Bank Of America Corp. [NYSE: BAC] closed the trading session at $36.86. The company report on March 25, 2024 at 9:04 AM that New Merrill Portfolios Designed to Provide BofA Clients Predictable Income in Retirement.
Bank of America today announced Merrill is offering new income-focused portfolios designed to deliver predictable income for retirees over a 25-year period.
“For many, the fear of outliving retirement assets can be overwhelming,” said Matt Gellene, Head of Consumer Investments and Employee Banking & Investments at Bank of America. “Having a predictable monthly income replacement vehicle helps retirees enjoy this phase of life with greater confidence in their long-term financial security.”.
The stocks have a year to date performance of 9.47 percent and weekly performance of 2.36 percent. The stock has been moved at 33.36 percent over the last six months. The stock has performed 8.67 percent around the most recent 30 days and changed 11.02 percent over the most recent 3-months.
If compared to the average trading volume of 40.42M shares, BAC reached to a volume of 29580443 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about 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 $37.90 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 2.15. 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 new note on the price target was released on January 16, 2024, representing the official price target for Bank Of America Corp. stock. On November 06, 2023, analysts increased their price target for BAC shares from 29 to 30.
The Average True Range (ATR) for Bank Of America Corp. is set at 0.70, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 1.65. The Price to Book ratio for the last quarter was 1.11.
BAC stock trade performance evaluation
Bank Of America Corp. [BAC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.36. With this latest performance, BAC shares gained by 8.67% in over the last four-week period, additionally plugging by 33.36% over the last 6 months – not to mention a rise of 36.67% 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 66.29, with the RSI for the last a single of trading hit 66.10, and the three-weeks RSI is set at 65.31 for Bank Of America Corp. [BAC]. The present Moving Average for the last 50 days of trading for this stock 34.22, while it was recorded at 36.84 for the last single week of trading, and 30.69 for the last 200 days.
Bank Of America Corp. [BAC]: An insightful look at the core fundamentals
Bank Of America Corp.’s liquidity data is similarly interesting compelling, with a Current Ratio set at 0.99.
Earnings per share (EPS) analysis for Bank Of America Corp. [BAC] stock
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]: Institutional Ownership
There are presently around $213.79 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%.
