BlackRock Fund Advisors recently announced the acquisition of new stake in Bank Of America Corp. (NYSE:BAC). The institutional investor has increased its shareholding in the Financial company by 1.16% to 309.78 million shares with purchase of 3.54 million shares. This fresh investment now brings its stake to 3.91% valued currently at $9.45 billion. In addition, Geode Capital Management LLC raised its holdings by 2.66 million to 129.89 million shares. And Norges Bank Investment Management has lifted its position by 1.36% or 1.39 million shares – to 103.76 million shares.
With over 37.25 million Bank Of America Corp. (BAC) shares trading Friday and a closing price of $33.43 on the day, the dollar volume was approximately $1.25 billion. The shares have shown a positive half year performance of 19.01% and its price on 12/22/23 gained nearly 0.69%. Currently, there are 8.00B common shares owned by the public and among those 7.90B shares have been available to trade.
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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 $35.20. The analysts have set the share’s price value over the next 12 months at a high of $50.00 and a low of $29.00. The average price target is 5.03% above its recent price level and a downside to the estimated low will see the stock lose -15.28% over that period. But an upside of 33.14% will see the stock hit the forecast high price target while median target price for the stock is $35.00.
Insiders at the company have transacted a total of 237 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 118 of these insider trades were purchases, accounting for 3,778,385 shares. Insider sales of the common stock occurred on 119 occasions, with total insider shares sold totaling 2,454,079 shares.
The top 3 mutual fund holders in Bank Of America Corp. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Government Pension Fund – Global. Vanguard Total Stock Market ETF owns 211.71 million shares of the company’s stock, all valued at over $6.46 billion. The company bought an additional 0.31 million shares recently to bring their total holdings to about 2.68% of the shares outstanding. Vanguard 500 Index Fund bought 0.81 million shares to see its total holdings expand to 166.96 million shares valued at over $5.09 billion and representing 2.11% of the shares outstanding. Government Pension Fund – Global bought 15.22 million shares to bring its total holdings to over 102.07 million shares at a value of $3.11 billion. Government Pension Fund – Global now owns shares totaling to 1.29% of the shares outstanding.
Shares of Bank Of America Corp. (NYSE: BAC) opened at $33.21, up $0.01 from a prior closing price of $33.20. However, the script later moved the day high at 33.67, up 0.69%. The company’s stock has a 5-day price change of -0.51% and 21.12% over the past three months. BAC shares are trading 0.94% year to date (YTD), with the 12-month market performance up to 2.29% higher. It has a 12-month low price of $24.96 and touched a high of $37.00 over the same period. BAC has an average intraday trading volume of 48.06 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 6.39%, 14.91%, and 15.63% respectively.
Institutional ownership of Bank Of America Corp. (NYSE: BAC) shares accounts for 70.74% of the company’s 8.00B shares outstanding. Mutual fund holders own 31.98%, while other institutional holders and individual stakeholders account for 38.88% and 13.84% respectively.
It has a market capitalization of $264.56B and a beta (3y monthly) value of 1.42. The stock’s trailing 12-month PE ratio is 9.37, while the earnings-per-share (ttm) stands at $3.57. The company has a PEG of 0.38 and the debt-to-equity ratio at 2.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.84% over the week and 2.04% over the month.
Analysts forecast that Bank Of America Corp. (BAC) will achieve an EPS of $0.71 for the current quarter, $0.79 for the next quarter and $3.25 for 2024. The lowest estimate earnings-per-share for the quarter is $0.47 while analysts give the company a high EPS estimate of $0.85. Comparatively, EPS for the current quarter was $0.85 a year ago. Earnings per share for the fiscal year are expected to increase by 8.02%, and -5.27% over the next financial year. EPS should grow at an annualized rate of 24.37% over the next five years, compared to 15.36% 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 Corp. (BAC) as a “Moderate Buy” at a consensus score of 2.11. Specifically, 12 Wall Street analysts polled rate the stock as a buy, while 12 of the 28 advise that investors “hold,” and 1 rated it as a “Sell.”
