The stock of Bank of America Corp (NYSE:BAC) hit a new 52-week high and has $25.43 target or 27.00% above today’s $20.02 share price. The 8 months bullish chart indicates low risk for the $205.11 billion company. The 1-year high was reported on Nov, 14 by Barchart.com. If the $25.43 price target is reached, the company will be worth $55.38 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 62.37M shares traded hands. Bank of America Corp (NYSE:BAC) has risen 43.33% since April 12, 2016 and is uptrending. It has outperformed by 38.35% the S&P500.
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. $21 is the highest target while $15 is the lowest. The $17.89 average target is -10.64% below today’s ($20.02) stock price. Bank of America has been the topic of 45 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Friday, September 23 the stock rating was maintained by CLSA with “Outperform”. The firm has “Buy” rating given on Tuesday, August 25 by Deutsche Bank. The rating was maintained by Deutsche Bank on Tuesday, January 26 with “Buy”. The firm has “Underperform” rating by Macquarie Research given on Tuesday, August 25. The firm earned “Buy” rating on Tuesday, September 8 by Nomura. Jefferies maintained Bank of America Corp (NYSE:BAC) on Monday, October 10 with “Buy” rating. On Monday, August 24 the stock rating was upgraded by KBW to “Outperform”. The rating was initiated by Berenberg on Wednesday, July 13 with “Buy”. On Wednesday, August 12 the stock rating was maintained by Deutsche Bank with “Buy”. Oppenheimer maintained Bank of America Corp (NYSE:BAC) rating on Tuesday, October 6. Oppenheimer has “Outperform” rating and $19 price target.
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 2016 Q2. 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.
First Dallas Inc reported 55,772 shares or 0.57% of all its holdings. Sigma Planning accumulated 158,100 shares or 0.27% of the stock. Moreover, Boys Arnold & Comm Inc has 0.11% invested in Bank of America Corp (NYSE:BAC) for 48,441 shares. Scotia Cap Incorporated last reported 0.32% of its portfolio in the stock. Jolley Asset Management Ltd Liability accumulated 2.81% or 263,237 shares. Kahn Brothers Gru Inc De last reported 0% of its portfolio in the stock. Capstone Asset Management Co accumulated 0.31% or 775,703 shares. Moreover, Ferguson Wellman Capital Management has 0.02% invested in Bank of America Corp (NYSE:BAC) for 28,124 shares. Franklin Resources Inc last reported 0% of its portfolio in the stock. Klingenstein Fields And Ltd Llc owns 263,585 shares or 0.16% of their US portfolio. Hanson And Doremus Investment Mgmt accumulated 1,342 shares or 0.01% of the stock. Moreover, Renaissance Gru Ltd Com has 0.08% invested in Bank of America Corp (NYSE:BAC) for 134,750 shares. Wagner Bowman Mgmt owns 12,973 shares or 0.07% of their US portfolio. Arete Wealth Advisors Ltd Liability Co holds 5.84% or 699,314 shares in its portfolio. The Ohio-based Cleararc Cap has invested 0.64% in Bank of America Corp (NYSE:BAC).
Insider Transactions: Since August 2, 2016, the stock had 1 buy, and 1 insider sale for $11.52 billion net activity. $11.52 billion worth of Bank of America Corp (NYSE:BAC) shares were sold by YNOFACE Holdings Inc. The insider Woods Thomas D bought $353,250.
More important recent Bank of America Corp (NYSE:BAC) news were published by: Investorplace.com which released: “Monday’s Vital Data: Bank of America Corp (BAC), Facebook Inc (FB) and Nvidia …” on November 14, 2016, also Investorplace.com published article titled: “Bank of America Corp (BAC) Stock Is STILL Cheap, Somehow”, Wsj.com published: “Former Bank of America Banker Rurik Jutting Found Guilty of Murder in Hong Kong” on November 08, 2016. More interesting news about Bank of America Corp (NYSE:BAC) was released by: Reuters.com and their article: “Bank of America accused of gouging ex-inmates with card fees” 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.
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