Bank Of America Corp. (NYSE:BAC) finished Thursday with an addition of $0.29 to close at $27.56, an upside of 1.06 percent. An average of 38,260,301 shares of common stock have been traded in the last five days. There was a fall of -$0.49 in the past week, and it reached a new high 16 times over the past 12 months. The last 20 days have seen an average of 38,702,410 shares traded, while the 50-day average volume stands at 38,503,496.
BAC stock has decreased by -5.52% in the last month. The company shares reached their 1-month lowest point of $27.01 on 09/26/23. With the stock rallying to its 52-week high on 02/07/23, shares of the company touched a low of $26.32 and a high of $38.60 in 52 weeks. It has reached a new high 9 times so far this year and lost -16.79% or -$5.56 in price. In spite of this, the price is down -28.60% from the 52-week high.
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Insider Transactions
BAC stock investors should be aware that Bank Of America Corp. (BAC) stock had its last reported insider trading activity 59 days ago on Aug 01. In this transaction, the insider spent $2,364,900. President, Regional Banking, Athanasia Dean C, disposed of 77,806 shares at a price of $31.48 on Jul 20. The insider now owns more than $2,449,722 worth of shares. Prior to that, Pres, Gl Corp & Invest Banking Koder Matthew M went on to Sale 105,054 shares at $34.27 each on Feb 23. An amount of $3,600,411 was transacted.
Valuation Metrics
Bank Of America Corp. (BAC) has a trailing price-to-earnings (P/E) ratio of 7.93. The stock’s beta is 1.37. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 1.44, the price-to-book (PB) ratio at 0.86, and the price-to-cash flow ratio at 4.30.
The company has a payout ratio of 27.00%. The company’s most recent quarterly dividend payment was $0.24 a share, representing a up of 9.09% from $0.22 last year. Its latest increase dividend $0.02 reported on Wednesday July 19 2023.
Financial Health
Further, the company has a long term debt to equity ratio of 0.98 and a total debt to equity ratio of 2.17 for the quarter ending June 29. Its gross profit as reported stood at $52.46 billion compared to revenue of $72.56 billion.
For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Bank Of America Corp.’s return on assets was 0.96%.
Earnings Surprise
For the three-month period that ended June 29, Bank Of America Corp. had $286.07 billion in total debt. The analyst consensus anticipated Bank Of America Corp.’s latest quarter earnings to come in at $0.84 per share, but it turned out to be $0.88, a 4.80% surprise. At the end of the quarter ending June 29, Bank Of America Corp.’s stock balance sheet showed total debt was $679.18 billion. Shareholders own equity worth $7.95 billion.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Bank Of America Corp. (BAC) price momentum. RSI 9-day as of the close on 28 September was 35.02%, suggesting the stock is Neutral, with historical volatility in this time frame at 13.47%.
As of today, BAC’s price is $27.45 -1.75% or -$0.49 from its 5-day moving average. BAC is currently trading -5.10% lower than its 20-day SMA and -0.54% lower than its 100-day SMA. However, the stock’s current price level is -12.59% below the SMA50 and -14.89% below the SMA200.
The stochastic %K and %D were 13.31% and 9.99%, respectively, and the average true range (ATR) was 0.50. With the 14-day stochastic at 22.63% and the average true range at 0.51, the RSI (14) stands at 36.33%. The stock has reached -0.58 on the 9-day MACD Oscillator while the 14-day reading was at -0.93.
Analyst Ratings
HSBC Securities launched coverage on Bank Of America Corp. (NYSE: BAC) in its analyst report released on September 07, 2023. The firm assigned the stock a Buy rating. The consensus rating for Bank Of America Corp. (BAC) among analysts is Overweight. According to current brokerage recommendations, 2 brokerage firms advise that investors sell BAC, while 12 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 3 analysts, while 11 others rate it as a “buy”.
What is BAC’s price target for the next 12 months?
Analysts predict a range of price targets between $27.50 and $48.00, with a median target of $35.00. Taking a look at these predictions, the average price target given by analysts for Bank Of America Corp. (BAC) stock is $35.00.
