Bank of America Gets Boost from Phillip Securities Upgrade

On October 18, 2024, Phillip Securities changed their rating for Bank of America (XTRA:NCB) from Neutral to Accumulate.

Analyst Predictions Indicate Positive Upside

According to data from September 25, 2024, the average price target for Bank of America is set at 41.96 €/share. Predictions vary, with a low of 35.37 € and a high of 49.03 €. This average suggests a potential increase of 7.15% compared to the latest closing price of 39.16 € per share.

Projected Financial Growth on the Horizon

The expected annual revenue for Bank of America is 104,156 million euros, reflecting a growth rate of 10.07%. Additionally, the projected non-GAAP earnings per share (EPS) stands at 3.72.

Fund Sentiment Shows Optimism

Currently, 4,235 funds and institutions hold positions in Bank of America, an increase of 45 (or 1.07%) from the previous quarter. The average portfolio weight allocated to NCB by all funds is 0.67%, which is a rise of 2.51%. Over the past three months, total institutional ownership has grown by 2.94%, now amounting to 6,280,126,000 shares.

Institutional Investors’ Moves

Berkshire Hathaway remains steady, holding 1,032,852K shares, which accounts for 13.43% of the company, with no changes reported in the last quarter.

Vanguard Total Stock Market Index Fund Investor Shares holds 209,897K shares, about 2.73% ownership, showing a slight decline of 0.17% from the previous count of 210,263K shares while increasing its portfolio allocation in NCB by 1.81% over the past quarter.

Vanguard 500 Index Fund Investor Shares increased its stake to 174,622K shares, or 2.27%. This is up from 173,507K shares, indicating a growth of 0.64%, though it slightly reduced its allocation by 0.08% in the previous quarter.

JPMorgan Chase holds 147,816K shares, representing 1.92% ownership, up from 146,885K shares, reflecting an increase of 0.63% and a 2.49% rise in allocation in the last quarter.

Geode Capital Management also reported an increase in shares held, now owning 138,556K shares (1.80%), up from 137,026K shares, marking a 1.10% jump along with a 0.63% increase in its allocation.

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This story originally appeared on Fintel.

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