Could Bank of America Corporation (NYSE:BAC) Change Direction After More Shorts?

December 8, 2017 - By Migdalia James

 Could Bank of America Corporation (NYSE:BAC) Change Direction After More Shorts?

Investors sentiment decreased to 1.12 in Q2 2017. Its down 0.03, from 1.15 in 2017Q1. It worsened, as 79 investors sold Bank of America Corporation shares while 543 reduced holdings. 120 funds opened positions while 577 raised stakes. 6.34 billion shares or 0.73% less from 6.39 billion shares in 2017Q1 were reported.
Ny State Teachers Retirement Sys reported 17.36 million shares. Bartlett And Company Llc stated it has 0.01% in Bank of America Corporation (NYSE:BAC). 248,294 were accumulated by Bainco. Williams Jones Associate Ltd reported 1.61 million shares stake. Vantage Inv Partners Ltd Llc owns 908,859 shares. St Germain D J invested in 0.05% or 16,363 shares. Modera Wealth Mgmt Limited Liability Corporation has 53,458 shares for 0.32% of their portfolio. Afam Cap invested 0.84% in Bank of America Corporation (NYSE:BAC). 668.21M are held by Blackrock Inc. The Montana-based Da Davidson And has invested 0.12% in Bank of America Corporation (NYSE:BAC). 4.96 million are owned by Credit Agricole S A. Hanson And Doremus Inv Mngmt invested in 1,692 shares or 0.02% of the stock. Gulf State Bank (Uk) holds 3.15 million shares. Aristotle Capital Management Limited Liability Corporation accumulated 3.13% or 15.42 million shares. Elm Ridge Management Lc reported 483,223 shares stake.

The stock of Bank of America Corporation (NYSE:BAC) registered an increase of 12.13% in short interest. BAC’s total short interest was 128.02 million shares in December as published by FINRA. Its up 12.13% from 114.18M shares, reported previously. With 64.28 million shares average volume, it will take short sellers 2 days to cover their BAC’s short positions. The short interest to Bank of America Corporation’s float is 1.22%.

The stock increased 0.49% or $0.14 during the last trading session, reaching $28.78. About 80.71 million shares traded or 17.11% up from the average. Bank of America Corporation (NYSE:BAC) has risen 58.64% since December 8, 2016 and is uptrending. It has outperformed by 41.94% the S&P500.

Bank of America Corporation, through its subsidiaries, provides banking and financial services and products for individual consumers, small and middle-market businesses, institutional investors, large firms, and governments worldwide. The company has market cap of $300.19 billion. It operates through four divisions: Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets. It has a 16.47 P/E ratio. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans.

Bank of America Corporation (NYSE:BAC) Ratings Coverage

Among 31 analysts covering Bank of America (NYSE:BAC), 21 have Buy rating, 0 Sell and 10 Hold. Therefore 68% are positive. Bank of America has $30 highest and $15 lowest target. $23.93’s average target is -16.85% below currents $28.78 stock price. Bank of America had 95 analyst reports since July 21, 2015 according to SRatingsIntel. The firm earned “Outperform” rating on Monday, August 24 by KBW. The stock of Bank of America Corporation (NYSE:BAC) has “Neutral” rating given on Tuesday, August 25 by Robert W. Baird. Citigroup maintained Bank of America Corporation (NYSE:BAC) rating on Monday, October 9. Citigroup has “Neutral” rating and $27 target. The stock has “Buy” rating by RBC Capital Markets on Friday, October 13. The stock has “Buy” rating by Jefferies on Wednesday, October 7. Wood downgraded Bank of America Corporation (NYSE:BAC) rating on Monday, May 16. Wood has “Market Perform” rating and $16 target. Jefferies maintained the shares of BAC in report on Tuesday, June 6 with “Buy” rating. On Friday, September 23 the stock rating was maintained by CLSA with “Outperform”. The rating was maintained by Credit Suisse with “Buy” on Thursday, June 1. Raymond James maintained the shares of BAC in report on Tuesday, December 5 with “Buy” rating.

More notable recent Bank of America Corporation (NYSE:BAC) news were published by: Investorplace.com which released: “Where Bank of America Corp Fails and Succeeds in One Simple Chart” on November 15, 2017, also Investorplace.com with their article: “Wednesday’s Vital Data: Bank of America Corp (BAC), Roku Inc (ROKU) and Home …” published on November 29, 2017, Bloomberg.com published: “BofA’s Brexit Planners Considered Bigger Paris Move” on December 04, 2017. More interesting news about Bank of America Corporation (NYSE:BAC) were released by: Investorplace.com and their article: “Profit From the Bank of America Corp Stock Rally” published on November 16, 2017 as well as Nasdaq.com‘s news article titled: “Bank of America Reaches Analyst Target Price” with publication date: November 30, 2017.

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