why Bank of America Corporation [BAC] is a Good Choice for Investors After New Price Target of $36.17

Bank of America Corporation [NYSE: BAC] jumped around 0.96 points on Friday, while shares priced at $29.52 at the close of the session, up 3.36%. The company report on April 13, 2023 that BofA Announces 2023 Art Conservation Project Grant Selections.

Grants to provide funding for 23 cultural preservation projects globally.

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Bank of America announced today that 23 cultural institutions have been named as recipients of the 2023 Bank of America Art Conservation Project. They represent a diverse range of artistic styles, media and cultural traditions across China, Colombia, France, Lebanon, Mexico, Singapore, South Africa, Sweden, the U.K. and the U.S.

Bank of America Corporation stock is now -10.87% down from its year-to-date (YTD) trading value. BAC Stock saw the intraday high of $29.87 and lowest of $29.2499 per share. The company’s 52-week high price is 40.37, which means current price is +12.16% above from all time high which was touched on 02/07/23.

Compared to the average trading volume of 57.14M shares, BAC reached a trading volume of 80856243 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 $36.17 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 0.86, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 3.15. The Price to Book ratio for the last quarter was 0.98, with the Price to Cash per share for the same quarter was set at 109.80.

How has BAC stock performed recently?

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 6.03. With this latest performance, BAC shares gained by 3.62% in over the last four-week period, additionally sinking by -1.14% over the last 6 months – not to mention a drop of -24.64% 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 52.11, with the RSI for the last a single of trading hit 61.37, and the three-weeks RSI is set at 47.33 for Bank of America Corporation [BAC]. The present Moving Average for the last 50 days of trading for this stock 31.54, while it was recorded at 28.64 for the last single week of trading, and 33.37 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 Total Capital for BAC is now 4.13, given the latest momentum, and Return on Invested Capital for the company is 5.06. Return on Equity for this stock inclined to 10.13, with Return on Assets sitting at 0.88. When it comes to the capital structure of this company, Bank of America Corporation [BAC] has a Total Debt to Total Equity ratio set at 186.28. Additionally, BAC Total Debt to Total Capital is recorded at 65.07, with Total Debt to Total Assets ending up at 16.68. Long-Term Debt to Equity for the company is recorded at 109.50, with the Long-Term Debt to Total Capital now at 34.27.

Reflecting on the efficiency of the workforce at the company, Bank of America Corporation [BAC] managed to generate an average of $126,857 per employee.

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 $166,593 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 $17.94 billion in BAC stocks shares; and BLACKROCK INC., currently with $13.93 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 Tuesday and at the time of the Tuesday reporting period, where 1,321 institutional holders increased their position in Bank of America Corporation [NYSE:BAC] by around 239,765,968 shares. Additionally, 1,233 investors decreased positions by around 183,848,676 shares, while 295 investors held positions by with 5,219,769,720 shares. The mentioned changes placed institutional holdings at 5,643,384,364 shares, according to the latest SEC report filing. BAC stock had 242 new institutional investments in for a total of 18,700,623 shares, while 160 institutional investors sold positions of 9,836,824 shares during the same period.


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