November 29, 2016 - By Ellis Scott
Keefe Bruyette & Woods increased Bank of America (NYSE:BAC)‘s stock to a Outperform rating from Market Perform. This rating change was released in a a research note today.
Out of 23 analysts covering Bank of America (NYSE:BAC), 12 rate it a “Buy”, 0 “Sell”, while 11 “Hold”. This means 52% are positive. $21 is the highest target while $15 is the lowest. The $17.89 average target is -12.05% below today’s ($20.34) stock price. Bank of America has been the topic of 47 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Bernstein upgraded Bank of America Corp (NYSE:BAC) on Tuesday, September 1 to “Buy” rating. The rating was maintained by Jefferies on Wednesday, October 7 with “Buy”. The firm has “Buy” rating by KBW given on Tuesday, September 1. The firm has “Neutral” rating by Guggenheim given on Tuesday, November 15. As per Wednesday, August 12, the company rating was maintained by Deutsche Bank. The firm has “Underperform” rating given on Tuesday, August 25 by Macquarie Research. JP Morgan maintained Bank of America Corp (NYSE:BAC) on Thursday, April 7 with “Overweight” rating. As per Tuesday, August 25, the company rating was upgraded by Robert W. Baird. The firm has “Market Perform” rating given on Monday, May 16 by Wood. UBS upgraded the stock to “Neutral” rating in Wednesday, August 26 report.
About 75.70 million shares traded hands. Bank of America Corp (NYSE:BAC) has risen 34.53% since April 26, 2016 and is uptrending. It has outperformed by 29.27% the S&P500.
Analysts await Bank of America Corp (NYSE:BAC) to report earnings on January, 13 before the open. They expect $0.38 EPS, up 35.71% or $0.10 from last year’s $0.28 per share. BAC’s profit will be $3.74B for 13.38 P/E if the $0.38 EPS becomes a reality. After $0.41 actual EPS reported by Bank of America Corp for the previous quarter, Wall Street now forecasts -7.32% negative EPS growth.
Insitutional Activity: The institutional sentiment increased to 1.01 in 2016 Q2. Its up 0.11, from 0.9 in 2016Q1. The ratio is positive, as 101 funds sold all Bank of America Corp shares owned while 529 reduced positions. 83 funds bought stakes while 482 increased positions. They now own 6.08 billion shares or 0.24% less from 6.09 billion shares in 2016Q1.
Capstone Financial Advisors last reported 0.08% of its portfolio in the stock. The Massachusetts-based Ipswich Mngmt Company has invested 0.08% in Bank of America Corp (NYSE:BAC). Scott & Selber Incorporated last reported 0.96% of its portfolio in the stock. Callan Cap Limited Liability Company, a California-based fund reported 10,009 shares. Spot Trading Lc reported 473,637 shares or 0.11% of all its holdings. First Niagara Natl Bank owns 134,228 shares or 0.51% of their US portfolio. State Street Corporation accumulated 0.59% or 411.45 million shares. Wfg Advisors Lp holds 0.18% of its portfolio in Bank of America Corp (NYSE:BAC) for 50,326 shares. Barbara Oil has 40,000 shares for 0.43% of their US portfolio. Mai Capital has invested 0.63% of its portfolio in Bank of America Corp (NYSE:BAC). Renaissance Grp Inc Ltd Company has 0.08% invested in the company for 134,750 shares. Columbia Asset Mngmt has 0.32% invested in the company for 68,626 shares. Advisors Incorporated Ok reported 92,149 shares or 0% of all its holdings. Algebris Investments (Uk) Ltd Liability Partnership holds 1.65% or 731,638 shares in its portfolio. Moreover, Retirement Sys Of Alabama has 0.74% invested in Bank of America Corp (NYSE:BAC) for 9.58M shares.
Insider Transactions: Since August 2, 2016, the stock had 2 buys, and 1 sale for $11.52 billion net activity. On Tuesday, August 2 the insider Woods Thomas D bought $353,250. Shares for $11.52B were sold by YNOFACE Holdings Inc on Monday, August 15. $503,500 worth of shares were bought by WHITE MICHAEL D on Monday, November 21.
Bank of America Corporation is a bank holding and financial holding company. The company has a market cap of $200.02 billion. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with various banking, investing, asset management and other financial and risk management services and products. It has a 15.09 P/E ratio.
According to Zacks Investment Research, “Bank of America Corp. is one of the world’s leading financial services companies. Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose.”
Bank of America Corporation, incorporated on July 31, 1998, is a bank holding firm (BHC) and a financial holding company. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with a range of banking, investing, asset management and other financial and risk management services and products. The Company’s divisions include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, Legacy Assets & Servicing (LAS) and All Other. Through its banking and various nonbank subsidiaries throughout the United States and international markets, the Company provides a range of banking and nonbank financial services and products.
More notable recent Bank of America Corp (NYSE:BAC) news were published by: Investorplace.com which released: “Suddenly We All Love Bank of America Corp (BAC) Stock” on November 29, 2016, also Marketwatch.com with their article: “Bank of America’s stock rally is far from over, analysts say” published on November 29, 2016, Investorplace.com published: “Wednesday’s Vital Data: Bank of America Corp (BAC), Apple Inc. (AAPL) and AT&T …” on November 23, 2016. More interesting news about Bank of America Corp (NYSE:BAC) were released by: Investorplace.com and their article: “Bank of America Corp (BAC) Stock: Is the Trump Boost Over?” published on November 17, 2016 as well as Investorplace.com‘s news article titled: “Bank of America Corp (BAC) Stock Is the Best Bet in the Sector” with publication date: November 22, 2016.
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By Ellis Scott