why Bank Of America Corp. [BAC] is a Good Choice for Investors After New Price Target of $37.72

Bank Of America Corp. [NYSE: BAC] price surged by 33.07 percent to reach at -$29.41. The company report on February 8, 2024 at 9:00 AM that BofA Program Delivers Banking & Investing Benefits and Rewards to 4 Million Employees of Corporate Clients.

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Bank of America today announced that over 450 corporate and commercial clients have enrolled in its Employee Banking & Investing (EBI) program – more than doubling the number of companies in the program from two years ago. Introduced in 2020, the program now provides nearly 4 million employees access to industry-leading financial education, rewards, and banking and investing capabilities to support their short-and long-term financial health.

The one-year BAC stock forecast points to a potential upside of 12.2. The average equity rating for BAC stock is currently 2.11, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Bank Of America Corp. [BAC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BAC shares is $37.72 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 2.11. 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.

Morgan Stanley have made an estimate for Bank Of America Corp. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on January 30, 2024.

The Average True Range (ATR) for Bank Of America Corp. is set at 0.67, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 1.50. The Price to Book ratio for the last quarter was 0.99. Price to Free Cash Flow for BAC in the course of the last twelve months was 8.53.

BAC Stock Performance Analysis:

Bank Of America Corp. [BAC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.20. With this latest performance, BAC shares dropped by -1.58% in over the last four-week period, additionally plugging by 6.88% over the last 6 months – not to mention a drop of -9.40% 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 50.01, with the RSI for the last a single of trading hit 46.61, and the three-weeks RSI is set at 52.66 for Bank Of America Corp. [BAC]. The present Moving Average for the last 50 days of trading for this stock 32.78, while it was recorded at 33.08 for the last single week of trading, and 29.67 for the last 200 days.

Insight into Bank Of America Corp. Fundamentals:

Bank Of America Corp.’s liquidity data is similarly interesting compelling, with a Current Ratio set at 1.02.

BAC Stock EPS

With the latest financial reports released by the company, Bank Of America Corp. posted 0.94/share EPS, while the average EPS was predicted by analysts to be reported at 0.82/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 14.60%. 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 Corp. go to 24.37%.

Bank Of America Corp. [BAC] Institutonal Ownership Details

There are presently around $188.78 billion, or None% of BAC stock, in the hands of institutional investors. The top three institutional holders of BAC stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in BAC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in BAC stock with ownership which is approximately 5.8325%.