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Bank of America Corporation (NYSE: BAC) Has Been Falling -14.95% Year-To-Date. Troubles Yet To Come?

During the last session, Bank of America Corporation (NYSE:BAC)’s traded shares were 40.45 million, with the beta value of the company hitting 1.38. At the end of the trading day, the stock’s price was $28.17, reflecting an intraday gain of 0.25% or $0.07. The 52-week high for the BAC share is $38.60, that puts it down -37.03 from that peak though still a striking 6.57% gain since the share price plummeted to a 52-week low of $26.32. The company’s market capitalization is $227.37B, and the average intraday trading volume over the past 10 days was 45.2 million shares, and the average trade volume was 64.48 million shares over the past three months.

Bank of America Corporation (BAC) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.40. BAC has a Sell rating from 2 analyst(s) out of 26 analysts who have looked at this stock. 11 analyst(s) recommend to Hold the stock while 3 suggest Overweight, and 10 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.86.

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Bank of America Corporation (NYSE:BAC) trade information

Bank of America Corporation (BAC) registered a 0.25% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 0.25% in intraday trading to $28.17 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -1.05%, and it has moved by -0.95% in 30 days. Based on these gigs, the overall price performance for the year is -20.98%. The short interest in Bank of America Corporation (NYSE:BAC) is 82.47 million shares and it means that shorts have 1.63 day(s) to cover.

The consensus price target of analysts on Wall Street is $35.94, which implies an increase of 21.62% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $28.00 and $47.00 respectively. As a result, BAC is trading at a discount of -66.84% off the target high and 0.6% off the low.

Bank of America Corporation (BAC) estimates and forecasts

Statistics show that Bank of America Corporation has outperformed its competitors in share price, compared to the industry in which it operates. Bank of America Corporation (BAC) shares have gone down -24.86% during the last six months, with a year-to-date growth rate more than the industry average at 7.21% against 2.70. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 17.80% this quarter and then jump 2.50% in the quarter after that. In the rating firms’ projections, revenue will increase 5.80% compared to the previous financial year.

Revenue for the current quarter is expected to be $25.19 billion as predicted by 7 analyst(s). Meanwhile, a consensus of 7 analyst(s) estimates revenue growth to $25.11 billion by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $22.79 billion and $23.57 billion respectively. In this case, analysts expect current quarter sales to grow by 10.50% and then jump by 6.60% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 12.90%. While earnings are projected to return -10.80% in 2023, the next five years will return 3.36% per annum.

BAC Dividends

Bank of America Corporation is due to release its next quarterly earnings on July 18. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance. Investors should also take the other fundamental and operational aspects into account before investing in the stock. The forward dividend ratio for Bank of America Corporation is 0.88, with the dividend yield indicating at 3.12 percent, continuing the trend of increasing dividends in recent years.

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

Bank of America Corporation insiders own 0.11% of total outstanding shares while institutional holders control 71.62%, with the float percentage being 71.70%. Berkshire Hathaway, Inc is the largest shareholder of the company, while 3,384 institutions own stock in it. As of Mar 30, 2023, the company held over 1.03 billion shares (or 12.96% of all shares), a total value of $29.54 billion in shares.

The next largest institutional holding, with 614.79 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 7.71% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $17.58 billion.

Also, the Mutual Funds coming in first place with the largest holdings of Bank of America Corporation (BAC) shares are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. Data provided on Dec 30, 2022 indicates that Vanguard Total Stock Market Index Fund owns about 207.27 million shares. This amounts to just over 2.59 percent of the company’s overall shares, with a $6.86 billion market value. The same data shows that the other fund manager holds slightly less at 161.35 million, or about 2.02% of the stock, which is worth about $5.34 billion.

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