Wall Street Analyst Upgrade Bank of America Corporation [BAC]. What else is Wall St. saying

Bank of America Corporation [NYSE: BAC] traded at a low on 09/30/22, posting a -1.50 loss after which it closed the day’ session at $30.20. The company report on September 27, 2022 that Bank of America Study Finds 84% of Employers Now Say Offering Financial Wellness Tools Helps Increase Employee Retention.

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97% of employers feel responsible for employee financial wellness, with 91% seeing higher employee satisfaction when offering resources to manage overall wellbeing.

Bank of America today announced findings from its 12th annual Workplace Benefits Report, “Navigating a New Era of Financial Wellness.” The report revealed that 84% of employers now say that offering financial wellness tools can help reduce employee attrition, and 81% say wellness tools help attract higher quality employees. This is critical to employers, as 46% have seen an increase in resignations over the past year. In addition, approximately one in three employees have switched jobs or thought about switching jobs in the past year.

The results of the trading session contributed to over 42256284 shares changing hands. Over the past one week, the price volatility of Bank of America Corporation stands at 3.19% while the volatility over the past one month is 2.99%.

The market cap for BAC stock reached $246.36 billion, with 8.12 billion shares outstanding and 8.02 billion shares in the current float. Compared to the average trading volume of 39.03M shares, BAC reached a trading volume of 42256284 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $42.07 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 1.01, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 4.67. The Price to Book ratio for the last quarter was 1.02, with the Price to Cash per share for the same quarter was set at 102.16.

How has BAC stock performed recently?

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 -4.82. With this latest performance, BAC shares dropped by -10.15% in over the last four-week period, additionally sinking by -26.73% over the last 6 months – not to mention a drop of -28.86% 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 30.55, with the RSI for the last a single of trading hit 25.21, and the three-weeks RSI is set at 34.78 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 33.87, while it was recorded at 30.71 for the last single week of trading, and 38.51 for the last 200 days.

Bank of America Corporation [BAC]: Deeper insight into the 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.

Earnings analysis for Bank of America Corporation [BAC]

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 6.49%.

Insider trade positions for Bank of America Corporation [BAC]

There are presently around $168,824 million, or 70.80% 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 0.14% of the total institutional ownership; VANGUARD GROUP INC, holding 599,144,507 shares of the stock with an approximate value of $18.09 billion in BAC stocks shares; and BLACKROCK INC., currently with $14.74 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 October and at the time of the October reporting period, where 1,377 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 273,273,800 shares. Additionally, 1,174 investors decreased positions by around 292,367,250 shares, while 311 investors held positions by with 5,024,542,816 shares. The mentioned changes placed institutional holdings at 5,590,183,866 shares, according to the latest SEC report filing. BAC stock had 125 new institutional investments in for a total of 34,755,365 shares, while 239 institutional investors sold positions of 32,132,861 shares during the same period.


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