The stock of Bank of America Corp (NYSE:BAC) hit a new 52-week high and has $22.37 target or 28.00% above today’s $17.48 share price. The 7 months bullish chart indicates low risk for the $176.48B company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $22.37 price target is reached, the company will be worth $49.41 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 125.96M shares traded hands or 49.07% up from the average. Bank of America Corp (NYSE:BAC) has risen 32.30% since April 7, 2016 and is uptrending. It has outperformed by 27.51% the S&P500.
Bank of America Corp (NYSE:BAC) Ratings Coverage
Out of 22 analysts covering Bank of America (NYSE:BAC), 13 rate it a “Buy”, 0 “Sell”, while 9 “Hold”. This means 59% are positive. $21 is the highest target while $15 is the lowest. The $17.89 average target is 2.35% above today’s ($17.48) stock price. Bank of America has been the topic of 45 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Vetr upgraded the stock to “Buy” rating in Monday, August 24 report. KBW upgraded the shares of BAC in a report on Monday, August 24 to “Outperform” rating. The firm earned “Buy” rating on Tuesday, January 26 by Deutsche Bank. Jefferies maintained it with “Buy” rating and $18 target price in Wednesday, October 7 report. The stock of Bank of America Corp (NYSE:BAC) earned “Buy” rating by Nomura on Tuesday, September 8. The firm earned “Buy” rating on Tuesday, August 25 by Deutsche Bank. The firm has “Mkt Perform” rating given on Tuesday, August 25 by Bernstein. On Thursday, September 10 the stock rating was upgraded by Wells Fargo to “Outperform”. As per Wednesday, August 12, the company rating was maintained by Deutsche Bank. The rating was maintained by Jefferies with “Buy” on Tuesday, July 21.
According to Zacks Investment Research, “Bank of America Corp. is one of the world’s leading financial services companies. Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose.”
Insitutional Activity: The institutional sentiment decreased to 0.9 in 2016 Q2. Its down 0.33, from 1.23 in 2016Q1. The ratio dropped, as 101 funds sold all Bank of America Corp shares owned while 529 reduced positions. 83 funds bought stakes while 482 increased positions. They now own 6.08 billion shares or 0.24% less from 6.09 billion shares in 2016Q1.
Livingston Group Asset Management Com (Operating As Southport Management) holds 4,654 shares or 0.03% of its portfolio. Ccm Advisers Limited Company holds 1.13% or 911,233 shares in its portfolio. The Wisconsin-based State Of Wisconsin Board has invested 0.64% in Bank of America Corp (NYSE:BAC). Cantab Cap Limited Liability Partnership holds 0% of its portfolio in Bank of America Corp (NYSE:BAC) for 1,484 shares. Moreover, Budros Ruhlin Roe Inc has 0.1% invested in Bank of America Corp (NYSE:BAC) for 23,003 shares. Carl Domino Inc accumulated 51,941 shares or 0.65% of the stock. Schroder Investment Management Gru has invested 0.4% of its portfolio in Bank of America Corp (NYSE:BAC). Jump Trading Ltd, a Illinois-based fund reported 160,071 shares. Blackrock Gru Ltd accumulated 88.02M shares or 0.61% of the stock. Harvest Capital Strategies Limited Liability Corporation holds 0.11% or 58,850 shares in its portfolio. Amici Capital Limited Liability accumulated 402,500 shares or 1% of the stock. Crestpoint Capital Management Ltd Co holds 37,600 shares or 0.27% of its portfolio. Davidson And Garrard has invested 1.21% of its portfolio in Bank of America Corp (NYSE:BAC). Park Natl Corp Oh holds 522,706 shares or 0.44% of its portfolio. Maltese Management holds 2.45% or 1.48 million shares in its portfolio.
Insider Transactions: Since August 2, 2016, the stock had 1 insider buy, and 1 sale for $11.52 billion net activity. 1.25B shares were sold by YNOFACE Holdings Inc, worth $11.52 billion on Monday, August 15. 25,000 Bank of America Corp (NYSE:BAC) shares with value of $353,250 were bought by Woods Thomas D.
More notable recent Bank of America Corp (NYSE:BAC) news were published by: Reuters.com which released: “Bank of America accused of gouging ex-inmates with card fees” on November 04, 2016, also Investorplace.com with their article: “Tuesday’s Vital Data: Apple Inc. (AAPL), Bank of America Corp (BAC) and …” published on November 08, 2016, Investorplace.com published: “Bank of America Corp (BAC) Stock Is About VALUE, Not Elections!” on November 04, 2016. More interesting news about Bank of America Corp (NYSE:BAC) were released by: Wsj.com and their article: “Former Bank of America Banker Rurik Jutting Found Guilty of Murder in Hong Kong” published on November 08, 2016 as well as Charlotteobserver.com‘s news article titled: “Supreme Court hears housing bias case involving Bank of America, Wells Fargo” with publication date: November 08, 2016.
BAC Company Profile
Bank of America Corporation, incorporated on July 31, 1998, is a bank holding firm (BHC) and a financial holding company. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with a range of banking, investing, asset management and other financial and risk management services and products. The Company’s divisions include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, Legacy Assets & Servicing (LAS) and All Other. Through its banking and various nonbank subsidiaries throughout the United States and international markets, the Company provides a range of banking and nonbank financial services and products.
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