Stocks of Bank of America Corporation (NYSE:BAC) traded higher last session on Wall Street, down -0.51% to $37.17.
According to the data, Bank of America Corporation (NYSE:BAC) has 28 analysts covering its stock. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $55.00 and a low of $32.00, we find $40.50. Given the previous closing price of $37.36, this indicates a potential upside of 8.4 percent. BAC stock price is now 9.15% away from the 50-day moving average and 1.49% away from the 200-day moving average. The market capitalization of the company currently stands at $296.02B.
A total of 11 analysts have issued a hold rating and 13 have given it a buy rating. Brokers who have rated the stock have averaged $41.66 as their price target over the next twelve months.
With the price target maintained at $40, Citigroup recently Downgraded its rating from Buy to Neutral for Bank of America Corporation (NYSE: BAC). On July 11, 2022, Societe Generale Upgraded its previous ‘Hold’ rating to ‘Buy’ on the stock keeping its target price maintained at $37.50, while ‘Morgan Stanley’ rates the stock as ‘Equal-Weight’.
In other news, Sieg Andrew M., Pres, Merill Wealth Mgmt sold 18,407 shares of the company’s stock on Jan 28. The stock was sold for $830,524 at an average price of $45.12. Upon completion of the transaction, the Pres, Merill Wealth Mgmt now directly owns 281,405 shares in the company, valued at $10.46 million. Insiders disposed of 1,776,877 shares of company stock worth roughly $66.05 million over the past 1 year. A total of 0.14% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in BAC stock. A new stake in Bank of America Corporation shares was purchased by GREAT WEST LIFE ASSURANCE CO /CAN/ during the first quarter worth $196,258,000. JANNEY MONTGOMERY SCOTT LLC invested $83,213,000 in shares of BAC during the first quarter. In the first quarter, AMALGAMATED FINANCIAL CORP. acquired a new stake in Bank of America Corporation valued at approximately $67,098,000. CZECH NATIONAL BANK acquired a new stake in BAC for approximately $30,189,000. AQUAMARINE ZURICH AG purchased a new stake in BAC valued at around $28,541,000 in the second quarter. In total, there are 3,293 active investors with 70.80% ownership of the company’s stock.
Thursday’s opening bell rang with an opening price of $36.88 for Bank of America Corporation (NYSE: BAC). During the past 12 months, Bank of America Corporation has had a low of $29.31 and a high of $50.11. The fifty day moving average price for BAC is $34.05 and a two-hundred day moving average price translates $36.62 for the stock.
The latest earnings results from Bank of America Corporation (NYSE: BAC) was released for Sep, 2022. According to the Banks – Diversified Company, earnings per share came in at $0.81, beating analysts’ expectations of $0.77 by 0.04. This compares to $0.85 EPS in the same period last year. The net profit margin was 43.10% and return on equity was 10.70% for BAC. The company reported revenue of $19.62 billion for the quarter, compared to $12.34 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 59.05 percent. For the current quarter, analysts expect BAC to generate $24.59B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 09/30/2022. Investors who held shares on 09/02/2022 were paid a $0.22 dividend. On an annualized basis, this represents a $0.88 dividend and a 2.37% percent yield. There was an ex-dividend date of 09/01/2022 for this dividend. In terms of dividend payout ratio, BAC is presently at 26.80%.
Bank of America Corporation(BAC) Company Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans. The company’s Global Wealth & Investment Management segment offers investment management, brokerage, banking, and trust and retirement products and services; and wealth management solutions, as well as customized solutions, including specialty asset management services. Its Global Banking segment provides lending products and services, including commercial loans, leases, commitment facilities, trade finance, and commercial real estate and asset-based lending; treasury solutions, such as treasury management, foreign exchange, and short-term investing options and merchant services; working capital management solutions; and debt and equity underwriting and distribution, and merger-related and other advisory services. The company’s Global Markets segment offers market-making, financing, securities clearing, settlement, and custody services, as well as risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income, and mortgage-related products. As of December 31, 2021, it served approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers; approximately 16,000 ATMs; and digital banking platforms with approximately 41 million active users. The company was founded in 1784 and is based in Charlotte, North Carolina.