Bank of America Corporation (NYSE:BAC) Short Interest Update

Bank of America Corporation (NYSE:BAC) saw a significant decline in short interest in the month of January. As of January 15th, there was short interest totaling 79,332,935 shares, a decline of 12.4% from the December 31st total of 90,554,920 shares. Based on an average trading volume of 42,996,115 shares, the short-interest ratio is presently 1.8 days. Approximately 1.1% of the shares of the company are sold short. Approximately 1.1% of the shares of the company are sold short. Based on an average trading volume of 42,996,115 shares, the short-interest ratio is presently 1.8 days.

Analysts Set New Price Targets

Several research analysts have issued reports on BAC shares. Phillip Securities raised their target price on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Oppenheimer increased their price objective on shares of Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th. Wells Fargo & Company boosted their target price on shares of Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Royal Bank Of Canada upped their target price on shares of Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $60.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millstone Evans Group LLC grew its holdings in Bank of America by 8.3% during the 4th quarter. Millstone Evans Group LLC now owns 13,337 shares of the financial services provider’s stock valued at $734,000 after buying an additional 1,025 shares in the last quarter. QRG Capital Management Inc. grew its stake in Bank of America by 3.6% during the fourth quarter. QRG Capital Management Inc. now owns 816,849 shares of the financial services provider’s stock valued at $44,927,000 after acquiring an additional 28,399 shares in the last quarter. TCI Wealth Advisors Inc. increased its holdings in Bank of America by 24.9% in the 4th quarter. TCI Wealth Advisors Inc. now owns 13,556 shares of the financial services provider’s stock valued at $746,000 after acquiring an additional 2,701 shares during the last quarter. Avidian Wealth Enterprises LLC lifted its stake in Bank of America by 14.6% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 34,208 shares of the financial services provider’s stock worth $1,881,000 after purchasing an additional 4,365 shares in the last quarter. Finally, Blake Schutter Theil Wealth Advisors LLC boosted its holdings in shares of Bank of America by 3.9% during the 4th quarter. Blake Schutter Theil Wealth Advisors LLC now owns 14,399 shares of the financial services provider’s stock valued at $792,000 after purchasing an additional 540 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 1.6%

Shares of BAC stock opened at $54.03 on Tuesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America has a one year low of $33.06 and a one year high of $57.55. The company’s fifty day moving average price is $54.20 and its 200-day moving average price is $51.65. The company has a market capitalization of $394.52 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 1.30 and a beta of 1.29.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. During the same quarter in the prior year, the business posted $0.82 EPS. Bank of America’s revenue for the quarter was up 12.3% compared to the same quarter last year. Sell-side analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.