Bank of America Co. (NYSE:BAC) Short Interest Update

Bank of America Co. (NYSE:BAC) was the recipient of a large increase in short interest in the month of December. As of December 30th, there was short interest totalling 56,750,000 shares, an increase of 9.2% from the December 15th total of 51,950,000 shares. Based on an average daily volume of 40,740,000 shares, the short-interest ratio is presently 1.4 days. Currently, 0.7% of the company’s shares are short sold.

Bank of America Stock Performance

Shares of BAC stock traded up $0.29 during trading hours on Tuesday, hitting $34.61. The company’s stock had a trading volume of 14,519,388 shares, compared to its average volume of 42,769,938. The company has a 50 day moving average of $34.40 and a 200 day moving average of $34.04. The stock has a market cap of $277.66 billion, a PE ratio of 10.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.39. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 1.13. Bank of America has a 12-month low of $29.31 and a 12-month high of $50.11.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.06. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The firm had revenue of $24.50 billion during the quarter, compared to analysts’ expectations of $24.17 billion. During the same period in the previous year, the business posted $0.82 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America will post 3.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Of America Corp /De/ Bank sold 4 shares of Bank of America stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $23,750.00, for a total transaction of $95,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of America

Several large investors have recently made changes to their positions in the company. Kavar Capital Partners Group LLC lifted its stake in shares of Bank of America by 1.7% in the 2nd quarter. Kavar Capital Partners Group LLC now owns 16,611 shares of the financial services provider’s stock valued at $517,000 after purchasing an additional 276 shares during the period. Sage Mountain Advisors LLC raised its position in Bank of America by 3.3% during the third quarter. Sage Mountain Advisors LLC now owns 8,895 shares of the financial services provider’s stock worth $269,000 after acquiring an additional 281 shares during the period. Annapolis Financial Services LLC raised its position in Bank of America by 2.2% during the third quarter. Annapolis Financial Services LLC now owns 13,785 shares of the financial services provider’s stock worth $416,000 after acquiring an additional 292 shares during the period. Leisure Capital Management raised its position in Bank of America by 1.5% during the third quarter. Leisure Capital Management now owns 20,055 shares of the financial services provider’s stock worth $606,000 after acquiring an additional 292 shares during the period. Finally, Lee Financial Co raised its position in Bank of America by 42.3% during the second quarter. Lee Financial Co now owns 989 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 294 shares during the period. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Piper Sandler lowered shares of Bank of America from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $36.00 to $33.00 in a report on Tuesday, January 17th. StockNews.com began coverage on shares of Bank of America in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Citigroup boosted their price target on shares of Bank of America from $36.00 to $38.00 in a report on Tuesday, January 17th. The Goldman Sachs Group reduced their price target on shares of Bank of America from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, October 4th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Bank of America from a “buy” rating to a “hold” rating and reduced their price target for the company from $45.00 to $36.00 in a report on Friday, January 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $40.75.

About Bank of America

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Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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