Short Interest Watching: What’s Bank of America Corporation (NYSE:BAC) Upside After This Short Interest Increase?

November 25, 2016 - By Darrin Black   ·   0 Comments

Short Interest Watching: What's Bank of America Corporation (NYSE:BAC) Upside After This Short Interest Increase?

The stock of Bank of America Corporation (NYSE:BAC) registered an increase of 9.36% in short interest. BAC’s total short interest was 121.20M shares in November as published by FINRA. Its up 9.36% from 110.82M shares, reported previously. With 81.55M shares average volume, it will take short sellers 2 days to cover their BAC’s short positions. The short interest to Bank of America Corporation’s float is 1.15%. About 376,706 shares traded hands. Bank of America Corp (NYSE:BAC) has risen 36.07% since April 22, 2016 and is uptrending. It has outperformed by 30.66% the S&P500.

Bank of America Corporation is a bank holding and financial holding company. The company has a market cap of $210.42 billion. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with various banking, investing, asset management and other financial and risk management services and products. It has a 15.25 P/E ratio.

Insitutional Activity: The institutional sentiment increased to 1.01 in Q2 2016. Its up 0.11, from 0.9 in 2016Q1. The ratio increased, as 101 funds sold all Bank of America Corp shares owned while 529 reduced positions. 83 funds bought stakes while 482 increased positions. They now own 6.08 billion shares or 0.24% less from 6.09 billion shares in 2016Q1.
Sva Plumb Wealth Management Ltd Liability Company reported 15,837 shares or 0.03% of all its holdings. Hancock Holdings holds 0.02% or 27,605 shares in its portfolio. Holowesko Prtn last reported 5.35% of its portfolio in the stock. Mufg Americas Corporation reported 75,189 shares or 0.03% of all its holdings. Life Trust accumulated 16,307 shares or 1.05% of the stock. Bnp Paribas Arbitrage Sa has invested 0.91% of its portfolio in Bank of America Corp (NYSE:BAC). Wedge Management L L P Nc has 0.38% invested in the company for 2.74 million shares. Dekabank Deutsche Girozentrale has 3.20M shares for 0.48% of their US portfolio. Select Asset Management Trust last reported 0.73% of its portfolio in the stock. Moreover, Davidson Garrard Inc has 1.21% invested in Bank of America Corp (NYSE:BAC) for 369,366 shares. Putnam Invs Limited Liability Com holds 0.82% of its portfolio in Bank of America Corp (NYSE:BAC) for 25.50 million shares. Pax Ww Mngmt Ltd Liability Corp has invested 0.05% of its portfolio in Bank of America Corp (NYSE:BAC). Burke & Herbert National Bank accumulated 56,647 shares or 0.68% of the stock. Carnegie Capital Asset Mngmt Limited Liability accumulated 33,566 shares or 0.07% of the stock. The Texas-based Fca Tx has invested 0.12% in Bank of America Corp (NYSE:BAC).

Insider Transactions: Since August 2, 2016, the stock had 2 insider purchases, and 1 insider sale for $11.52 billion net activity. $11.52 billion worth of shares were sold by YNOFACE Holdings Inc on Monday, August 15. $353,250 worth of Bank of America Corp (NYSE:BAC) was bought by Woods Thomas D on Tuesday, August 2. On Monday, November 21 the insider WHITE MICHAEL D bought $503,500.

Bank of America Corp (NYSE:BAC) Ratings Coverage

Out of 23 analysts covering Bank of America (NYSE:BAC), 12 rate it a “Buy”, 0 “Sell”, while 11 “Hold”. This means 52% are positive. Bank of America has been the topic of 47 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Wednesday, October 7 the stock rating was maintained by Jefferies with “Buy”. On Monday, May 16 the stock rating was downgraded by Keefe Bruyette & Woods to “Market Perform”. The rating was maintained by CLSA with “Outperform” on Friday, September 23. The firm has “Buy” rating given on Monday, October 10 by Jefferies. Oppenheimer maintained it with “Outperform” rating and $19 target price in Tuesday, October 6 report. The company was upgraded on Tuesday, September 1 by KBW. The rating was downgraded by Guggenheim to “Neutral” on Tuesday, November 15. The stock of Bank of America Corp (NYSE:BAC) has “Buy” rating given on Tuesday, September 8 by Nomura. On Tuesday, August 25 the stock rating was upgraded by Macquarie Research to “Underperform”. Societe Generale downgraded the shares of BAC in a report on Tuesday, September 13 to “Hold” rating.

BAC Company Profile

Bank of America Corporation, incorporated on July 31, 1998, is a bank holding firm (BHC) and a financial holding company. 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. The Company’s divisions include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, Legacy Assets & Servicing (LAS) and All Other. Through its banking and various nonbank subsidiaries throughout the United States and international markets, the Company provides a range of banking and nonbank financial services and products.

More notable recent Bank of America Corp (NYSE:BAC) news were published by: Investorplace.com which released: “Wednesday’s Vital Data: Bank of America Corp (BAC), Apple Inc. (AAPL) and AT&T …” on November 23, 2016, also Investorplace.com with their article: “Bank of America Corp (BAC) Stock Is the Best Bet in the Sector” published on November 22, 2016, Investorplace.com published: “Bank of America Corp (BAC) Stock: Is the Trump Boost Over?” on November 17, 2016. More interesting news about Bank of America Corp (NYSE:BAC) were released by: Wsj.com and their article: “Justice Department ‘Hustle’ Case Against Bank of America Dies” published on November 22, 2016 as well as Wsj.com‘s news article titled: “Bank of America Trading Benefits From Trump’s Election Surprise” with publication date: November 15, 2016.

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By Darrin Black

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