Short Interest in Bank of America Increases By 4.6% (BAC)
Bank of America (NYSE:BAC) was the target of a significant growth in short interest during the month of April. As of April 30th, there was short interest totalling 107,624,635 shares, a growth of 4.6% from the April 15th total of 102,910,447 shares, American Banking and Market News reports. Based on an average daily trading volume, of 120,062,793 shares, the days-to-cover ratio is presently 0.9 days. Currently, 1.0% of the company’s stock are short sold.
BAC has been the subject of a number of recent research reports. Analysts at Portales Partners upgraded shares of Bank of America from an “underperform” rating to a “sector perform” rating in a research note on Monday, May 12th. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Bank of America in a research note on Monday, May 12th. They now have a $18.00 price target on the stock, down previously from $18.50. Finally, analysts at Guggenheim cut their price target on shares of Bank of America from $18.00 to $17.00 in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $17.07.
Shares of Bank of America (NYSE:BAC) opened at 14.53 on Wednesday. Bank of America has a one year low of $12.13 and a one year high of $18.03. The stock has a 50-day moving average of $15.67 and a 200-day moving average of $16.05. The company has a market cap of $152.8 billion and a P/E ratio of 19.05.
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 $0.93 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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