November 30, 2016 - By Ruchi Gupta
Bank of America (NYSE:BAC)‘s rating was boosted by stock research analysts at KBW from a Mkt Perform rating to a Outperform rating in a an analyst report sent to clients and investors on Tuesday morning.
Out of 23 analysts covering Bank of America (NYSE:BAC), 13 rate it a “Buy”, 0 “Sell”, while 10 “Hold”. This means 57% are positive. $21 is the highest target while $15 is the lowest. The $17.89 average target is -11.83% below today’s ($20.29) stock price. Bank of America has been the topic of 48 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Deutsche Bank maintained the shares of BAC in a report on Wednesday, August 12 with “Buy” rating. The firm has “Hold” rating by Deutsche Bank given on Tuesday, November 8. The stock has “Buy” rating given by Citigroup on Tuesday, July 19. The firm earned “Buy” rating on Wednesday, July 13 by Berenberg. The firm has “Outperform” rating by Wells Fargo given on Thursday, September 10. The company was maintained on Wednesday, October 7 by Jefferies. The stock of Bank of America Corp (NYSE:BAC) earned “Buy” rating by Sandler O’Neill on Wednesday, January 20. Jefferies maintained Bank of America Corp (NYSE:BAC) rating on Monday, October 10. Jefferies has “Buy” rating and $19 price target. The firm earned “Neutral” rating on Tuesday, August 25 by Robert W. Baird. The stock of Bank of America Corp (NYSE:BAC) has “Overweight” rating given on Thursday, April 7 by JP Morgan.
The stock decreased 0.05% or $0.01 during the last trading session, hitting $20.29. About 1,024 shares traded hands. Bank of America Corp (NYSE:BAC) has risen 35.09% since April 27, 2016 and is uptrending. It has outperformed by 29.86% 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 $3.74 billion for 13.35 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 increased, 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.
Smead Capital Management Incorporated holds 3.94% of its portfolio in Bank of America Corp (NYSE:BAC) for 6.32M shares. Amica Pension Fund Board Of Trustees last reported 0.45% of its portfolio in the stock. The Iowa-based Iowa Savings Bank has invested 0.14% in Bank of America Corp (NYSE:BAC). Balyasny Asset Mngmt Ltd Liability accumulated 770,475 shares or 0.07% of the stock. Dg Cap Management last reported 62,787 shares in the company. New Jersey Better Educational Savings, a New Jersey-based fund reported 138,000 shares. Concert Wealth Management has 0.82% invested in the company for 452,588 shares. Analytic Ltd Company last reported 890,825 shares in the company. Blb&B Advisors Limited Liability Company owns 96,749 shares or 0.24% of their US portfolio. Central State Bank Trust Com has 0.01% invested in the company for 2,029 shares. Pension Serv last reported 0.69% of its portfolio in the stock. Moreover, Woodstock Corp has 0.27% invested in Bank of America Corp (NYSE:BAC) for 98,064 shares. Pinnacle Assoc Limited accumulated 0.17% or 587,251 shares. Waddell And Reed accumulated 1.10 million shares or 0.03% of the stock. Sentinel Tru Lba owns 71,365 shares or 0.13% of their US portfolio.
Insider Transactions: Since August 2, 2016, the stock had 2 insider buys, and 1 sale for $11.52 billion net activity. Shares for $353,250 were bought by Woods Thomas D. Another trade for 25,000 shares valued at $503,500 was made by WHITE MICHAEL D on Monday, November 21. YNOFACE Holdings Inc sold 1.25 billion shares worth $11.52B.
Bank of America Corporation is a bank holding and financial holding company. The company has a market cap of $199.53 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 15.05 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: Marketwatch.com which released: “Bank of America’s stock rally is far from over, analysts say” on November 29, 2016, also Reuters.com with their article: “Bank of America CEO sees long road ahead for payments technology payoff” 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 STILL Cheap, Somehow” with publication date: November 11, 2016.
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By Ruchi Gupta