Bank Of America Corp. (BAC): Choosing The Technical Investor Route

Bank Of America Corp. (NYSE:BAC) does about 38.96M shares in volume on a normal day but saw 24004039 shares change hands in Monday’s trading. The company now has a market cap of 298.82B USD. Its current market price is $38.21, marking a decrease of -0.62% compared to the previous close of $38.45. The 52 week high reached by this stock is $38.78 whilst the lowest price level in 52 weeks is $24.96.

Bank Of America Corp. (BAC) has a 20-day trading average at $37.33 and the current price is -1.47% off the 52-week high compared with 53.08% distance from its 52-week low. The 50-day simple moving average of the closing price is $36.84 and its 200-day simple moving average is $32.00. If we look at the stock’s price movements over the week, volatility stands at 1.47%, which increases to 2.09% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 59.75 to suggest the stock is neutral.

The consensus objective for the share price is $40.08, suggesting that the stock has a potential upside of 4.67% over the period.

The company shares received a number of brokerage firm price updates over the past month, with the latest being on April 19, 2024 when Wolfe Research upgraded the stock to “Outperform” and issued a price target of $42. UBS downgraded the stock to “Neutral” from Buy on April 04, 2024 at a price target of $39-$40. HSBC Securities downgraded its price target at $38-$39.

Bank Of America Corp. (BAC) stock is up 1.38% over the week and 6.76% over the past month. Its price is 13.48% year-to-date and 39.50% over the past year.

To reach the target analysts have set, the stock logically needs to grow 4.67 percent from here.

The company has a return on investment of 4.03% and return on equity of 8.72%. The price to earnings ratio (P/E ratio) amounts to 13.19 while the forward price to earnings ratio is 10.85. The beta has a value of 1.36. Price to book ratio is 1.13 and price to sales ratio is 1.63.