Stock analysts at Atlantic Equities cut their rating on shares of Bank of America Corporation (NYSE:BAC) from Overweight to a new rating of Neutral in their opinion released on January 21. Analysts at UBS downgraded the company stock to a Neutral call from its previous Buy stance, in a flash note that dated back to January 07.
Let’s take a glimpse at some insider activity at Bank of America Corporation (NYSE:BAC) and observe the pattern. The earliest insider trade happened on 10/23/2019. BRAMBLE FRANK P parted with a total of 6.5 thousand shares of the firm at average share price of $31.33. The total amount for the sale was set at $203.65 thousand. On completing this exchange, the Director account balance was 93.42 thousand shares. The stock grew 10.92 percent from that insider sale. On 10/17/2019, Knox Kathleen A., President, Private Bank, did a sale of 40 thousand shares at a price of $30.23 per share. This got rid of 1.21 million shares from the insider’s fortune and the stock experienced a 14.95 percent rally in price since the news became public. This exchange saw 43.74 thousand shares get out from the President, Private Bank account. On 04/17/2019, Pres, Ret & Pref & Sm Bus Bnkg Athanasia Dean C recorded a sale transaction valued at $3.86 million. The sale at $29.78 a share has eliminated 129.62 thousand shares from the insider’s portfolio position. Meanwhile, shares price witnessed 16.69 percent increase since the transaction reporting date. The company insider is left with 114 thousand shares remaining in the account. Bessant Catherine P, who works as Chief Ops & Tech Officer at the company, performed a sale of 15.82 thousand shares in a transaction worth $500.07 thousand. The disposal recorded on 08/09/2018 was priced at $31.61 per share. The stock price soared 9.93 percent since the transaction. Bessant Catherine P currently holds a stake of 609.31 thousand in BAC stock which is worth $21.17 million after the insider selling.
Bank of America Corporation (BAC) is most likely going to rise 8.38 percent in the coming 12 months, as per price target approximations compiled by finviz. Nevertheless, they have set the price target at a $48 as 12-month high price target. This represents a whopping 38.17 percent increase from the current trading price of shares. The 52-week median price target given by the analysts is $37, which means a return possibility of 6.51 percent in comparison with the closing price of the stock of $34.74 in recent trading session. The lowest price set for the stock is $30 which is just above -13.64 percent from BAC share’s price at the end of session.
The stock is lingering around the initial support level of $33.47. After this, the following support is at the zone of $33.31. Up until the time the BAC stock hit levels beyond the current one, bulls should have no alarm. In terms of its momentum, the stock’s RSI hit 57.94 on the daily chart, and this may be a cause for concern. In case the price goes below $33.31 level on closing basis, there may be more profit booking with the stock growing weaker. Still, getting to the $33.84 level may cause a pull-back move approaching $34.05 mark.
In the recent trading session, Bank of America Corporation (NYSE:BAC) shares gained 3.34% or 1.12 points to reach at $34.74 with a thin trading volume of 31.345 million shares. It opened the trading session at $33.56, the shares rose to $33.9 and dropped to $33.53, the range by which the price of stock traded the whole session. The company now has a market cap of $308 billion and currently has 9.17 billion outstanding shares. Bank of America Corporation (BAC) stock has plunged -3.67 percent of market value in 21 trading days.
BAC stock’s trailing 3-year beta is 1.58, meaning there will be a greater rate of return, although posing a higher risk. The part of a firm’s profit given to each outstanding share of regular stock was $2.75 share in the trailing 52 weeks. The stock’s value fallen -4.54 percent year to date (YTD) compared to a rise of 16.41 percent in 52 week’s period. The firm’s shares are still trading -2.74 percent below its 1-year high of $35.72 and 32.56 percent up from 52-week low of $26.21. The average consensus ranking on the company is 2.4, on a ranging where 5 is equal to a consensus sell rating. In other words, the mean analyst recommendations are ranking this stock as a sell.
Bank of America Corporation (BAC) shares are trading at a P/E ratio of 11.92 times earnings posted in the trailing 12 months. The industry BAC deals with has an average P/E of 13.16. Its P/B ratio is standing at 1.2X compared to the 1.32 industry average. It is additionally sporting a 2.75 on the Price-to-Sales ratio, compared to the industry’s P/S average of 0.42.
Past records have indicated that shares in Bank of America Corporation declined on 21 different earnings reaction days and we have yet to see whether this trend will play out and remain in place when the company reports upcoming earnings. Investors will get the next hint of BAC’s Q1 earnings on April 15. Analysts are predicting revenue to suffer decline of 0 percent to $23.2B in the financial first quarter, while EPS will soar by about 2.86 percent to $0.72 per share. In the last quarter, it’s earnings of $0.7 per share came better than the $0.65615, adjusted, expected by Thomson Reuters consensus estimate. Revenue for the quarter was $22.49B, topping the $22.31B analysts had expected. Earnings are seen to rise by 49.9 percent this year, 8.34 percent in the coming year and the trend continues by 6.28 percent every year in the next 5 years.