1. As per Tuesday, July 19, the company rating was maintained by Citigroup.

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 is negative, 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.
Winton Capital Limited accumulated 0.25% or 1.15M shares. Kcm Llc reported 402,821 shares or 0.37% of all its holdings. Heritage Wealth Advsrs accumulated 29,322 shares or 0.26% of the stock. Federated Invsts Pa holds 0.25% of its portfolio in Bank of America Corp (NYSE:BAC) for 6.57 million shares. Private Na has 0.34% invested in the company for 99,895 shares. Amg Natl Trust Retail Bank last reported 0.27% of its portfolio in the stock. Analytic Investors Llc accumulated 890,825 shares or 0.14% of the stock. Security Tru has 15,519 shares for 0.08% of their US portfolio. Sterling Glob Strategies Limited Com holds 16,555 shares or 0.84% of its portfolio. Boston Advsr Ltd, a Massachusetts-based fund reported 1.82 million shares. Nippon Life Ins last reported 412,836 shares in the company. Tokio Marine Asset Mgmt Limited holds 0.41% or 296,303 shares in its portfolio. Legal General Gru Public Ltd Liability reported 49.83M shares or 0.7% of all its holdings. City Holdg last reported 0.27% of its portfolio in the stock. Kingfisher Ltd Liability Corp owns 22,424 shares or 0% of their US portfolio.

Insider Transactions: Since August 2, 2016, the stock had 1 buy, and 1 insider sale for $11.52 billion net activity. 1.25 billion shares were sold by YNOFACE Holdings Inc, worth $11.52 billion on Monday, August 15. On Tuesday, August 2 the insider Woods Thomas D bought $353,250.

More notable recent Bank of America Corp (NYSE:BAC) news were published by: Investorplace.com which released: “Bank of America Corp (BAC) Stock Is STILL Cheap, Somehow” on November 11, 2016, also Wsj.com with their article: “Former Bank of America Banker Rurik Jutting Found Guilty of Murder in Hong Kong” published on November 08, 2016, Reuters.com published: “Bank of America accused of gouging ex-inmates with card fees” on November 04, 2016. More interesting news about Bank of America Corp (NYSE:BAC) were released by: Reuters.com and their article: “Bank of America profit rises on bond trading, cost cuts” published on October 17, 2016 as well as Investorplace.com‘s news article titled: “Bank of America Corp (BAC) Stock Is About VALUE, Not Elections!” with publication date: November 04, 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.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Leave a Comment