Bank of America Corporation [BAC] is -28.55% lower this YTD. Is it still time to buy?


Bank of America Corporation [NYSE: BAC] loss -0.22% on the last trading session, reaching $31.79 price per share at the time. The company report on July 7, 2022 that Aggregated Bank of America Credit and Debit Card Spending Continues to Increase, with total spending up 11% year over year in June.

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While Consumer Sentiment has Weakened, Household Balance Sheets Remain in Good Shape.

The Bank of America Institute published a new article today which shows consumer spending continues to demonstrate some signs of resiliency despite a backdrop of rising inflation. Total aggregated Bank of America credit and debit card spending was up 11% year over year in June, compared to 13% and 9% in April and May year over year respectively. Spending growth per household increased 3.3% year over year in the 28 days prior to June 30. Gas prices continue to squeeze consumers but spending on services such as travel and entertainment is still boosted by pent-up demand. The labor market remains supportive of consumers, and their balance sheets are in good shape.

Bank of America Corporation represents 8.14 billion in outstanding shares, while the company has a total market value of $256.69 billion with the latest information. BAC stock price has been found in the range of $31.56 to $32.25.

If compared to the average trading volume of 49.57M shares, BAC reached a trading volume of 31057881 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about 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 $44.26 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.

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 1.01, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 5.22. The Price to Book ratio for the last quarter was 1.08, with the Price to Cash per share for the same quarter was set at 116.83.

Trading performance analysis for BAC stock

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 2.12. With this latest performance, BAC shares dropped by -12.54% in over the last four-week period, additionally sinking by -32.62% over the last 6 months – not to mention a drop of -18.02% 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 40.30, with the RSI for the last a single of trading hit 43.39, and the three-weeks RSI is set at 39.34 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 34.51, while it was recorded at 31.49 for the last single week of trading, and 41.99 for the last 200 days.

Bank of America Corporation [BAC]: A deeper dive into fundamental analysis

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.

Bank of America Corporation [BAC]: An earnings per share (EPS) analysis

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 6.72%.

An analysis of insider ownership at Bank of America Corporation [BAC]

There are presently around $178,533 million, or 71.20% 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 591,207,087 shares of the stock with an approximate value of $18.79 billion in BAC stocks shares; and BLACKROCK INC., currently with $15.85 billion in BAC stock with ownership of nearly 1.126% of the company’s market capitalization.

Positions in Bank of America Corporation stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 1,426 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 182,314,105 shares. Additionally, 1,163 investors decreased positions by around 290,678,898 shares, while 317 investors held positions by with 5,143,019,814 shares. The mentioned changes placed institutional holdings at 5,616,012,817 shares, according to the latest SEC report filing. BAC stock had 175 new institutional investments in for a total of 36,257,104 shares, while 143 institutional investors sold positions of 6,770,517 shares during the same period.