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Boom Or Bust: What Is Next For Bank of America Corporation (NYSE: BAC) Stock?

Bank of America Corporation (NYSE:BAC)’s traded shares stood at 44.35 million during the latest session, with the company’s beta value hitting 1.42. At the last check today, the stock’s price was $27.85, to imply a decrease of -3.87% or -$1.12 in intraday trading. The BAC share’s 52-week high remains $44.63, putting it -60.25% down since that peak but still an impressive 0.61% since price per share fell to its 52-week low of $27.68. The company has a valuation of $233.94B, with an average of 105.84 million shares in intraday trading volume over the past 10 days and average of 47.01 million shares over the past 3 months.

Analysts have given a consensus recommendation of an Overweight for Bank of America Corporation (BAC), translating to a mean rating of 2.40. Of 28 analyst(s) looking at the stock, 2 analyst(s) give BAC a Sell rating. 3 of those analysts rate the stock as Overweight while 12 advise Hold as 11 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at $0.84.

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Bank of America Corporation (NYSE:BAC) trade information

After registering a -3.87% downside in the latest session, Bank of America Corporation (BAC) has traded red over the past five days. The stock hit a weekly high of 30.09 this Thursday, 03/16/23, dropping -3.87% in its intraday price action. The 5-day price performance for the stock is -7.99%, and -21.68% over 30 days. With these gigs, the year-to-date price performance is -15.91%. Short interest in Bank of America Corporation (NYSE:BAC) saw shorts transact 45.28 million shares and set a 1.14 days time to cover.

Analysts on Wall Street suggest a consensus price target of $40.40, implying an increase of 31.06% to the stock’s recent value. The extremes give us $33.00 and $53.00 for target low and target high price respectively. As such, BAC has been trading -90.31% off suggested target high and -18.49% from its likely low.

Bank of America Corporation (BAC) estimates and forecasts

Looking at statistics comparing Bank of America Corporation share performance against respective industry, we note that the company has underperformed competitors. Bank of America Corporation (BAC) shares are -19.30% down over the last 6 months, with its year-to-date growth rate lower than industry average at 5.96% against 9.80%. Revenue is forecast to grow 5.00% this quarter before jumping 19.20% for the next one. The rating firms project that company’s revenue will grow 6.40% compared to the previous financial year.

Revenue forecast for the current quarter as set by 7 analysts is $25.61 billion. Meanwhile, for the quarter ending Jun 2023, a total of 7 analyst(s) estimate revenue growth to $25.48 billion.Earnings reports from the last fiscal year show that sales brought in $23.33 billion and $22.79 billion respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 9.80% before jumping 11.80% in the following quarter.

An assessment of the company’s 5-year growth patterns shows that annual earnings grew an estimated 12.90% for the past 5-year period. While 2023 is set for a -10.80% return in earnings, projections for the next 5 years are at 3.36% annually.

BAC Dividends

Bank of America Corporation has its next earnings report out on April 18. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Bank of America Corporation has a forward dividend ratio of 0.88, with the share yield ticking at 3.04% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Bank of America Corporation (NYSE:BAC)’s Major holders

Bank of America Corporation insiders hold 0.14% of total outstanding shares, with institutional holders owning 71.36% of the shares at 71.46% float percentage. In total, 71.36% institutions holds shares in the company, led by Berkshire Hathaway, Inc. As of Sep 29, 2022, the company held over 1.01 billion shares (or 12.59% of shares), all amounting to roughly $30.51 billion.

The next major institution holding the largest number of shares is Vanguard Group, Inc. (The) with 602.46 million shares, or about 7.51% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $18.19 billion.

We also have Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund as the top two Mutual Funds with the largest holdings of the Bank of America Corporation (BAC) shares. Going by data provided on Sep 29, 2022, Vanguard Total Stock Market Index Fund holds roughly 203.77 million shares. This is just over 2.54% of the total shares, with a market valuation of $6.15 billion. Data from the same date shows that the other fund manager holds a little less at 158.47 million, or 1.98% of the shares, all valued at about 4.79 billion.

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