Bank of America Corporation (BAC) : Traders are bullish on Bank of America Corporation (BAC) as it has outperformed the S&P 500 by a wide margin of 5.44% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 2.11%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 2.08% in the last 1 week, and is up 5.84% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Bank of America Corporation is up 5.18% in the last 3-month period. Year-to-Date the stock performance stands at -8.91%. The stock has recorded a 20-day Moving Average of 3.2% and the 50-Day Moving Average is 8.95%.
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 $15.13 and $15.05 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $15.25. The buying momentum continued till the end and the stock did not give up its gains. It closed at $15.22, notching a gain of 0.40% for the day. The total traded volume was 59,834,808 . The stock had closed at $15.16 on the previous day.
Also, In the latest statement by the brokerage house, Citigroup maintains its outlook on Bank of America Corporation (NYSE:BAC). The current rating of the shares is Buy, according to the research report released by the firm. The brokerage firm raises the price target from $16 per share to $17 per share. The rating by the firm was issued on July 19, 2016.
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.