Sunday, April 11, 2021

Market Analysts see Bank of America Corporation [BAC] gaining to $40. Time to buy?

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Bank of America Corporation [NYSE: BAC] price plunged by -0.96 percent to reach at -$0.37. The company report on March 25, 2021 that Bank of America Announces Full Redemption of Depositary Shares Representing Interests in Its 6.000% Non-Cumulative Preferred Stock, Series EE.

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Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.000% Non-Cumulative Preferred Stock, Series EE (the “Series EE Preferred Stock”), and the corresponding depositary shares representing fractional interests in the outstanding shares of the Series EE Preferred Stock (the “Series EE Depositary Shares”), on April 25, 2021.


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All 36,000,000 Series EE Depositary Shares (NYSE: BAC PrA) (CUSIP No. 060505260), each representing a 1/1,000th interest in one share of the Series EE Preferred Stock, will be redeemed on the upcoming dividend payment date for the Series EE Preferred Stock on April 25, 2021 (the “Redemption Date”), simultaneously with the redemption of the Series EE Preferred Stock, at a redemption price of $25 per depositary share. However, since the Redemption Date is not a business day, the redemption price will be paid on the next succeeding business day, April 26, 2021. Declared dividends of $0.375 per depositary share on the outstanding Series EE Depositary Shares for the full current quarterly dividend period from, and including, January 25, 2021 to, but excluding, April 25, 2021 will be paid separately on April 26, 2021, to holders of record on April 1, 2021, in the customary manner. Accordingly, the redemption price of $25 per depositary share does not include any accrued and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the Redemption Date.

A sum of 45470229 shares traded at recent session while its average daily volume was at 54.60M shares. Bank of America Corporation shares reached a high of $38.625 and dropped to a low of $37.86 until finishing in the latest session at $38.31.

The one-year BAC stock forecast points to a potential downside of -2.13. The average equity rating for BAC stock is currently 2.20, trading closer to a bullish pattern in the stock market.

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 $37.51 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 1.06, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 6.24. The Price to Book ratio for the last quarter was 1.35, with the Price to Cash per share for the same quarter was set at 111.56. Price to Free Cash Flow for BAC in the course of the last twelve months was 10.16.

BAC Stock Performance Analysis:

Bank of America Corporation [BAC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.73. With this latest performance, BAC shares gained by 10.37% in over the last four-week period, additionally plugging by 63.09% over the last 6 months – not to mention a rise of 77.36% 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 61.26, with the RSI for the last a single of trading hit 60.04, and the three-weeks RSI is set at 62.01 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 34.70, while it was recorded at 37.69 for the last single week of trading, and 28.28 for the last 200 days.

Insight into Bank of America Corporation Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Bank of America Corporation [BAC] shares currently have an operating margin of +20.88. Bank of America Corporation’s Net Margin is presently recorded at +18.85.

Return on Total Capital for BAC is now 2.75, given the latest momentum, and Return on Invested Capital for the company is 3.53. Return on Equity for this stock inclined to 6.66, with Return on Assets sitting at 0.68. When it comes to the capital structure of this company, Bank of America Corporation [BAC] has a Total Debt to Total Equity ratio set at 169.66. Additionally, BAC Total Debt to Total Capital is recorded at 62.92, with Total Debt to Total Assets ending up at 16.35. Long-Term Debt to Equity for the company is recorded at 101.09, with the Long-Term Debt to Total Capital now at 34.12.

Reflecting on the efficiency of the workforce at the company, Bank of America Corporation [BAC] managed to generate an average of $84,009 per employee.

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 $232,890 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 $23.55 billion in BAC stocks shares; and BLACKROCK INC., currently with $19.52 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 1,259 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 302,019,161 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 6,079,079,007 shares, according to the latest SEC report filing. BAC stock had 385 new institutional investments in for a total of 85,308,006 shares, while 93 institutional investors sold positions of 29,904,675 shares during the same period.

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