Bank of America Corporation (NYSE:BAC) saw a downside of -1.91% to close Tuesday at $31.27 after subtracting -$0.61 on the day. The 5-day average trading volume is 35,054,520 shares of the company’s common stock. It has gained $31.90 in the past week and touched a new high 4 times within the past 5 days. An average of 47,250,750 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 46,146,719.
BAC’s 1-month performance is 9.11% or $2.74 on its low of $28.42 reached on 07/11/23. The company’s shares have touched a 52-week low of $26.32 and high of $38.60, with the stock’s rally to the 52-week high happening on 02/07/23. YTD, BAC has lost -5.59% or -$1.85 and has reached a new high 9 times. However, the current price is down -18.99% from the 52-week high price.
Insider Transactions
BAC stock investors last saw insider trading activity on Aug 01.DeMare James P (President, Global Markets) most recently sold 75,000 shares at $31.53 per share on Aug 01. This transaction cost the insider $2,364,900. President, Regional Banking, Athanasia Dean C, sold 77,806 shares at a price of $31.48 on Jul 20. Then, on Feb 23, Pres, Gl Corp & Invest Banking Koder Matthew M sold 105,054 shares at a price of $34.27 per share. This transaction amounted to $3,600,411.
Valuation Metrics
BAC stock has a beta of 1.37. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 2.36 while the price-to-book (PB) in the most recent quarter is 0.99, with the price to cash flow ratio at 6.67.
As well, the company’s long term debt to equity for the quarter ending June 29 was 1.09, while the total debt to equity was 2.41. 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 June 29 this year, Net income and sales went up compared to those figures reported in the previous quarter. Analysts expected BAC to announce $0.76 per share in earnings in its latest quarter, but it posted $0.8, representing a 5.30% surprise. Shareholders hold equity totaling $7.95 billion.
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 08 August was 50.42% to suggest the stock is trending Neutral, with historical volatility in this time period at 17.85%.
The stock’s 5-day moving average is $31.41, reflecting a -1.11% or -$0.35 change from its current price. BAC is currently trading +7.75% above its 20-day SMA, +9.76% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +11.00% and SMA200 by-7.81%.
Stochastic %K and %D was 45.21% and 51.57% and the average true range (ATR) pointed at 0.74. The RSI (14) points at 54.59%, while the 14-day stochastic is at 33.33% with the period’s ATR at 0.72. The stock’s 9-day MACD Oscillator is pointing at -0.13 and -0.33 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Bank of America Corporation (NYSE: BAC), UBS reiterated its a Buy rating for the company but lifted their price target by $34 to $36. Analysts offering their rating for BAC stock have a consensus rating for the stock as Overweight. Currently, 2 brokerage advisors rate BAC as a “sell,”, while 12 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 3 rates the stock as overweight while 11 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 $28.00 and a high of $52.00, with their median price target at $35.00. Looking at these predictions, the average price target given by analysts is for Bank of America Corporation (BAC) stock is $35.61.
