Stock on Demand This Week: Bank of America Corporation (BAC)

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Bank of America Corporation (NYSE:BAC) saw an upside of 1.39% to close Monday at $34.32 after adding $0.47 on the day. The 5-day average trading volume is 46,473,141 shares of the company’s common stock. It has gained $34.83 in the past week and touched a new high 1 time within the past 5 days. An average of 39,140,484 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 39,878,926.

BAC’s 1-month performance is 6.62% or $1.85 on its low of $32.28 reached on 12/27/22. The company’s shares have touched a 52-week low of $29.31 and high of $50.11, with the stock’s rally to the 52-week high happening on 01/13/23. YTD, BAC has achieved 3.62% or $1.20 and has reached a new high 4 times. However, the current price is down -31.51% from the 52-week high price.

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Insider Transactions

BAC stock investors last saw insider trading activity on Nov 16.BANK OF AMERICA CORP /DE/ (Former 10% Owner) most recently sold 4 shares at $23750.00 per share on Nov 16. This transaction cost the insider $95,000. Former 10% Owner, BANK OF AMERICA CORP /DE/, sold 155 shares at a price of $47500.00 on Nov 16. Then, on Jan 28, Pres, Merill Wealth Mgmt Sieg Andrew M. sold 18,407 shares at a price of $45.12 per share. This transaction amounted to $830,524.

Valuation Metrics

BAC stock has a beta of 1.40. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 3.72 while the price-to-book (PB) in the most recent quarter is 1.16.

As well, the company’s long term debt to equity for the quarter ending December 30 was 1.11, while the total debt to equity was 2.10. The firm’s gross profit as reported stood at $52.46 billion against revenue of $72.56 billion.

Earnings Surprise

For the quarterly period ending December 30 this year, Net income and sales went up compared to those figures reported in the previous quarter. Analysts expected BAC to announce $0.77 per share in earnings in its latest quarter, but it posted $0.85, representing a 10.40% surprise.

Let’s look briefly at Bank of America Corporation (BAC) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 23 January was 55.46% to suggest the stock is trending Neutral, with historical volatility in this time period at 25.23%.

The stock’s 5-day moving average is $33.93, reflecting a -2.58% or -$0.91 change from its current price. BAC is currently trading +5.02% above its 20-day SMA, +1.24% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by -7.52% and SMA200 by-14.50%.

Stochastic %K and %D was 38.17% and 38.34% and the average true range (ATR) pointed at 0.88. The RSI (14) points at 53.49%, while the 14-day stochastic is at 57.20% with the period’s ATR at 0.86. The stock’s 9-day MACD Oscillator is pointing at -0.40 and -0.33 on the 14-day charts.

Analyst Ratings

In the most recent analyst report for Bank of America Corporation (NYSE: BAC), Piper Sandler downgraded it to an Underweight rating. They previously had a Neutral rating on the stock. Analysts offering their rating for BAC stock have a consensus rating for the stock as Overweight. Currently, 1 brokerage advisors rate BAC as a “sell,”, while 11 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 4 rates the stock as overweight while 12 have offered a “buy” rating.

What is BAC’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $33.00 and a high of $52.00, with their median price target at $40.00. Looking at these predictions, the average price target given by analysts is for Bank of America Corporation (BAC) stock is $40.92.

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