Bank of America Corp (NYSE:BAC) is one of those stocks that are among the market leaders in volume traded on a consistent basis. However, not being a growth stock, the company rarely sees large increases or decreases in price. However, today, shares of Bank of America Corp (NYSE:BAC) are trading down quite significantly after Fidelity dropped the company as a credit card partner.
Fidelity and Bank of America Corp (NYSE:BAC) had a partnership that was 12 years long, and that generated billions of dollars in credit card fees. Also, as part of the same move, Fidelity also dropped long-time partner American Express (NYSE:AXP), whose shares also fell today by 2.95%.
Taking the place of Bank of America Corp (NYSE:BAC) and American Expresss (NYSE:AXP) will be
Bancorp and Visa Inc.
Bank of America stock is down 2.64% or $0.44 following the news, hitting $16.39 per share. Approximately 55.24 million shares traded hands. BAC shares have risen 2.00% since May 29, 2015 and are currently uptrending. It has outperformed the S&P500 by 4.12%.
From a total of 15 analysts covering Bank of America (NYSE:BAC) stock, 10 rate it a “Buy”, 0 a “Sell”, and 5 a “Hold”. This means that 67% of the ratings are positive. The highest target price is $21 while the lowest target price is $17. The mean of all analyst targets is $18.97 which is 15.74% above today’s ($16.39) stock price. Bank of America was the topic of 30 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Jefferies maintained shares on October 7 with a “Buy” rating. Robert W. Baird upgraded shares to a”Neutral” rating and a $18.0 target share price in their report from an August 25. Bernstein upgraded BAC stock in a recent report from September 1 to a “Buy” rating. Bernstein upgraded the rating on August 25. Bernstein has a “Mkt Perform” rating and a $19.0 price target on shares. Finally, Macquarie Research upgraded the stock to a “Hold” rating in a report they issued on a September 1.
The institutional sentiment increased to 1.33 in Q2 2015. It’s up 0.32, from 1.01 in 2015Q2. The ratio increased, as 82 funds sold all their Bank of America Corp shares they owned while 453 reduced their positions. 122 funds bought stakes while 590 increased their total positions. Institutions now own 6.30 billion shares which is 0.74% less than the previous share count of 6.35 billion in 2015Q2.
Mizuho Bank Ltd. holds 56.87% of its total portfolio in Bank of America Corp, equating to 31.25 million shares. Boyle Capital Management Llc owns 1.88 million shares representing 38.47% of their total US portfolio. Moreover, Daily Journal Corp has 28.98% of their total portfolio invested in the company, equating to 2.30 million shares. The Netherlands-based Rabobank Nederland Fi has a total of 27.83% of their portfolio invested in the stock. First Trust Bank Ltd., a Bahamas-based fund reported 380,720 shares owned.
Since July 23, 2015, the stock had 0 insider purchases, and 1 sale for a total of $135,831 in net activity. Nguyen Thong M sold 7,520 shares worth $135,831.
Bank of America Corporation is a bank holding firm and a financial holding company. The company has a market cap of $175.94 billion. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and Governments with a range of banking, investing, asset management and other financial and risk management services and products. It has 12.13 P/E ratio. Through its banking and various nonbank subsidiaries, it provides a range of banking and nonbank financial services and products.