UBS slashes price target on Bank Of America Corp. [BAC] – find out why.

Bank Of America Corp. [NYSE: BAC] loss -1.54% or -0.56 points to close at $35.79 with a heavy trading volume of 45402662 shares.

The daily chart for BAC points out that the company has recorded 32.46% gains over the past six months.

If we look at the average trading volume of 40.11M shares, BAC reached to a volume of 45402662 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $39.15 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 2.33. 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.

UBS have made an estimate for Bank Of America Corp. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on April 04, 2024. While these analysts kept the previous recommendation, HSBC Securities raised their target price from $38 to $39. The new note on the price target was released on March 28, 2024, representing the official price target for Bank Of America Corp. stock. Previously, the target price had yet another raise from $32 to $41, while Morgan Stanley kept a Overweight rating on BAC stock.

The Average True Range (ATR) for Bank Of America Corp. is set at 0.72, with the Price to Sales ratio for BAC stock in the period of the last 12 months amounting to 1.60. The Price to Book ratio for the last quarter was 1.07.

Trading performance analysis for BAC stock

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 -3.56. With this latest performance, BAC shares dropped by -0.80% in over the last four-week period, additionally plugging by 32.46% over the last 6 months – not to mention a rise of 25.67% 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 43.61, with the RSI for the last a single of trading hit 35.41, and the three-weeks RSI is set at 48.69 for Bank Of America Corp. [BAC]. The present Moving Average for the last 50 days of trading for this stock 35.32, while it was recorded at 36.80 for the last single week of trading, and 31.24 for the last 200 days.

Bank Of America Corp. [BAC]: A deeper dive into fundamental analysis

Bank Of America Corp.’s liquidity data is similarly interesting compelling, with a Current Ratio set at 0.99.

Bank Of America Corp. [BAC]: An earnings per share (EPS) analysis

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%.

An analysis of Institutional ownership at Bank Of America Corp. [BAC]

The top three institutional holders of BAC stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in BAC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in BAC stock with ownership which is approximately 5.8386%.