The Vanguard Group, Inc. recently announced the acquisition of new stake in Bank of America Corporation (NYSE:BAC). The institutional investor has increased its shareholding in the Financial company by 0.61% to 573.16 million shares with purchase of 3.47 million shares. This fresh investment now brings its stake to 7.15% valued currently at $20.66 billion. In addition, Fidelity Management & Research Co raised its holdings by 2.58 million to 182.39 million shares. And Geode Capital Management LLC has lifted its position by 2.43% or 2.91 million shares – to 122.31 million shares.
With over 32.03 million Bank of America Corporation (BAC) shares trading Friday and a closing price of $37.19 on the day, the dollar volume was approximately $1.19 billion. The shares have shown a positive half year performance of 9.83% and its price on 11/18/22 gained nearly 0.05%. Currently, there are 8.11B common shares owned by the public and among those 8.01B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for BAC have a consensus price objective of $41.66. The analysts have set the share’s price value over the next 12 months at a high of $55.00 and a low of $32.00. The average price target is 9.97% above its recent price level and a downside to the estimated low will see the stock lose -16.22% over that period. But an upside of 32.38% will see the stock hit the forecast high price target while median target price for the stock is $40.50.
Insiders at the company have transacted a total of 184 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 90 of these insider trades were purchases, accounting for 3,590,583 shares. Insider sales of the common stock occurred on 94 occasions, with total insider shares sold totaling 1,776,877 shares.
The top 3 mutual fund holders in Bank of America Corporation are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and Government Pension Fund – Global. Vanguard Total Stock Market Index owns 204.95 million shares of the company’s stock, all valued at over $7.39 billion. The company bought an additional 0.99 million shares recently to bring their total holdings to about 2.56% of the shares outstanding. Vanguard 500 Index Fund bought 1.55 million shares to see its total holdings expand to 159.96 million shares valued at over $5.76 billion and representing 1.99% of the shares outstanding. Government Pension Fund – Global sold -6.66 million shares to bring its total holdings to over 86.85 million shares at a value of $3.13 billion. Government Pension Fund – Global now owns shares totaling to 1.08% of the shares outstanding.
Shares of Bank of America Corporation (NYSE: BAC) opened at $37.79, up $0.62 from a prior closing price of $37.17. However, the script later moved the day high at 37.85, up 0.05%. The company’s stock has a 5-day price change of -3.18% and 7.11% over the past three months. BAC shares are trading -16.41% year to date (YTD), with the 12-month market performance down to -19.71% lower. It has a 12-month low price of $29.31 and touched a high of $50.11 over the same period. BAC has an average intraday trading volume of 40.96 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.70%, 9.05%, and 1.68% respectively.
Institutional ownership of Bank of America Corporation (NYSE: BAC) shares accounts for 71.00% of the company’s 8.11B shares outstanding. Mutual fund holders own 33.17%, while other institutional holders and individual stakeholders account for 37.74% and 13.63% respectively.
It has a market capitalization of $298.19B and a beta (3y monthly) value of 1.40. The stock’s trailing 12-month PE ratio is 11.77, while the earnings-per-share (ttm) stands at $3.16. The company has a PEG of 1.98 and the debt-to-equity ratio at 2.10. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.95% over the week and 2.15% over the month.
Analysts forecast that Bank of America Corporation (BAC) will achieve an EPS of $0.85 for the current quarter, $0.9 for the next quarter and $3.72 for 2023. The lowest estimate earnings-per-share for the quarter is $0.78 while analysts give the company a high EPS estimate of $0.93. Comparatively, EPS for the current quarter was $0.82 a year ago. Earnings per share for the fiscal year are expected to increase by 90.70%, and 16.00% over the next financial year. EPS should shrink at an annualized rate of 5.93% over the next five years, compared to 19.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate Bank of America Corporation (BAC) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 11 of the 28 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BAC, a number of firms have released research notes about the stock. Citigroup stated their Neutral rating for the stock in a research note on November 14, 2022, with the firm’s price target at $40. Societe Generale coverage for the Bank of America Corporation (BAC) stock in a research note released on July 11, 2022 offered a Buy rating with a price target of $37.50. Morgan Stanley was of a view on March 28, 2022 that the stock is Equal-Weight, while Robert W. Baird gave the stock Neutral rating on March 08, 2022, issuing a price target of $42. Societe Generale on their part issued Hold rating on January 05, 2022.