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What Will Bank of America Corporation (NYSE: BAC) Be Like In 2022

Bank of America Corporation (NYSE:BAC) shares, rose in value on Friday, August 05, with the stock price up by 1.98% to the previous day’s close as strong demand from buyers drove the stock to $34.06.

Actively observing the price movement in the recent trading, the stock is buoying the session at $33.40, falling within a range of $33.17 and $33.67. The value of beta (5-year monthly) is 1.42 whereas the PE ratio is 10.40 over 12-month period. Referring to stock’s 52-week performance, its high was $50.11, and the low was $29.67. On the whole, BAC has fluctuated by 7.81% over the past month.

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With the market capitalization of Bank of America Corporation currently standing at about $266.63 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 13, 2022 – Apr 18, 2022. The company’s Forward Dividend Ratio is 0.88, with its dividend yield at 2.63%. 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 $0.8, which is expected to increase to $0.93 for fiscal year $3.2 and then to about $3.76 by fiscal year 2023. Data indicates that the EPS growth is expected to be -10.40% in 2023, while the next year’s EPS growth is forecast to be 17.50%.

Analysts have estimated the company’s revenue for the quarter at $23.43 billion, with a low estimate of $23.25 billion and a high estimate of $23.64 billion. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $93.49 billion, representing an increase of 4.40% 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 no 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 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 1.49, with the price of BAC currently trading nearly 3.97% and 2.25% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 57.46, while the 7-day volatility ratio is showing 1.85% which for the 30-day chart, stands at 2.44%. Furthermore, Bank of America Corporation (BAC)’s beta value is 1.41, and its average true range (ATR) is 0.85.

A comparison of Bank of America Corporation (BAC) with its peers suggests the former has fared considerably weaker in the market. BAC showed an intraday change of 1.98% in today’s session so far, and over the past year, it shrunk by -12.73%%. In comparison, JPMorgan Chase & Co. (JPM) has moved higher at 2.86% today and is down -25.71% over the past 12 months. On the other hand, the price of Wells Fargo & Company (WFC) has risen 2.30% today. The stock, however, is off -7.32% from where it was a year ago. Additionally, there is a loss of -0.45% for Royal Bank of Canada (RY) in recent trading while the stock has seen an overall depriciation of -2.92%% over the past year. The PE ratio stands at 10.40 for Bank of America Corporation, compared to 9.02 for JPMorgan Chase & Co., and 10.26 for Wells Fargo & Company. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it lost -0.12%. Meanwhile, the Dow Jones Industrial Slipped by -0.06%.

Data on historical trading for Bank of America Corporation (NYSE:BAC) indicates that the trading volumes over the past 10 days have averaged 33.55 million and over the past 3 months, they’ve averaged 45.93 million. According to company’s latest data on outstanding shares, there are 8.14 billion shares outstanding.

Nearly 0.10% of Bank of America Corporation’s shares belong to company insiders and institutional investors own 71.40% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 70.11 million shares as on Jul 14, 2022, resulting in a short ratio of 1.44. According to the data, the short interest in Bank of America Corporation (BAC) stood at 0.87% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 76.82 million. The stock has fallen by -24.93% 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.

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