Societe Generale slashes price target on Bank of America Corporation [BAC] – find out why.

Bank of America Corporation [NYSE: BAC] loss -2.21% or -0.8 points to close at $35.48 with a heavy trading volume of 35638138 shares. The company report on August 18, 2022 that Bank of America Awards More Than $1.2 Million to Atlanta Nonprofits.

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Grants to 53 organizations across region focus on basic needs, workforce development, and education in disadvantaged and vulnerable communities.

Bank of America announced more than $1.2 million in grants to 53 Atlanta nonprofits to help drive economic opportunity for individuals and families. Grants focus on workforce development and education to help individuals chart a path to employment and better economic futures, as well as basic needs fundamental to building life-long stability.

It opened the trading session at $35.96, the shares rose to $36.03 and dropped to $35.31, the range by which the price of stock traded the whole day. The daily chart for BAC points out that the company has recorded -22.99% loss over the past six months. However, it is still -19.58% lower than its most recent low trading price.

If we look at the average trading volume of 43.63M shares, BAC reached to a volume of 35638138 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 $42.41 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 0.84, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 5.53. The Price to Book ratio for the last quarter was 1.20, with the Price to Cash per share for the same quarter was set at 101.42.

Trading performance analysis for BAC stock

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 -2.26. With this latest performance, BAC shares gained by 5.44% in over the last four-week period, additionally sinking by -22.99% over the last 6 months – not to mention a drop of -11.72% 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 58.15, with the RSI for the last a single of trading hit 56.58, and the three-weeks RSI is set at 56.55 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 33.10, while it was recorded at 36.21 for the last single week of trading, and 40.31 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 6.97%.

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

There are presently around $198,559 million, or 71.00% 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 599,144,507 shares of the stock with an approximate value of $21.26 billion in BAC stocks shares; and BLACKROCK INC., currently with $17.32 billion in BAC stock with ownership of nearly -2.108% 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 1,393 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 275,323,918 shares. Additionally, 1,193 investors decreased positions by around 294,159,654 shares, while 314 investors held positions by with 5,026,876,724 shares. The mentioned changes placed institutional holdings at 5,596,360,296 shares, according to the latest SEC report filing. BAC stock had 129 new institutional investments in for a total of 34,769,871 shares, while 241 institutional investors sold positions of 31,982,058 shares during the same period.


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