Bank of America Corporation [NYSE: BAC] price plunged by -0.24 percent to reach at -$0.09. The company report on May 5, 2022 that Bank of America Card Spending Continues to Increase, up 13% year-over-year in April.
Spending on Services, including Travel, Entertainment, and Dining, up 20% compared to pre-pandemic levels.
The Bank of America Institute today released its findings from the latest Consumer Checkpoint, which aims to provide a holistic and real-time estimate of U.S. consumers’ spending and their financial well-being, leveraging the breadth and depth of Bank of America proprietary data from its 67 million consumer and small business clients.
A sum of 50383534 shares traded at recent session while its average daily volume was at 53.41M shares. Bank of America Corporation shares reached a high of $37.62 and dropped to a low of $36.61 until finishing in the latest session at $37.45.
The one-year BAC stock forecast points to a potential upside of 23.63. The average equity rating for BAC stock is currently 2.40, 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 $49.04 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 2.40. 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.
Morgan Stanley have made an estimate for Bank of America Corporation shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on March 28, 2022. The new note on the price target was released on March 08, 2022, representing the official price target for Bank of America Corporation stock.
The Average True Range (ATR) for Bank of America Corporation is set at 1.24, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 6.15. The Price to Book ratio for the last quarter was 1.27, with the Price to Cash per share for the same quarter was set at 116.80.
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 4.96. With this latest performance, BAC shares dropped by -5.67% in over the last four-week period, additionally sinking by -20.87% over the last 6 months – not to mention a drop of -11.21% 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 43.35, with the RSI for the last a single of trading hit 46.27, and the three-weeks RSI is set at 42.09 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 40.33, while it was recorded at 37.38 for the last single week of trading, and 43.31 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 +35.65. Bank of America Corporation’s Net Margin is presently recorded at +33.39.
Return on Equity for this stock inclined to 11.78, with Return on Assets sitting at 1.06.
BAC Stock EPS
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 15.40%.
Bank of America Corporation [BAC] Insider Position Details
There are presently around $214,217 million, or 72.30% 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 586,192,046 shares of the stock with an approximate value of $21.95 billion in BAC stocks shares; and BLACKROCK INC., currently with $18.47 billion in BAC stock with ownership of nearly -1.884% of the company’s market capitalization.
1,414 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 144,036,638 shares. Additionally, 1,114 investors decreased positions by around 269,134,731 shares, while 329 investors held positions by with 5,306,904,530 shares. The mentioned changes placed institutional holdings at 5,720,075,899 shares, according to the latest SEC report filing. BAC stock had 242 new institutional investments in for a total of 24,080,763 shares, while 119 institutional investors sold positions of 35,283,679 shares during the same period.