The $37.44 Is The Price At Which Bank Of America Corp. (NYSE: BAC) Deserves Consideration

During the last session, Bank Of America Corp. (NYSE:BAC)’s traded shares were 32.88 million, with the beta value of the company hitting 1.39. At the end of the trading day, the stock’s price was $37.44, reflecting an intraday gain of 0.38% or $0.14. The 52-week high for the BAC share is $38.35, that puts it down -2.43 from that peak though still a striking 33.33% gain since the share price plummeted to a 52-week low of $24.96. The company’s market capitalization is $294.75B, and the average intraday trading volume over the past 10 days was 35.75 million shares, and the average trade volume was 40.99 million shares over the past three months.

Bank Of America Corp. (NYSE:BAC) trade information

Bank Of America Corp. (BAC) registered a 0.38% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 0.38% in intraday trading to $37.44, hitting a weekly high. The stock’s 5-day price performance is 0.94%, and it has moved by 6.51% in 30 days. Based on these gigs, the overall price performance for the year is 30.91%. The short interest in Bank Of America Corp. (NYSE:BAC) is 67.79 million shares and it means that shorts have 1.68 day(s) to cover.

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Bank Of America Corp. (BAC) estimates and forecasts

Statistics show that Bank Of America Corp. has underperformed its competitors in share price, compared to the industry in which it operates. Bank Of America Corp. (BAC) shares have gone up 40.22% during the last six months, with a year-to-date growth rate less than the industry average at -9.36% against -7.10. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to shrink -19.10% this quarter and then drop -10.20% in the quarter after that. In the rating firms’ projections, revenue will increase 1.30% compared to the previous financial year.

Revenue for the current quarter is expected to be $25.39 billion as predicted by 10 analyst(s). Meanwhile, a consensus of 10 analyst(s) estimates revenue growth to $24.93 billion by the end of Jun 2024.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 3.37%. While earnings are projected to return 2.01% in 2024, the next five years will return 24.37% per annum.

BAC Dividends

Bank Of America Corp. is due to release its next quarterly earnings on April 16. 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 Corp. is 0.94, with the dividend yield indicating at 2.51 percent, continuing the trend of increasing dividends in recent years.

Bank Of America Corp. (NYSE:BAC)’s Major holders

Bank Of America Corp. insiders own 13.18% of total outstanding shares while institutional holders control 58.92%, with the float percentage being 67.86%. Berkshire Hathaway, Inc is the largest shareholder of the company, while 3,491 institutions own stock in it. As of Jun 29, 2023, the company held over 1.03 billion shares (or 13.00% of all shares), a total value of $29.63 billion in shares.

The next largest institutional holding, with 609.51 million shares, is of Vanguard Group Inc’s that is approximately 7.67% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $17.49 billion.

Also, the Mutual Funds coming in first place with the largest holdings of Bank Of America Corp. (BAC) shares are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. Data provided on Jun 29, 2023 indicates that Vanguard Total Stock Market Index Fund owns about 211.14 million shares. This amounts to just over 2.66 percent of the company’s overall shares, with a $6.06 billion market value. The same data shows that the other fund manager holds slightly less at 165.08 million, or about 2.08% of the stock, which is worth about $4.74 billion.