The stock of Bank of America Corp (NYSE:BAC) hit a new 52-week high and has $24.37 target or 21.00% above today’s $20.14 share price. The 7 months bullish chart indicates low risk for the $202.65 billion company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $24.37 price target is reached, the company will be worth $42.56B 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 37.43M shares traded hands. Bank of America Corp (NYSE:BAC) has risen 38.41% since April 19, 2016 and is uptrending. It has outperformed by 34.55% the S&P500.
Bank of America Corp (NYSE:BAC) Ratings Coverage
Out of 23 analysts covering Bank of America (NYSE:BAC), 12 rate it a “Buy”, 0 “Sell”, while 11 “Hold”. This means 52% are positive. Bank of America has been the topic of 47 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Tuesday, September 8 the stock rating was upgraded by Nomura to “Buy”. The firm has “Buy” rating by Jefferies given on Wednesday, October 7. The rating was upgraded by Sandler O’Neill on Wednesday, January 20 to “Buy”. The stock has “Buy” rating given by Deutsche Bank on Tuesday, January 26. Jefferies maintained it with “Buy” rating and $19 target price in Monday, October 10 report. The firm has “Mkt Perform” rating by Bruyette & Woods” given on Monday, August 24. The stock has “Hold” rating given by Deutsche Bank on Tuesday, November 8. The firm earned “Neutral” rating on Wednesday, November 16 by Robert W. Baird. The stock has “Hold” rating given by Macquarie Research on Tuesday, September 1. The stock of Bank of America Corp (NYSE:BAC) has “Outperform” rating given on Friday, September 23 by CLSA.
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 increased to 1.01 in 2016 Q2. Its up 0.11, from 0.9 in 2016Q1. The ratio is positive, 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.
Pure Fin accumulated 10,694 shares or 0.05% of the stock. Birmingham Cap Mngmt Al accumulated 95,240 shares or 0.55% of the stock. Boyle Mngmt Ltd Company owns 1.20M shares or 19.47% of their US portfolio. Schooner Investment Group Lc holds 0.8% or 25,000 shares in its portfolio. X Mngmt Communication Limited Liability Company holds 6,105 shares or 0% of its portfolio. Moreover, Guardian Life Insurance Of America has 0.04% invested in Bank of America Corp (NYSE:BAC) for 38,722 shares. Mount Vernon Assocs Md has 2.21% invested in the company for 78,104 shares. Bedrijfstakpensioenfonds Voor De Media Pno has 0.12% invested in the company for 67,900 shares. Ray Gerald L And Associate Ltd holds 0.98% of its portfolio in Bank of America Corp (NYSE:BAC) for 462,804 shares. Millennium has invested 0.05% of its portfolio in Bank of America Corp (NYSE:BAC). Diamond Hill Capital Management has 0% invested in the company for 14,741 shares. Narwhal Capital Mgmt reported 141,225 shares or 0.59% of all its holdings. Wellington Shields Cap Ltd Llc last reported 0.22% of its portfolio in the stock. The Illinois-based Iron Limited Liability Company has invested 0.33% in Bank of America Corp (NYSE:BAC). Front Barnett Associates Llc has 453,680 shares for 1.22% of their US portfolio.
Insider Transactions: Since August 2, 2016, the stock had 1 buy, and 1 sale for $11.52 billion net activity. Woods Thomas D bought $353,250 worth of Bank of America Corp (NYSE:BAC) on Tuesday, August 2. YNOFACE Holdings Inc also sold $11.52B worth of Bank of America Corp (NYSE:BAC) shares.
More important recent Bank of America Corp (NYSE:BAC) news were published by: Wsj.com which released: “Bank of America Trading Benefits From Trump’s Election Surprise” on November 15, 2016, also Investorplace.com published article titled: “Why Bank of America Corp (BAC) Stock Is the Hottest Ticket in Town”, Investorplace.com published: “Bank of America Corp (BAC) Stock Is STILL Cheap, Somehow” on November 11, 2016. More interesting news about Bank of America Corp (NYSE:BAC) was released by: Investorplace.com and their article: “Monday’s Vital Data: Bank of America Corp (BAC), Facebook Inc (FB) and Nvidia …” with publication date: November 14, 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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