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.
Explore our leaderboard for companies with the biggest price target upside.
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.
Fintel offers extensive investing research for individuals, advisors, and small hedge funds, covering fundamentals, analyst reports, ownership data, and more.
Click to Learn More
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.
