For Bank of America Corporation [BAC], Analyst sees a drop to $33. What next?

Bank of America Corporation [NYSE: BAC] price surged by 2.00 percent to reach at $0.67. The company report on March 2, 2023 that BofA Certified by J.D. Power for Outstanding Client Satisfaction with Customer Financial Health Support.

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For the second year in a row, Bank of America has been certified by J.D. Power for outstanding client satisfaction with customer financial health support among banks and credit card issuers. The J.D. Power Financial Health Support Certification Program recognizes Bank of America’s commitment to helping clients make better financial decisions, as well as for providing a comprehensive client experience centered around financial wellness.

“We are pleased to receive this renewed certification, as it reflects the voices of our clients and recognizes our commitment to providing an excellent customer experience,” said Holly O’Neill, President of Retail Banking at Bank of America. “The financial health of our clients continues to be our focus as we work to enhance and personalize the advice, tools and guidance needed to create and maintain financial wellness. This includes educational resources and solutions that help clients build sound financial habits, manage their budgets and pursue their goals.”.

A sum of 39084009 shares traded at recent session while its average daily volume was at 38.41M shares. Bank of America Corporation shares reached a high of $34.29 and dropped to a low of $33.65 until finishing in the latest session at $34.16.

The one-year BAC stock forecast points to a potential upside of 16.25. The average equity rating for BAC stock is currently 2.40, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on 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 $40.79 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.

Keefe Bruyette have made an estimate for Bank of America Corporation shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on February 09, 2023. The new note on the price target was released on January 31, 2023, representing the official price target for Bank of America Corporation stock. Previously, the target price had yet another drop from $36 to $33, while Piper Sandler kept a Underweight rating on BAC stock.

The Average True Range (ATR) for Bank of America Corporation is set at 0.68, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 3.69. The Price to Book ratio for the last quarter was 1.13, with the Price to Cash per share for the same quarter was set at 108.30.

BAC Stock Performance Analysis:

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 -0.15. With this latest performance, BAC shares dropped by -4.90% in over the last four-week period, additionally plugging by 1.64% over the last 6 months – not to mention a drop of -20.85% 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 42.61, with the RSI for the last a single of trading hit 40.56, and the three-weeks RSI is set at 45.09 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 34.49, while it was recorded at 34.06 for the last single week of trading, and 34.16 for the last 200 days.


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 3.36%.

Bank of America Corporation [BAC] Insider Position Details

There are presently around $193,754 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 607,703,467 shares of the stock with an approximate value of $20.76 billion in BAC stocks shares; and BLACKROCK INC., currently with $16.12 billion in BAC stock with ownership of nearly -1.009% of the company’s market capitalization.

1,351 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 242,315,242 shares. Additionally, 1,218 investors decreased positions by around 184,763,203 shares, while 305 investors held positions by with 5,244,888,416 shares. The mentioned changes placed institutional holdings at 5,671,966,861 shares, according to the latest SEC report filing. BAC stock had 266 new institutional investments in for a total of 21,614,510 shares, while 146 institutional investors sold positions of 10,214,021 shares during the same period.


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