Bank of America Corporation (NYSE:BAC) price on Thursday, August 26, fall -0.26% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $42.04.
A look at the stock’s price movement, the close in the last trading session was $42.15, moving within a range at $42.02 and $42.84. The beta value (5-Year monthly) was 1.55 while the PE ratio in trailing twelve months stood at 14.07. Turning to its 52-week performance, $43.49 and $22.95 were the 52-week high and 52-week low respectively. Overall, BAC moved 10.25% over the past month.
Bank of America Corporation’s market cap currently stands at around $352.19 billion, with investors looking forward to this quarter’s earnings report slated for Oct 14, 2021. The company has a Forward Dividend ratio of 0.84, with its dividend yield at 2.00%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report. Analysts project the company’s earnings per share (EPS) to be $0.7, which has seen fiscal year 2021 EPS growth forecast to increase to $3.26 and about $3.01 for fiscal year 2022. Per the data, EPS growth is expected to be 74.30% for 2021 and -7.70% for the next financial year.
Analysts have a consensus estimate of $21.57 billion for the company’s revenue for the quarter, with a low and high estimate of $21.28 billion and $22.05 billion respectively. The average forecast suggests up to a 3.70% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue for 2021 to grow to $88.18 billion, representing a 2.50% jump on that reported in the last financial year.
Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that BAC is a 50% Buy. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
The technical evaluation for the stock shows the PEG ratio is 0.58, with BAC’s current price about 4.18% and 5.43% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 62.47, while 7-day volatility ratio is 1.67% and 1.99% in the 30-day chart. Further, Bank of America Corporation (BAC) has a beta value of 1.55, and an average true range (ATR) of 0.86.
In the market, a comparison of Bank of America Corporation (BAC) and its peers suggest the former has performed considerably weaker. Data shows BAC’s intraday price has changed -0.26% in last session and 64.48% over the past year. Comparatively, JPMorgan Chase & Co. (JPM) has moved 0.52% on the day and only 63.24% in the past 12 months. Looking at another peer, we see that Wells Fargo & Company (WFC) price has dipped -0.49% on the day. However, the stock is 104.03% off its price a year ago. Moreover, Royal Bank of Canada (RY) is also down -1.20% in trading on the day while keeping a an uptrend of 35.40% over the past year. If we look at the PE ratio, we find that Bank of America Corporation’s ratio stands at 14.07 compared to JPMorgan Chase & Co.’s 10.79 and Wells Fargo & Company’s 14.22. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -0.58% and -0.54% respectively in the last trading.
If we refocus on Bank of America Corporation (NYSE:BAC), historical trading data shows that trading volumes averaged 46.69 million over the past 3 months. The company’s latest data on shares outstanding shows there are 8.62 billion shares.
The 0.10% of Bank of America Corporation’s shares are in the hands of company insiders while institutional holders own 73.30% of the company’s shares. Current price change has pushed the stock 38.70% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the BAC stock continues to rise going into the next quarter.