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Is a Correction Looming Ahead for Bank of America Corporation (BAC)

Bank of America Corporation (NYSE:BAC) went up by 1.87% from its latest closing price compared to the recent 1-year high of $50.11. The company’s stock price has collected -1.80% of loss in the last five trading sessions. Barrons Online reported on 01/13/23 that Stocks Rise as Big Banks Report Earnings

Is It Worth Investing in Bank of America Corporation (NYSE :BAC) Right Now?

Bank of America Corporation (NYSE:BAC) scored a price-to-earnings ratio above its average ratio, recording 10.63 x from its present earnings ratio. Plus, the 36-month beta value for BAC is at 1.40. Opinions of the stock are interesting as 12 analysts out of 28 who provided ratings for Bank of America Corporation declared the stock was a “buy,” while 4 rated the stock as “overweight,” 11 rated it as “hold,” and 1 as “sell.”

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The average price from analysts is $40.92, which is $7.07 above the current price. BAC currently public float of 8.01B and currently shorts hold a 0.71% ratio of that float. Today, the average trading volume of BAC was 39.49M shares.

BAC’s Market Performance

BAC stocks went down by -1.80% for the week, with a monthly jump of 5.58% and a quarterly performance of -0.21%, while its annual performance rate touched -27.11%. The volatility ratio for the week stands at 3.17% while the volatility levels for the past 30 days are set at 2.16% for Bank of America Corporation. The simple moving average for the period of the last 20 days is 0.90% for BAC stocks with a simple moving average of -2.03% for the last 200 days.

Analysts’ Opinion of BAC

Many brokerage firms have already submitted their reports for BAC stocks, with Piper Sandler repeating the rating for BAC by listing it as a “Underweight.” The predicted price for BAC in the upcoming period, according to Piper Sandler is $33 based on the research report published on January 17th of the current year 2023.

Odeon, on the other hand, stated in their research note that they expect to see BAC reach a price target of $38.44. The rating they have provided for BAC stocks is “Buy” according to the report published on January 10th, 2023.

Deutsche Bank gave a rating of “Hold” to BAC, setting the target price at $36 in the report published on January 06th of the current year.

BAC Trading at -2.62% from the 50-Day Moving Average

After a stumble in the market that brought BAC to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -32.45% of loss for the given period.

Volatility was left at 2.16%, however, over the last 30 days, the volatility rate increased by 3.17%, as shares surge +5.16% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -8.54% lower at present.

During the last 5 trading sessions, BAC fell by -1.80%, which changed the moving average for the period of 200-days by -17.10% in comparison to the 20-day moving average, which settled at $33.63. In addition, Bank of America Corporation saw 2.20% in overturn over a single year, with a tendency to cut further gains.

Insider Trading

Reports are indicating that there were more than several insider trading activities at BAC starting from BANK OF AMERICA CORP /DE/, who sale 4 shares at the price of $23750.00 back on Nov 16. After this action, BANK OF AMERICA CORP /DE/ now owns 0 shares of Bank of America Corporation, valued at $95,000 using the latest closing price.

BANK OF AMERICA CORP /DE/, the Former 10% Owner of Bank of America Corporation, sale 155 shares at $47500.00 during a trade that took place back on Nov 16, which means that BANK OF AMERICA CORP /DE/ is holding 0 shares at $7,362,500 based on the most recent closing price.

Stock Fundamentals for BAC

Current profitability levels for the company are sitting at:

  • +26.92 for the present operating margin

The net margin for Bank of America Corporation stands at +23.93. Equity return is now at value 11.00, with 0.80 for asset returns.

The liquidity ratio also appears to be rather interesting for investors as it stands at 0.90.