Bank of America Short Interest Down 6.6% in March (BAC)
Bank of America (NYSE:BAC) was the target of a large drop in short interest during the month of January. As of March 31st, there was short interest totalling 111,575,739 shares, a drop of 6.6% from the March 14th total of 119,508,930 shares, Analyst RN reports. Currently, 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 109,728,457 shares, the short-interest ratio is currently 1.0 days.
A number of analysts have recently weighed in on BAC shares. Analysts at Zacks reiterated a “neutral” rating on shares of Bank of America in a research note on Thursday, April 17th. They now have a $17.00 price target on the stock. Separately, analysts at Oppenheimer upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 17th. They now have a $19.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Morgan Stanley reiterated an “overweight” rating on shares of Bank of America in a research note on Thursday, April 17th. They now have a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $16.88.
Shares of Bank of America (NYSE:BAC) opened at 16.29 on Wednesday. Bank of America has a 52-week low of $11.90 and a 52-week high of $18.03. The stock’s 50-day moving average is $16.88 and its 200-day moving average is $15.91. The company has a market cap of $171.5 billion and a price-to-earnings ratio of 20.90.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 16th. The company reported $0.35 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.05 by $0.30. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $22.38 billion. During the same quarter last year, the company posted $0.20 earnings per share. Bank of America’s revenue was down 2.7% compared to the same quarter last year. On average, analysts predict that Bank of America will post $0.97 earnings per share for the current fiscal year.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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