Are Bank of America Corporation (NYSE:BAC) Shares Headed For A Correction?

Alicia Cross
October 11, 2017

The financial services provider reported $0.46 EPS for the quarter, beating the Zacks' consensus estimate of $0.43 by $0.03. The company's stock had a trading volume of 24,002,513 shares. Realty Income Corp (NYSE:O) has declined 8.21% since October 9, 2016 and is downtrending. The United Kingdom-based Toscafund Asset Management Llp has invested 25.06% in the stock. Vantage Financial Partners Ltd. Inc. acquired a new stake in Bank of America Corporation in the second quarter worth $1,017,000.

In recent trading day Bank of America Corporation (BAC) stock showed the move of -1.37% with the closing price of $25.85. It has outperformed by 41.94% the S&P500.

On July 11 Oppenheimer held the company rating at "Outperform" but moved up the price target to $29.00 from $19.00. Therefore 33% are positive. Laurel Grove Ltd owns 0.27% invested in Bank of America Corp (NYSE:BAC) for 21,000 shares. The rating was maintained by Stifel Nicolaus with "Buy" on Friday, September 18. Wood downgraded the shares of BAC in report on Monday, May 16 to "Market Perform" rating. Sky Invest Group Ltd Liability Company has 0.15% invested in Bank of America Corp (NYSE:BAC) for 14,528 shares. As per Friday, July 7, the company rating was maintained by Jefferies.

Allstate Corp increased Bank Amer Corp (BAC) stake by 84.89% reported in 2017Q2 SEC filing. Royal Bank Of Canada reiterated a "buy" rating and issued a $26.00 price target on shares of Bank of America Corporation in a research report on Thursday, July 20th. O's SI was 20.21M shares in October as released by FINRA. It also upped Ishare Edge Msci Min Vol (EFAV) stake by 42,941 shares and now owns 425,027 shares. Ishares Tr (EFA) was raised too. Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a research report on Wednesday, August 9th. In the last earnings report the EPS was $1.68 and is estimated to be $1.80 for the current year with 10,516,450,000 shares outstanding. Next quarter's EPS is expected be $0.47 and the next full year EPS is projected to be $2.15.

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Analysts expect Neptune Technologies & Bioressources Inc (CVE:NTB) to report $0.70 EPS on October, 24.They anticipate $0.10 EPS change or 16.67% from last quarter's $0.6 EPS.

Its shares have trimmed -1.71% since hitting a peak level of $26.3 on October 06, 2017. Its down -0.06, from 0.86 in 2017Q1. It dropped, as 79 investors sold Bank of America Corp shares while 543 reduced holdings. 120 funds opened positions while 577 raised stakes. Cibc World Mkts reported 2.43M shares. Schulhoff & Communication Incorporated holds 48,325 shares. Van Cleef Asset Managementinc invested 0.26% in Bank of America Corp (NYSE:BAC). Strategic Advsr Ltd Com accumulated 59,817 shares or 0.66% of the stock. Cubist Systematic Strategies invested in 0.19% or 121,923 shares. Pennsylvania Trust Com holds 0.13% of its portfolio in Bank of America Corp (NYSE:BAC) for 111,909 shares. Finally, Russell Investments Group Ltd. increased its position in Bank of America Corporation by 0.5% in the first quarter. Exxonmobil Inv Management Tx accumulated 1.91 million shares. Miles Cap has 19,089 shares. Eastern Retail Bank holds 863,747 shares or 1.54% of its portfolio. The company was maintained on Tuesday, June 6 by Jefferies. Realty Income had 28 analyst reports since July 23, 2015 according to SRatingsIntel. The rating was upgraded by Macquarie Research to "Hold" on Tuesday, September 1. The Massachusetts-based Thomaspartners Inc. has invested 2.74% in the stock. The firm earned "Neutral" rating on Thursday, August 25 by BTIG Research. Deutsche Bank upgraded Carpetright plc (LON:CPR) on Monday, February 8 to "Buy" rating. Creditors will loan money at a cheaper rate to a profitable company than to an unprofitable one; consequently, profitable companies can use leverage to increase stockholders' equity even more. The company was downgraded on Monday, December 5 by Cowen & Co. The stock has "Outperform" rating by CLSA on Friday, January 29.

ePlus a holding company. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in worldwide markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

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