Saturday, April 10, 2021

Bank of America Corporation [BAC] stock Upgrade by Atlantic Equities analyst, price target now $40

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Bank of America Corporation [NYSE: BAC] stock went on a downward path that fall over -2.26% on Monday, amounting to a one-week price decrease of less than -0.24%. The company report on March 17, 2021 that Bank of America Reaches Milestone; Company Has Distributed 25 Million Masks to Underserved Communities Across the U.S.

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Program Emphasizes Helping Communities of Color Get the Personal Protective Equipment (PPE) Needed Since Onset of Coronavirus.


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Bank of America announced that in partnership with local nonprofits across the country, it has distributed more than 25 million masks since last summer as part of its ongoing efforts to address health-related disparities accelerated by the coronavirus. In addition to masks, the company has also distributed more than 160,000 bottles of hand sanitizer and 4 million gloves in local communities, with a particular focus on communities of color. The work is connected to Bank of America’s $1 billion four-year commitment to advance racial equality and economic opportunity.

Over the last 12 months, BAC stock rose by 91.46%. The one-year Bank of America Corporation stock forecast points to a potential downside of -0.99. The average equity rating for BAC stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $328.36 billion, with 8.72 billion shares outstanding and 8.55 billion shares in the current float. Compared to the average trading volume of 54.59M shares, BAC stock reached a trading volume of 54200331 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Bank of America Corporation [BAC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BAC shares is $37.29 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BAC stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Atlantic Equities have made an estimate for Bank of America Corporation shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on January 26, 2021. While these analysts kept the previous recommendation, Citigroup raised their target price from $31 to $37. The new note on the price target was released on January 11, 2021, representing the official price target for Bank of America Corporation stock. Previously, the target price had yet another raise to $31, while Daiwa Securities analysts kept a Neutral rating on BAC stock. On January 05, 2021, analysts increased their price target for BAC shares from 27 to 36.

The Average True Range (ATR) for Bank of America Corporation is set at 1.07, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 6.37. The Price to Book ratio for the last quarter was 1.32, with the Price to Cash per share for the same quarter was set at 107.48. Price to Free Cash Flow for BAC in the course of the last twelve months was 10.36.

BAC Stock Performance Analysis:

Bank of America Corporation [BAC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.24. With this latest performance, BAC shares gained by 9.03% in over the last four-week period, additionally plugging by 49.39% over the last 6 months – not to mention a rise of 91.46% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BAC stock in for the last two-week period is set at 60.32, with the RSI for the last a single of trading hit 56.52, and the three-weeks RSI is set at 61.82 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 34.27, while it was recorded at 38.14 for the last single week of trading, and 28.01 for the last 200 days.

Insight into Bank of America Corporation Fundamentals:

BAC Stock EPS

With the latest financial reports released by the company, Bank of America Corporation posted 0.4/share EPS, while the average EPS was predicted by analysts to be reported at 0.46/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -13.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BAC. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Bank of America Corporation go to 1.11%.

Bank of America Corporation [BAC] Insider Position Details

There are presently around $228,929 million, or 72.20% of BAC stock, in the hands of institutional investors. The top three institutional holders of BAC stocks are: BERKSHIRE HATHAWAY INC with ownership of 1,010,100,606, which is approximately 0% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 614,743,131 shares of the stock with an approximate value of $23.15 billion in BAC stocks shares; and BLACKROCK INC., currently with $19.19 billion in BAC stock with ownership of nearly -0.083% of the company’s market capitalization.

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Positions in Bank of America Corporation stocks held by institutional investors increased at the end of January and at the time of the January reporting period, where 1,255 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 301,766,115 shares. Additionally, 1,003 investors decreased positions by around 223,834,319 shares, while 216 investors held positions by with 5,553,225,527 shares. The mentioned changes placed institutional holdings at 6,078,825,961 shares, according to the latest SEC report filing. BAC stock had 381 new institutional investments in for a total of 85,054,960 shares, while 93 institutional investors sold positions of 29,904,675 shares during the same period.

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