Bank of America Corporation (NYSE:BAC) has tumbled 3.11% during the past week and has dropped 7.71% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 1.95%. Bank of America Corporation (NYSE:BAC) has underperformed the index by 8.56% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
Bank of America Corporation (NYSE:BAC): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $13.38 and $13.28 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $13.53. The buying momentum continued till the end and the stock did not give up its gains. It closed at $13.40, notching a gain of 0.68% for the day. The total traded volume was 89,022,300 . The stock had closed at $13.31 on the previous day.
The company shares have dropped -23.30% from its 1 Year high price. On Jul 22, 2015, the shares registered one year high at $18.48 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $14.26 and the 200 Day Moving Average price is recorded at $14.37.
On the companys insider trading activities, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the officer (Pres, Ret. Bnkg & Co-Hd CB) of Bank Of America Corp /De/, Nguyen Thong M, had purchased 30,000 shares in a transaction dated on February 22, 2016. The transaction was executed at $12.43 per share with total amount equaling $372,900.
Many analysts have stated their opinion on the company shares. Keefe Bruyette & Woods downgrades its rating on Bank of America Corporation (NYSE:BAC). The global brokerage major lowers the current price target from $17 per share to $16 per share. Analysts at the Keefe Bruyette & Woods have a current rating of Market Perform on the shares. The shares were previously rated Outperform. The rating by the firm was issued on May 16, 2016. Currently the company Insiders own 0.18% of Bank of America Corporation shares according to the proxy statements. Institutional Investors own 61.97% of Bank of America Corporation shares. During last six month period, the net percent change held by insiders has seen a change of 298.95%.
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and Governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking and various nonbank subsidiaries, it provides a range of banking and nonbank financial services and products. It operates in five segments: Consumer & Business Banking, which offers a range of credit, banking and investment products and services to consumers and businesses; Consumer Real Estate Services, which provides a line of consumer real estate products and services; Global Wealth & Investment Management, which provides wealth management solutions; Global Banking, which provides a range of lending-related products and services, and Global Markets, which offers sales and trading services.