In the last trading session, 33.63 million Bank Of America Corp. (NYSE:BAC) shares changed hands as the company’s beta touched 1.39. With the company’s per share price at $37.09 changed hands at $0.23 or 0.62% during last session, the market valuation stood at $292.00B. BAC’s last price was a discount, traded about -1.4% off its 52-week high of $37.61. The share price had its 52-week low at $24.96, which suggests the last value was 32.7% up since then. When we look at Bank Of America Corp.’s average trading volume, we note the 10-day average is 42.17 million shares, with the 3-month average coming to 40.26 million.
Bank Of America Corp. (NYSE:BAC) trade information
Instantly BAC was in green as seen at the end of in last trading. With action 2.94%, the performance over the past five days has been green. The jump to weekly highs of 37.61 added 0.62% to the stock’s daily price. The company’s shares are showing year-to-date upside of 10.16%, with the 5-day performance at 2.94% in the green. However, in the 30-day time frame, Bank Of America Corp. (NYSE:BAC) is 10.35% up. Looking at the short shares, we see there were 63.0 million shares sold at short interest cover period of 1.62 days.
Bank Of America Corp. (BAC) estimates and forecasts
Data shows that the Bank Of America Corp. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 34.38% over the past 6 months, a -8.77% in annual growth rate that is considerably lower than the industry average of -7.00%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Bank Of America Corp. will fall -24.50%, while the growth in revenue is estimated to hit -15.90% for the next quarter. Year-over-year growth is forecast to reach 1.20% up from the last financial year.
Consensus estimates given by 9 financial analysts project the company’s revenue in the current quarter to hit an average of $23.48 billion. 9 analysts are of the opinion that Bank Of America Corp.’s revenue for the quarter ending Jun 2024 will be $23.03 billion. The company’s revenue for the corresponding quarters a year ago was $26.39 billion. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -11.00%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 3.37%. The 2024 estimates are for Bank Of America Corp. earnings to increase by 2.42%, but the outlook for the next 5-year period is at 24.37% per year.
BAC Dividends
Bank Of America Corp. is expected to release its next quarterly earnings report on April 16. The 2.53% annual yield figure for the share gives it an annual dividend of 0.94. It is important to note, however, that the 2.53% 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 13.18% of Bank Of America Corp. shares while 58.91% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 67.86%. There are 58.91% 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.
