Bank of America Corporation [BAC] Stock trading around $32.25 per share: What’s Next?


Bank of America Corporation [NYSE: BAC] surged by $2.12 during the normal trading session on Friday and reaching a high of $32.63 during the day while it closed the day at $32.25. The company report on July 13, 2022 that Bank of America Declares Preferred Stock Dividends for Third Quarter 2022.

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Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of preferred stock:.

Bank of America Corporation stock has also gained 1.45% of its value over the past 7 days. However, BAC stock has declined by -16.92% in the 3 months of the year. Over the past six months meanwhile, it has lost -34.00% and lost -27.51% year-on date.

The market cap for BAC stock reached $242.75 billion, with 8.14 billion shares outstanding and 8.05 billion shares in the current float. Compared to the average trading volume of 48.81M shares, BAC reached a trading volume of 77532692 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say 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 $42.35 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.

Societe Generale have made an estimate for Bank of America Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 11, 2022. While these analysts kept the previous recommendation, Morgan Stanley dropped their target price from $51 to $49. The new note on the price target was released on March 28, 2022, representing the official price target for Bank of America Corporation stock. Previously, the target price had yet another raise to $42, while Robert W. Baird analysts kept a Neutral rating on BAC stock.

The Average True Range (ATR) for Bank of America Corporation is set at 1.13, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 4.94. The Price to Book ratio for the last quarter was 1.10, with the Price to Cash per share for the same quarter was set at 125.32.

BAC stock trade performance evaluation

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 1.45. With this latest performance, BAC shares gained by 2.51% in over the last four-week period, additionally sinking by -34.00% over the last 6 months – not to mention a drop of -16.95% 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 48.87, with the RSI for the last a single of trading hit 54.68, and the three-weeks RSI is set at 45.49 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 33.99, while it was recorded at 31.21 for the last single week of trading, and 41.72 for the last 200 days.

Earnings per share (EPS) analysis for Bank of America Corporation [BAC] stock

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%.

Bank of America Corporation [BAC]: Insider Ownership positions

There are presently around $181,073 million, or 71.30% 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 591,207,087 shares of the stock with an approximate value of $19.07 billion in BAC stocks shares; and BLACKROCK INC., currently with $16.08 billion in BAC stock with ownership of nearly 1.126% of the company’s market capitalization.

1,424 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 182,007,120 shares. Additionally, 1,164 investors decreased positions by around 292,007,039 shares, while 313 investors held positions by with 5,140,661,920 shares. The mentioned changes placed institutional holdings at 5,614,676,079 shares, according to the latest SEC report filing. BAC stock had 165 new institutional investments in for a total of 35,470,765 shares, while 165 institutional investors sold positions of 8,202,372 shares during the same period.