In the last trading session, 42.22 million shares of the Bank Of America Corp. (NYSE:BAC) were traded, and its beta was 1.40. Most recently the company’s share price was $37.92, and it changed around $0.11 or 0.29% from the last close, which brings the market valuation of the company to $298.53B. BAC currently trades at a discount to its 52-week high of $37.85, offering almost 0.18% off that amount. The share price’s 52-week low was $24.96, which indicates that the current value has risen by an impressive 34.18% since then. We note from Bank Of America Corp.’s average daily trading volume that its 10-day average is 39.14 million shares, with the 3-month average coming to 40.59 million.
Bank Of America Corp. stock received a consensus recommendation rating of Buy, based on a mean score of 2.26. If we narrow it down even further, the data shows that 1 out of 28 analysts rate the stock as a Sell; another 2 rate it as Overweight. Among the rest, 11 recommended BAC as a Hold, whereas 14 deemed it a Buy, and 0 rated it as Underweight. Bank Of America Corp. is expected to report earnings per share of $0.71 for the current quarter.
Bank Of America Corp. (NYSE:BAC) trade information
Instantly BAC has showed a green trend with a performance of 0.29% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 12.62% year-to-date, but still up 1.09% over the last five days. On the other hand, Bank Of America Corp. (NYSE:BAC) is 10.52% up in the 30-day period. We can see from the shorts that 67.79 million shares have been sold at a short interest cover period of 1.68 day(s).
The consensus price target as assigned by Wall Street analysts is $44.8, which translates to bulls needing to increase their stock price by 15.36% from its current value. Analyst projections state that BAC is forecast to be at a low of $36 and a high of $64.
Bank Of America Corp. (BAC) estimates and forecasts
Bank Of America Corp. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 39.05 percent over the past six months and at a -9.36% annual growth rate that is well below the industry average of -7.10%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -24.50% in revenue this quarter, and will report a decrease of -15.90% in the next quarter. The year-over-year growth rate is expected to be 1.20%, up from the previous year.
Consensus estimates provided by 10 financial analysts predict the company will bring in an average of $23.48 billion in revenue for the current quarter. 10 analysts expect Bank Of America Corp. to make $23.04 billion in revenue for the quarter ending Jun 2024. Analysts predict that the company’s current quarter sales will drop, forecast at -11.00%.
Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 3.37%. Bank Of America Corp. earnings are expected to increase by 1.96% in 2024, but the outlook is positive 24.37% per year for the next five years.
BAC Dividends
Bank Of America Corp.’s next quarterly earnings report is expected to be released on April 16. The annual dividend yield of the stock is 2.48 percent and its annual dividend per share was 0.94. It is important to note, however, that the 2.48% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.
Bank Of America Corp. (NYSE:BAC)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 13.18% of Bank Of America Corp. shares, and 58.92% of them are in the hands of institutional investors. The stock currently has a share float of 67.86%. Bank Of America Corp. stock is held by 3,519 institutions, with Berkshire Hathaway, Inc being the largest institutional investor. By Dec 30, 2023, it held 13.09% of the shares, which is about 1.03 billion shares worth $39.17 billion.
Vanguard Group Inc, with 7.71% or 608.34 million shares worth $23.07 billion as of Dec 30, 2023, holds the second largest percentage of outstanding shares.
Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund were the top two Mutual Funds as of Dec 30, 2023. The former held 211.02 million shares worth $8.0 billion, making up 2.67% of all outstanding shares. On the other hand, Vanguard 500 Index Fund held roughly 168.2 million shares worth around $6.38 billion, which represents about 2.13% of the total shares outstanding.
