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

Bank of America Corporation [NYSE: BAC] gained 1.00% or 0.34 points to close at $34.41 with a heavy trading volume of 34068732 shares. The company report on January 6, 2023 that Bank of America to Report Fourth-Quarter 2022 Financial Results on January 13.

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As previously announced, Bank of America will report its fourth-quarter 2022 financial results on Friday, January 13.  The results will be released at approximately 6:45 a.m. ET, followed by an investor presentation at 9:30 a.m. ET.

The news release, supplemental filing and investor presentation can be accessed at Bank of America’s Investor Relations website at https://investor.bankofamerica.com/quarterly-earnings.

It opened the trading session at $34.09, the shares rose to $34.58 and dropped to $33.54, the range by which the price of stock traded the whole day. The daily chart for BAC points out that the company has recorded 8.24% gains over the past six months. However, it is still -17.4% lower than its most recent low trading price.

If we look at the average trading volume of 40.78M shares, BAC reached to a volume of 34068732 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 $40.56 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.

Deutsche Bank have made an estimate for Bank of America Corporation shares, keeping their opinion on the stock as Hold, with their previous recommendation back on January 06, 2023. While these analysts kept the previous recommendation, Piper Sandler raised their target price to Neutral. The new note on the price target was released on December 08, 2022, representing the official price target for Bank of America Corporation stock. Previously, the target price had yet another raise to $40, while Citigroup analysts kept a Neutral rating on BAC stock.

The Average True Range (ATR) for Bank of America Corporation is set at 0.77, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 4.55. The Price to Book ratio for the last quarter was 1.16, with the Price to Cash per share for the same quarter was set at 107.40. Price to Free Cash Flow for BAC in the course of the last twelve months was 658.61.

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 3.83. With this latest performance, BAC shares gained by 4.27% in over the last four-week period, additionally plugging by 8.24% over the last 6 months – not to mention a drop of -27.07% 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 58.09, with the RSI for the last a single of trading hit 69.33, and the three-weeks RSI is set at 53.39 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 35.07, while it was recorded at 33.85 for the last single week of trading, and 34.90 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 2.82%.

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

There are presently around $190,071 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 0.14% of the total institutional ownership; VANGUARD GROUP INC, holding 602,457,736 shares of the stock with an approximate value of $20.73 billion in BAC stocks shares; and BLACKROCK INC., currently with $16.4 billion in BAC stock with ownership of nearly -2.349% of the company’s market capitalization.

Positions in Bank of America Corporation stocks held by institutional investors increased at the end of January and at the time of the January reporting period, where 1,294 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 220,356,305 shares. Additionally, 1,073 investors decreased positions by around 193,489,420 shares, while 356 investors held positions by with 5,109,861,348 shares. The mentioned changes placed institutional holdings at 5,523,707,073 shares, according to the latest SEC report filing. BAC stock had 112 new institutional investments in for a total of 15,793,386 shares, while 130 institutional investors sold positions of 36,004,925 shares during the same period.

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