In the last trading session, 46.72 million Bank Of America Corp. (NYSE:BAC) shares changed hands as the company’s beta touched 1.40. With the company’s per share price at $30.01 changed hands at $0.03 or 0.10% during last session, the market valuation stood at $237.49B. BAC’s last price was a discount, traded about -26.19% off its 52-week high of $37.87. The share price had its 52-week low at $24.96, which suggests the last value was 16.83% up since then. When we look at Bank Of America Corp.’s average trading volume, we note the 10-day average is 39.33 million shares, with the 3-month average coming to 44.85 million.
Analysts gave the Bank Of America Corp. (BAC) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.18. If we narrow down to specifics, the data shows that 1 out of 28 analysts rate the stock as a Sell, with a further 3 assigning it an Overweight rating. Of the remaining, 13 recommended BAC as a Hold, 11 felt it is a Buy and 0 rated the stock as Underweight. Bank Of America Corp.’s EPS for the current quarter is expected to be $0.7.
Bank Of America Corp. (NYSE:BAC) trade information
Instantly BAC was in green as seen at the end of in last trading. With action 8.34%, the performance over the past five days has been green. The jump to weekly highs of 30.25 on Monday, 11/20/23 added 0.10% to the stock’s daily price. The company’s shares are showing year-to-date downside of -9.39%, with the 5-day performance at 8.34% in the green. However, in the 30-day time frame, Bank Of America Corp. (NYSE:BAC) is 14.06% up. Looking at the short shares, we see there were 70.96 million shares sold at short interest cover period of 1.27 days.
The consensus price target for the stock as assigned by Wall Street analysts is $33.85, meaning bulls need an upside of 11.34% from its current market value. According to analyst projections, BAC’s forecast low is $27.50 with $51.00 as the target high. To hit the forecast high, the stock’s price needs a -69.94% plunge from its current level, while the stock would need to tank 8.36% for it to hit the projected low.
Bank Of America Corp. (BAC) estimates and forecasts
Data shows that the Bank Of America Corp. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 5.89% over the past 6 months, a 8.46% in annual growth rate that is considerably higher than the industry average of 0.30%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Bank Of America Corp. will fall -17.60%, while the growth in revenue is estimated to hit -23.40% for the next quarter. Year-over-year growth is forecast to reach -2.80% down from the last financial year.
Consensus estimates given by 8 financial analysts project the company’s revenue in the current quarter to hit an average of $22.21 billion. 7 analysts are of the opinion that Bank Of America Corp.’s revenue for the quarter ending Mar 2024 will be $23.07 billion. The company’s revenue for the corresponding quarters a year ago was $24.66 billion and $26.39 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -9.90%. The estimates for the next quarter sales put growth at -12.60%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 15.36%. The 2023 estimates are for Bank Of America Corp. earnings to increase by 7.75%, but the outlook for the next 5-year period is at 24.37% per year.
Bank Of America Corp. is expected to release its next quarterly earnings report on January 12. The 3.06% annual yield figure for the share gives it an annual dividend of 0.92. It is important to note, however, that the 3.06% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.
Bank Of America Corp. (NYSE:BAC)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.11% of Bank Of America Corp. shares while 70.40% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 70.48%. There are 70.40% institutions holding the Bank Of America Corp. stock share, with Berkshire Hathaway, Inc the top institutional holder. As of Jun 29, 2023, the company held 13.00% of the shares, roughly 1.03 billion BAC shares worth $29.63 billion.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 7.67% or 609.51 million shares worth $17.49 billion as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. With 211.14 million shares estimated at $6.06 billion under it, the former controlled 2.66% of total outstanding shares. On the other hand, Vanguard 500 Index Fund held about 2.08% of the shares, roughly 165.08 million shares worth around $4.74 billion.