Phillip Securities Boosts Rating for Bank of America: A Positive Shift Ahead
Analysts Predict Potential Growth for Investors
Fintel reported on October 18, 2024, that Phillip Securities upgraded their outlook for Bank of America (LSE:0Q16) from Neutral to Accumulate.
Analyst Price Forecast Indicates 9.78% Upside Potential
As of September 25, 2024, the average one-year price target for Bank of America is set at 46.77 GBX/share. Predictions vary, with estimates ranging from a low of 39.42 GBX to a high of 54.64 GBX. This average price target suggests a potential increase of 9.78% compared to its latest closing price of 42.60 GBX/share.
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Projected Revenue and Earnings
The expected annual revenue for Bank of America is $104,156 million, which marks a noticeable increase of 10.07%. Additionally, the projected annual non-GAAP EPS is forecasted to be 3.72.
Fund Sentiment: A Look at Institutional Interest
A total of 4,235 funds or institutions reported holdings in Bank of America, reflecting an increase of 45 investors or 1.07% in the last quarter. The average portfolio weight of all funds for 0Q16 stands at 0.67%, up by 2.51%. The total shares owned by institutions rose by 2.94% over the last three months, now totaling 6,280,126K shares.
Institutional Shareholder Activities
Berkshire Hathaway maintains a significant position with 1,032,852K shares, representing 13.43% of the company. There has been no change in their shareholding over the last quarter.
Vanguard’s VTSMX – Total Stock Market Index Fund Investor Shares holds 209,897K shares for a 2.73% stake. This indicates a slight decrease of 0.17% from 210,263K shares previously.
Meanwhile, VFINX – Vanguard 500 Index Fund Investor Shares owns 174,622K shares, equal to a 2.27% stake, which shows an increase of 0.64% from 173,507K shares.
JP Morgan Chase holds 147,816K shares, accounting for 1.92% of the ownership, an increase of 0.63% from 146,885K shares last reported.
Geode Capital Management owns 138,556K shares, equating to 1.80% ownership, marking a rise of 1.10% from the previous stake of 137,026K shares.
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This story originally appeared on Fintel.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.