The stock of Bank of America Corp (NYSE:BAC) hit a new 52-week high and has $23.39 target or 9.00% above today’s $21.46 share price. The 5 months bullish chart indicates low risk for the $225.73 billion company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $23.39 price target is reached, the company will be worth $20.32 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 20.68M shares traded hands. Bank of America Corp (NYSE:BAC) has risen 42.80% since April 28, 2016 and is uptrending. It has outperformed by 36.87% the S&P500.
Analysts await Bank of America Corp (NYSE:BAC) to report earnings on January, 13 before the open. They expect $0.38 EPS, up 35.71% or $0.10 from last year’s $0.28 per share. BAC’s profit will be $4.00B for 14.12 P/E if the $0.38 EPS becomes a reality. After $0.41 actual EPS reported by Bank of America Corp for the previous quarter, Wall Street now forecasts -7.32% negative EPS growth.
Bank of America Corp (NYSE:BAC) Ratings Coverage
Out of 23 analysts covering Bank of America (NYSE:BAC), 13 rate it a “Buy”, 0 “Sell”, while 10 “Hold”. This means 57% are positive. $21 is the highest target while $15 is the lowest. The $17.89 average target is -16.64% below today’s ($21.46) stock price. Bank of America has been the topic of 48 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Thursday, September 10 by Wells Fargo. As per Monday, May 16, the company rating was downgraded by Keefe Bruyette & Woods. Wood downgraded Bank of America Corp (NYSE:BAC) on Monday, May 16 to “Market Perform” rating. The company was maintained on Tuesday, July 21 by Jefferies. CLSA upgraded the stock to “Outperform” rating in Friday, January 29 report. The company was upgraded on Tuesday, September 1 by Bernstein. The rating was downgraded by Robert W. Baird to “Neutral” on Wednesday, November 16. Deutsche Bank maintained the stock with “Buy” rating in Tuesday, August 25 report. The stock has “Outperform” rating given by KBW on Monday, August 24. Oppenheimer maintained Bank of America Corp (NYSE:BAC) on Saturday, September 5 with “Outperform” 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 increased to 1.01 in Q2 2016. Its up 0.11, from 0.9 in 2016Q1. The ratio improved, 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.
Jp Marvel Invest Ltd accumulated 0.41% or 88,165 shares. Skba Capital Ltd Liability holds 41,330 shares or 0.06% of its portfolio. Choate Investment Advisors last reported 19,062 shares in the company. Cornerstone Cap Mgmt Holding Limited Liability holds 5.07M shares or 0.54% of its portfolio. Diam Ltd has 0.26% invested in the company for 1.33M shares. Court Place Advsr Limited Com, a Maryland-based fund reported 80,346 shares. Greystone Inv Mgmt Limited Liability Corp has 3.78% invested in the company for 630,265 shares. Diamond Hill Mgmt, a Ohio-based fund reported 14,741 shares. Howard Management owns 22,782 shares or 0.06% of their US portfolio. First Republic Invest Mgmt accumulated 2.52 million shares or 0.33% of the stock. Thematic Partners Limited Liability Corporation accumulated 3.19% or 9.71 million shares. State Board Of Administration Of Florida Retirement Sys accumulated 15.51M shares or 0.65% of the stock. The Oklahoma-based Gibraltar has invested 2.29% in Bank of America Corp (NYSE:BAC). Frontier Mngmt has 186,856 shares for 0.31% of their US portfolio. Fire Grp Inc Inc holds 140,000 shares or 0.74% of its portfolio.
Insider Transactions: Since August 2, 2016, the stock had 2 insider buys, and 1 insider sale for $11.52 billion net activity. Another trade for 25,000 shares valued at $503,500 was bought by WHITE MICHAEL D. Another trade for 1.25 billion shares valued at $11.52 billion was sold by YNOFACE Holdings Inc. Woods Thomas D bought $353,250 worth of stock.
More notable recent Bank of America Corp (NYSE:BAC) news were published by: Investorplace.com which released: “Bank of America Corp (BAC) Stock Will Rule Wall Street Under GOP” on December 01, 2016, also Marketwatch.com with their article: “Bank of America’s stock rally is far from over, analysts say” published on November 29, 2016, Investorplace.com published: “Bank of America Corp (BAC) Stock: Is the Trump Boost Over?” on November 17, 2016. More interesting news about Bank of America Corp (NYSE:BAC) were released by: Investorplace.com and their article: “Wednesday’s Vital Data: Bank of America Corp (BAC), Apple Inc. (AAPL) and AT&T …” published on November 23, 2016 as well as Investorplace.com‘s news article titled: “Bank of America Corp (BAC) Stock Is STILL Cheap, Somehow” with publication date: November 11, 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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