Shares of Bank of America Corporation (BAC) Sees Large Outflow of Money

Bank of America Corporation (BAC) :The total money flow, which is calculated as the dollar value of composite uptick minus downtick trades was negative ($7.84 million) and the uptick to downtick ratio was 0.95. The transaction value on upticks was $147.66 million and on downticks, the transaction value was $155.5 million. In block trades, the transaction value of inflow done during uptick was $59.29 million. The transaction value of block trades during downticks was $48.43 million. The uptick to downtick block trade ratio was 1.22. The money flow was negative ($10.86 million), indicating the traders were booking profit on the price strength. Bank of America Corporation (BAC) rose $0.14 at $14.4, during intraday Wednesday , a rise of 0.98% over the previous days close.


Also, Berenberg initiates coverage on Bank of America Corporation (NYSE:BAC). In the latest research report, Berenberg announces the target price to $15 per share. According to the latest information available, the shares are now rated Buy by the analysts at the agency. The rating by the firm was issued on July 13, 2016.

Bank of America Corporation (NYSE:BAC): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $14.35 and $14.26 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $14.43. The buying momentum continued till the end and the stock did not give up its gains. It closed at $14.40, notching a gain of 0.98% for the day. The total traded volume was 79,277,868 . The stock had closed at $14.26 on the previous day.

The stock has recorded a 20-day Moving Average of 8.12% and the 50-Day Moving Average is 4.02%. In a related news, Nguyen Thong M, officer (Pres, Ret. Bnkg & Co-Hd CB) of Bank Of America Corp /De/, executed a transaction worth $372,900 on February 22, 2016. A total of 30,000 shares were purchased at an average price of $12.43. The Insider information was divulged by the Securities and Exchange Commission in a Form 4 filing. The information is based on open market trades at the market prices.Option exercises are not covered.

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.

Leave a Reply

Get Pre-Market Alerts!

Get Pre-Market Analysts' Upgrades, Downgrades, Earnings & Initiations with our FREE daily email newsletter.