Market cap of Bank of America Corporation [BAC] reaches 244.44B – now what?

Bank of America Corporation [NYSE: BAC] slipped around -0.27 points on Friday, while shares priced at $30.27 at the close of the session, down -0.88%. The company report on March 8, 2023 that THE BFM FUND RECEIVES EQUITY INVESTMENT FROM BANK OF AMERICA.

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Seed-stage Portland and Virginia-based Venture Fund Run by Women of Color Leadership Team Focused on Black Founders to Advance Economic Equity Across Multiple Verticals Within the United States; Current Portfolio includes Start-ups from Serena Williams, Allyson Felix, and HBO’s ‘Insecure’.

The BFM Fund (Black Founders Matter), a Portland-based, seed-stage venture fund focused on Black and innovative founders, is slated to receive investment from Bank of America. Led by a full women of color leadership team, The BFM Fund will allocate Bank of America’s investment into Black founders across various verticals within the United States. Current companies within The BFM Fund’s portfolio include Saysh, Allyson Felix’s footwear and apparel brand; Hued, a healthcare startup in partnership with Serena Williams and Glow Up Games, a mobile-game companion to HBO’s hit television series, “Insecure.” While the total investment amount is not disclosed, Bank of America became a significant investor in The BFM Fund’s first close.

Bank of America Corporation stock is now -8.61% down from its year-to-date (YTD) trading value. BAC Stock saw the intraday high of $31.04 and lowest of $28.92 per share. The company’s 52-week high price is 44.63, which means current price is +4.67% above from all time high which was touched on 02/07/23.

Compared to the average trading volume of 38.31M shares, BAC reached a trading volume of 164566225 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 $40.43 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.

Odeon have made an estimate for Bank of America Corporation shares, keeping their opinion on the stock as Hold, with their previous recommendation back on March 08, 2023. While these analysts kept the previous recommendation, Keefe Bruyette dropped their target price from $35 to $33. The new note on the price target was released on February 09, 2023, representing the official price target for Bank of America Corporation stock. Previously, the target price had yet another raise to $40, while Atlantic Equities analysts kept a Neutral rating on BAC stock. On January 17, 2023, analysts decreased their price target for BAC shares from 36 to 33.

The Average True Range (ATR) for Bank of America Corporation is set at 0.91, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 3.37. The Price to Book ratio for the last quarter was 1.00, with the Price to Cash per share for the same quarter was set at 105.23.

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 -11.39. With this latest performance, BAC shares dropped by -17.07% in over the last four-week period, additionally sinking by -12.64% over the last 6 months – not to mention a drop of -26.24% 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 19.18, with the RSI for the last a single of trading hit 12.66, and the three-weeks RSI is set at 25.65 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 34.46, while it was recorded at 32.09 for the last single week of trading, and 34.09 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 +27.84. Bank of America Corporation’s Net Margin is presently recorded at +23.82.

Return on Equity for this stock inclined to 10.13, with Return on Assets sitting at 0.88.

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 3.36%.

Insider trade positions for Bank of America Corporation [BAC]

There are presently around $171,699 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 0.11% of the total institutional ownership; VANGUARD GROUP INC, holding 607,703,467 shares of the stock with an approximate value of $18.4 billion in BAC stocks shares; and BLACKROCK INC., currently with $14.28 billion in BAC stock with ownership of nearly -1.009% of the company’s market capitalization.

Positions in Bank of America Corporation stocks held by institutional investors increased at the end of Friday and at the time of the Friday reporting period, where 1,354 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 242,468,442 shares. Additionally, 1,217 investors decreased positions by around 184,763,091 shares, while 305 investors held positions by with 5,245,006,106 shares. The mentioned changes placed institutional holdings at 5,672,237,639 shares, according to the latest SEC report filing. BAC stock had 267 new institutional investments in for a total of 21,626,179 shares, while 146 institutional investors sold positions of 10,214,021 shares during the same period.


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