The stock of Bank of America Corporation (NYSE:BAC) last traded at $28.48, up 0.42% from the previous session.
Data from the available sources indicates that Bank of America Corporation (NYSE:BAC) is covered by 29 analysts. 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 $28.36, this indicates a potential upside of 23.41 percent. BAC stock price is now -4.96% away from the 50-day moving average and -8.29% away from the 200-day moving average. The market capitalization of the company currently stands at $224.48B.
In total, 12 analysts have assigned it a hold rating, and 12 have given it a buy rating. Brokers who have rated the stock have averaged $35.35 as their price target over the next twelve months.
With the price target of $35, HSBC Securities recently initiated with 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 $5.27 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 $10.08 million. Insiders disposed of 2,567,004 shares of company stock worth roughly $73.11 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 $195,902,000. CLEAR STREET LLC invested $159,488,000 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 $146,395,000. CAPITAL FUND MANAGEMENT S.A. acquired a new stake in BAC for approximately $93,737,000. UNISUPER MANAGEMENT PTY LTD purchased a new stake in BAC valued at around $84,415,000 in the second quarter. In total, there are 3,339 active investors with 71.00% ownership of the company’s stock.
With an opening price of $28.51 on Monday morning, Bank of America Corporation (NYSE: BAC) set off the trading day. 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 $29.96 and a two-hundred day moving average price translates $31.05 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 $0.88, beating analysts’ expectations of $0.84 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 $25.21B 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 3.37% 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%.
