How should investors evaluate Bank Of America Corp. (NYSE:BAC)?

Stocks of Bank Of America Corp. (NYSE:BAC) traded higher last session on Wall Street, down -0.32% to $28.33.

According to the data, Bank Of America Corp. (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 $49.00 and a low of $27.50, we find $33.00. Given the previous closing price of $28.42, this indicates a potential upside of 16.12 percent. BAC stock price is now 3.25% away from the 50-day moving average and -4.49% away from the 200-day moving average. The market capitalization of the company currently stands at $224.20B.

A total of 13 analysts have issued a hold rating and 11 have given it a buy rating. Brokers who have rated the stock have averaged $33.76 as their price target over the next twelve months.

With the price target enhanced from $29 to $30, Keefe Bruyette Upgraded its rating from Underperform to Mkt Perform for Bank Of America Corp. (NYSE: BAC).

In other news, Woods Thomas D, Director bought 25,000 shares of the company’s stock on Nov 01. The stock was bought for $656,250 at an average price of $26.25. Upon completion of the transaction, the Director now directly owns 64,661 shares in the company, valued at $1.83 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 01, President, Global Markets DeMare James P sold 75,000 shares of the business’s stock. A total of $2,364,900 was realized by selling the stock at an average price of $31.53. This leaves the insider owning 185,108 shares of the company worth $5.24 million. Insiders disposed of 2,456,874 shares of company stock worth roughly $69.6 million over the past 1 year. A total of 0.16% of the company’s stock is owned by insiders.

Monday’s opening bell rang with an opening price of $28.56 for Bank Of America Corp. (NYSE: BAC). During the past 12 months, Bank Of America Corp. has had a low of $24.96 and a high of $38.60. The fifty day moving average price for BAC is $27.44 and a two-hundred day moving average price translates $29.66 for the stock.

The latest earnings results from Bank Of America Corp. (NYSE: BAC) was released for Sep, 2023. According to the Banks – Diversified Company, earnings per share came in at $0.85, beating analysts’ expectations of $0.77 by 0.08. This compares to $0.81 EPS in the same period last year. The net profit margin was 17.31% and return on equity was 10.96% for BAC. The company reported revenue of $33.62 billion for the quarter, compared to $19.62 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 71.37 percent. For the current quarter, analysts expect BAC to generate $22.87B in revenue.

Bank Of America Corp.(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.

Related Posts