Is Bank of America Corporation (BAC) Price Targeted To Increase?

As of Thursday close, Bank of America Corporation’s (NYSE:BAC) stock was down -$0.52, moving down -1.60 percent to $32.08. The average number of shares traded per day over the past five days has been 55,559,582 shares. 3 times new highs have been achieved over the past 5 days, with a $0.03 gain in that time frame. In the last twenty days, the average volume was 48,109,262, while in the previous 50 days, it was 50,525,520.

Since last month, BAC stock retreated -10.57%. Shares of the company fell to $30.86 on 06/16/22, the lowest level in the past month. A 52-week high of $50.11 was reached on 02/10/22 after having rallying from a 52-week low of $30.86. Since the beginning of this year, BAC’s stock price has dropped by -27.89% or -$12.41, and marked a new high 5 times. However, the stock has declined by -35.98% since its 52-week high.

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Bank of America Corporation (BAC) last reported insider trading activity 147 days ago on Jan 28. Sieg Andrew M., the Pres, Merill Wealth Mgmt of the company, disposed of 18,407 shares for $45.12 on Jan 28. It resulted in a $830,524 divestment by the insider. BRAMBLE FRANK P sold 2,200 shares at an average price of $48.22 on Nov 02. The insider now owns 36,817 shares following the transaction. On Nov 02, Director BRAMBLE FRANK P sold 2,200 shares at $48.22 apiece. The transaction was valued at $106,093.

Valuation Metrics

Right now, Bank of America Corporation (BAC) has a P/E ratio of about 9.14. The stock’s beta is 1.38. Besides these, the trailing price-to-sales (P/S) ratio of 5.24, the price-to-book (PB) ratio of 1.09.

The latest dividend of $0.21 per share was paid out, remained unchanged from last year’s $0.21. On Wednesday July 21 2021, a $0.03 dividend increase was announced.

Financial Health

According to company report, the long-term debt-to-equity ratio for the quarter ending March 30 was 1.13, and the total debt-to-equity ratio was 2.16. In the year ended March 30, operating margins totaled 95.60%. Based on annual data, BAC earned $42.93 billion in gross profit and brought in $47.67 billion in revenue.

A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was 6.10%. Return on equity (ROE) for the past 12 months was 12.00%.

In Bank of America Corporation’s quarter-end financial report for March 30, it reported total debt of $278.71 billion. According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. While analysts expected Bank of America Corporation to report $0.75 quarterly earnings, the actual figure was $0.8 per share, beating the consensus estimate by 6.70%. The value of shareholders’ equity is $8.06 billion.

Technical Picture

This quick technical analysis looks at Bank of America Corporation’s (BAC) price momentum. With a historical volatility rate of 33.07%, the RSI 9-day stood at 33.44% on 23 June.

With respect to its five-day moving average, the current Bank of America Corporation price is up by +0.09% percent or $0.03. At present, BAC shares trade -10.01% below its 20-day simple moving average and -30.06% percent below its 100-day simple moving average. However, the stock is currently trading approximately -18.97% below its SMA50 and -22.36% below its SMA200.

Stochastic coefficient K was 25.58% and Stochastic coefficient D was 23.57%, while ATR was 1.12. Given the Stochastic reading of 19.22% for the 14-day period, the RSI (14) reading has been calculated as 34.77%. As of today, the MACD Oscillator reading stands at 0.29, while the 14-day reading stands at -1.00.

Analyst Ratings

Morgan Stanley upgraded its rating on Bank of America Corporation (NYSE: BAC) to an Equal-weight in a note to investors on March 28, 2022. The analysts firm previously had an Underweight rating on the stock.Bank of America Corporation (BAC) has been rated Overweight by analysts. According to 1 brokerage firm, BAC is a sell, and 10 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 5 analysts rate Bank of America Corporation stock as buy, with 12 recommending it as overweight.

With a median target price of $46.00, the current consensus forecast for the stock is $33.25 – $66.00. Based on these forecasts, analysts predict Bank of America Corporation (BAC) will achieve an average price target of $47.47.


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