As of Thursday close, Bank of America Corporation’s (NYSE:BAC) stock was down -$0.37, moving down -1.27 percent to $28.67. The average number of shares traded per day over the past five days has been 33,673,102 shares. 4 times new highs have been achieved over the past 5 days, with a $0.05 gain in that time frame. In the last twenty days, the average volume was 35,516,734, while in the previous 50 days, it was 42,561,426.
Since last month, BAC stock retreated -8.08%. Shares of the company fell to $28.18 on 08/23/23, the lowest level in the past month. A 52-week high of $38.60 was reached on 02/07/23 after having rallying from a 52-week low of $26.32. Since the beginning of this year, BAC’s stock price has dropped by -13.44% or -$4.45, and marked a new high 9 times. However, the stock has declined by -25.73% since its 52-week high.
BAC stock investors should be aware that Bank of America Corporation (BAC) stock had its last reported insider trading activity 31 days ago on Aug 01. DeMare James P, the President, Global Markets of the company, disposed of 75,000 shares for $31.53 on Aug 01. It resulted in a $2,364,900 divestment by the insider. Athanasia Dean C sold 77,806 shares at an average price of $31.48 on Jul 20. The insider now owns 353,971 shares following the transaction. On Feb 23, Pres, Gl Corp & Invest Banking Koder Matthew M sold 105,054 shares at $34.27 apiece. The transaction was valued at $3,600,411.
Valuation Metrics
Right now, Bank of America Corporation (BAC) has a P/E ratio of about 8.25. The stock’s beta is 1.38. Besides these, the trailing price-to-sales (P/S) ratio of 2.16, the price-to-book (PB) ratio of 0.90, and the price-to-cash flow ratio of 5.13 may also be considered.
The latest dividend of $0.24 per share was paid out, which is 9.09% more than last year’s $0.22.
Financial Health
According to company report, the long-term debt-to-equity ratio for the quarter ending June 29 was 1.09, and the total debt-to-equity ratio was 2.41. In the year ended June 29, operating margins totaled 50.10%. Based on annual data, BAC earned $52.46 billion in gross profit and brought in $72.56 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 6.30%. Return on equity (ROE) for the past 12 months was 11.40%.
In Bank of America Corporation’s quarter-end financial report for June 29, it reported total debt of $286.07 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 $0.84 quarterly earnings, the actual figure was $0.88 per share, beating the consensus estimate by 4.80%. The value of shareholders’ equity is $7.95 billion.
Technical Picture
This quick technical analysis looks at Bank of America Corporation’s (BAC) price momentum. With a historical volatility rate of 17.53%, the RSI 9-day stood at 35.24% on 31 August.
With respect to its five-day moving average, the current Bank of America Corporation price is up by +0.17% percent or $0.05. At present, BAC shares trade -8.72% below its 20-day simple moving average and +2.61% percent above its 100-day simple moving average. However, the stock is currently trading approximately +0.35% above its SMA50 and -25.36% below its SMA200.
Stochastic coefficient K was 24.74% and Stochastic coefficient D was 23.15%, while ATR was 0.54. Given the Stochastic reading of 16.75% for the 14-day period, the RSI (14) reading has been calculated as 38.08%. As of today, the MACD Oscillator reading stands at 0.20, while the 14-day reading stands at -0.14.
Analyst Ratings
UBS reiterated its a Buy rating on Bank of America Corporation (NYSE: BAC) in a note to investors. The analysts firm has however raised their price target to $36, representing a possible 15.68% increase in the stock price. Bank of America Corporation (BAC) has been rated Overweight by analysts. According to 2 brokerage firms, BAC is a sell, and 12 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 3 analysts rate Bank of America Corporation stock as buy, with 11 recommending it as overweight.
With a median target price of $35.00, the current consensus forecast for the stock is $28.00 – $49.00. Based on these forecasts, analysts predict Bank of America Corporation (BAC) will achieve an average price target of $35.37.
