Bank Of America Corp. (NYSE:BAC) shares, rose in value on Friday, April 05, with the stock price down by -0.05% to the previous day’s close as strong demand from buyers drove the stock to $36.90.
Actively observing the price movement in the recent trading, the stock is buoying the session at $36.92. The value of beta (5-year monthly) is 1.39 whereas the PE ratio is 12.01 over 12-month period. Referring to stock’s 52-week performance, its high was $38.35, and the low was $24.96. On the whole, BAC has fluctuated by 4.18% over the past month.
With the market capitalization of Bank Of America Corp. currently standing at about $290.50 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 16, 2024. The company’s Forward Dividend Ratio is 0.94, with its dividend yield at 2.55%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.71, which is expected to increase to $0.78 for fiscal year $2.89 and then to about $3.16 by fiscal year 2025. Data indicates that the EPS growth is expected to be -8.50% in 2025, while the next year’s EPS growth is forecast to be 9.30%.
Analysts have estimated the company’s revenue for the quarter at $23.48 billion, with a low estimate of $22.98 billion and a high estimate of $23.95 billion. According to the average forecast, sales growth in current quarter could jump down -11.00%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $92.76 billion, representing an increase of 1.40% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 4 upward and no downward review(s) in last seven days. We see that BAC’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0.49, with the price of BAC currently trading nearly 0.75% and 5.61% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 57.64, while the 7-day volatility ratio is showing 2.01% which for the 30-day chart, stands at 1.84%. Furthermore, Bank Of America Corp. (BAC)’s beta value is 1.39, and its average true range (ATR) is 0.69.
A comparison of Bank Of America Corp. (BAC) with its peers suggests the former has fared considerably weaker in the market. BAC showed an intraday change of -0.05% in today’s session so far, and over the past year, it grew by 31.88%%.
Data on historical trading for Bank Of America Corp. (NYSE:BAC) indicates that the trading volumes over the past 10 days have averaged 35.99 million and over the past 3 months, they’ve averaged 40.83 million. According to company’s latest data on outstanding shares, there are 7.90 billion shares outstanding.
Nearly 0.18% of Bank Of America Corp.’s shares belong to company insiders and institutional investors own 71.94% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 67.79 million shares as on Mar 15, 2024, resulting in a short ratio of 1.68. According to the data, the short interest in Bank Of America Corp. (BAC) stood at 0.86% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 67.56 million. The stock has risen by 9.59% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the BAC stock heading into the next quarter.
