Short Interest in Bank of America Corporation (NYSE:BAC) Drops By 12.4%

Bank of America Corporation (NYSE:BAC) was the recipient of a significant decline in short interest during 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 daily volume of 42,996,115 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.1% of the shares of the stock are sold short. Approximately 1.1% of the shares of the stock are sold short. Based on an average daily volume of 42,996,115 shares, the days-to-cover ratio is presently 1.8 days.

Bank of America Price Performance

BAC stock opened at $54.03 on Tuesday. The stock has a market cap of $394.52 billion, a PE ratio of 14.11, a P/E/G ratio of 1.30 and a beta of 1.29. Bank of America has a 12 month low of $33.06 and a 12 month high of $57.55. The company has a 50-day moving average price of $54.20 and a 200 day moving average price of $51.65. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 earnings per share. Equities research analysts anticipate that Bank of America will post 3.7 earnings per share for the current year.

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. Wells Fargo & Company raised their price target on Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, January 5th. JPMorgan Chase & Co. increased their target price on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Wednesday, January 7th. Argus increased their price objective on shares of Bank of America from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Finally, Daiwa Capital Markets dropped their price objective on shares of Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.00.

Hedge Funds Weigh In On Bank of America

Hedge funds have recently bought and sold shares of the business. Quaker Wealth Management LLC increased its stake in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the period. Wiser Advisor Group LLC bought a new position in Bank of America in the 3rd quarter worth about $27,000. RMG Wealth Management LLC bought a new position in Bank of America in the 2nd quarter worth about $28,000. Steph & Co. increased its position in shares of Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 379 shares during the period. Finally, Legacy Bridge LLC increased its position in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 330 shares during the period. Institutional investors own 70.71% of the company’s stock.

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.