In yesterday’s Wall Street session, Bank of America Corporation (NYSE:BAC) shares traded at $28.76, up 0.91% from the previous session.
28 analysts cover Bank of America Corporation (NYSE:BAC), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $49.00 and a low of $28.00, we find $35.00. Given the previous closing price of $28.50, this indicates a potential upside of 22.81 percent. BAC stock price is now -3.89% away from the 50-day moving average and -8.55% away from the 200-day moving average. The market capitalization of the company currently stands at $229.50B.
The stock has received a hold rating from 12 analysts and a buy rating from 11. Brokers who have rated the stock have averaged $35.37 as their price target over the next twelve months.
With the price target enhanced from $34 to $36, UBS maintained Buy rating for Bank of America Corporation (NYSE: BAC).
In other news, DeMare James P, President, Global Markets sold 75,000 shares of the company’s stock on Aug 01. The stock was sold for $2,364,900 at an average price of $31.53. Upon completion of the transaction, the President, Global Markets now directly owns 185,108 shares in the company, valued at $5.32 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 20, President, Regional Banking Athanasia Dean C sold 77,806 shares of the business’s stock. A total of $2,449,722 was realized by selling the stock at an average price of $31.48. This leaves the insider owning 353,971 shares of the company worth $10.18 million. Insiders disposed of 2,521,999 shares of company stock worth roughly $72.53 million over the past 1 year. A total of 0.11% 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 RENAISSANCE TECHNOLOGIES LLC during the first quarter worth $197,828,000. CLEAR STREET LLC invested $161,056,000 in shares of BAC during the first quarter. In the first quarter, KBC GROUP NV acquired a new stake in Bank of America Corporation valued at approximately $147,834,000. CAPITAL FUND MANAGEMENT S.A. acquired a new stake in BAC for approximately $94,659,000. UNISUPER MANAGEMENT PTY LTD purchased a new stake in BAC valued at around $85,245,000 in the second quarter. In total, there are 3,339 active investors with 71.00% ownership of the company’s stock.
On Monday morning Bank of America Corporation (NYSE: BAC) stock kicked off with the opening price of $28.69. During the past 12 months, Bank of America Corporation has had a low of $26.32 and a high of $38.60. The fifty day moving average price for BAC is $29.91 and a two-hundred day moving average price translates $31.41 for the stock.
The latest earnings results from Bank of America Corporation (NYSE: BAC) was released for Jun, 2023. According to the Banks – Diversified Company, earnings per share came in at $0.82, beating analysts’ expectations of $0.78 by 0.04. This compares to $0.73 EPS in the same period last year. The net profit margin was 26.70% and return on equity was 11.40% for BAC. The company reported revenue of $32.35 billion for the quarter, compared to $14.97 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 116.05 percent. For the current quarter, analysts expect BAC to generate $23.35B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 09/29/2023. Investors who held shares on 09/01/2023 were paid a $0.24 dividend. On an annualized basis, this represents a $0.96 dividend and a 3.34% percent yield. There was an ex-dividend date of 08/31/2023 for this dividend. In terms of dividend payout ratio, BAC is presently at 25.20%.
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. The company was founded in 1784 and is based in Charlotte, North Carolina.
