Bank of America Corporation (NYSE:BAC) Traded Over Its 50 Day Average


Company shares last traded at $27.16 slightly over the 50 day moving average which is $25.19 and quite a bit above the 200 day moving average of $24.08. The 50 day moving average was up $1.97 or +7.82% and the 200 day average moved up $3.08. (NYSE:BAC) shares saw light trading volume with 83,765K shares changing hands in the last trading session. Volume was down 17.63% under the stocks average daily volume.

Investors are feeling more bearish of late considering the rise in short interest. The company saw a rise in short interest of 13.89% between September 15, 2017 and September 29, 2017. Short interest grew from 105,579,995 to 120,242,149 over that period. The short-interest ratio increased to 2.0 and the percentage of shorted shares is 0.06% as of September 29.

Here are a few substantial investment firms who have updated their positions. Bowling Portfolio Management LLC cut its ownership by shedding 113,794 shares a decrease of 33.5% in the quarter. Bowling Portfolio Management LLC currently owns 225,528 shares valued at $5,715,000. The total value of its holdings decreased 30.6%. As of the end of the quarter Advisors Capital Management, LLC had acquired a total of 2,143 shares growing its holdings by 0.4%. The value of the investment in BAC increased from $12,525,000 to $13,137,000 a change of $612,000 since the last quarter.

Locust Wood Capital Advisers, LLC added to its position by buying 160,029 shares an increase of 30.6% from 06/30/2017 to 09/30/2017. Locust Wood Capital Advisers, LLC claims 682,509 shares worth $17,295,000. The value of the position overall is up by 36.4%. As of quarter end Robeco Institutional Asset Management B.v. had bought 42,569 shares growing its stake by 2.1%. The value in dollars went from $48,682,000 to $51,930,000 increasing 6.7% quarter over quarter.

On July 11 Oppenheimer held the stock rating at “Outperform” and raised the price expectation from $19.00 to $29.00. October 9 investment analysts at Citigroup left the company rating at “Neutral” and moved up the price target to $27.00 from $17.00.

October 16 investment analysts at UBS kept the stock rating at “Neutral” but raised the price target from $20.00 to $27.00.

The company is down by 0.04% percent from yesterday’s close. Additionally the company recently announced a dividend for shareholders that was paid on Friday the 29th of September 2017. The dividend payment was $0.120 per share for the quarter or $0.48 annualized. This dividend amount represented a yield of $1.77. The ex-dividend date was set for Wednesday the 30th of August 2017.

The P/E ratio is 15.55 and the market value is 285.63B. As of the latest earnings report the EPS was $1.75 and is expected to be $1.82 for the current year with 10,516,450,000 shares outstanding. Next quarter’s EPS is forecasted at $0.46 and the next full year EPS is projected to be $2.17.

Bank of America Corporation, launched on July 31, 1998, is a bank holding company (BHC) and a financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through its business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets and All Other..