Price Target Update on Bank of America Corporation (NYSE:BAC)

Bank of America Corporation (NYSE:BAC) has been rated by 17 research analysts. Fundamentally, the highest shorterm price forecast for the stock is expected to reach $20 and the lowest price target forecast is $15. The average forecast of all the analysts is $17.77 and the expected standard deviation is $1.79.

Other Equity analysts have also commented on the company shares. Keefe Bruyette & Woods downgrades its rating on Bank of America Corporation (NYSE:BAC). The global brokerage major lowers the current price target from $17 per share to $16 per share. Analysts at the Keefe Bruyette & Woods have a current rating of Market Perform on the shares. The shares were previously rated Outperform. The rating by the firm was issued on May 16, 2016.

Bank of America Corporation (NYSE:BAC): stock turned positive on Thursday. Though the stock opened at $13.84, the bulls momentum made the stock top out at $14.05 level for the day. The stock recorded a low of $13.82 and closed the trading day at $14.04, in the green by 3.16%. The total traded volume for the day was 82,494,585. The stock had closed at $13.61 in the previous days trading.

The company shares have dropped -21.65% from its 1 Year high price. On Jul 22, 2015, the shares registered one year high at $18.48 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $14.18 and the 200 Day Moving Average price is recorded at $14.25. On the companys insider trading activities, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the officer (Pres, Ret. Bnkg & Co-Hd CB) of Bank Of America Corp /De/, Nguyen Thong M, had purchased 30,000 shares in a transaction dated on February 22, 2016. The transaction was executed at $12.43 per share with total amount equaling $372,900.

Bank of America Corporation is a bank holding company 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. Through its banking and various nonbank subsidiaries, it provides a range of banking and nonbank financial services and products. It operates in five segments: Consumer & Business Banking, which offers a range of credit, banking and investment products and services to consumers and businesses; Consumer Real Estate Services, which provides a line of consumer real estate products and services; Global Wealth & Investment Management, which provides wealth management solutions; Global Banking, which provides a range of lending-related products and services, and Global Markets, which offers sales and trading services.

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