Bank of America Corp (BAC.PRN) Price

The P/E ratio of Bank of America Corp is 14.0552

Mr. Brian Moynihan is the Chairman of the Board of Bank of America Corp, joining the firm since 2004.

The current price of BAC.PRN is $21.82, it has decreased 0% in the last trading day.

Bank of America Corp belongs to Banking industry and the sector is Financials

Bank of America Corp's current market cap is $161.6B

According to wall street analysts, 29 analysts have made analyst ratings for Bank of America Corp, including 6 strong buy, 18 buy, 6 hold, 0 sell, and 6 strong sell

Dude, a 0.23% move is basically flatlining, but it's happening at the peak of a strong rally for Bank of America. The stock is riding high on optimism from the recent Fed rate cut, which is expected to boost bank profits. However, technical indicators show it's getting overbought, suggesting this run might need to take a breather soon.

Here’s the breakdown of what’s driving the price action for BAC.

• Macro Catalyst: Fed Rate Cuts The biggest driver for the entire banking sector right now is the Fed's decision to cut rates. News outlets reported that banks like BAC and JPMorgan hit new highs on optimism that lower rates will fuel stronger Net Interest Income (NII) and improve asset quality. This is the macro tailwind pushing the stock higher over the last few days.

• Fundamental Strength & News Flow BAC has been dropping some solid fundamental news that the market is eating up:

  • Wage Increase: The bank raised its U.S. minimum wage to $25/hour, a move that signals financial strength and confidence from management, even if it increases operating expenses.
  • Strategic Acquisition: BAC recently agreed to purchase a €100 million real estate loan portfolio from Santander in Spain, showing it's still in expansion mode.
  • Leadership Clarity: The company also announced a leadership overhaul, appointing co-presidents in what looks like a clear succession plan for CEO Brian Moynihan. Markets love reduced uncertainty.

• Technical Picture: Bullish but Overheated The chart tells a story of a strong trend that might be getting tired.

  • Daily Chart (Bullish): The stock is in a clear uptrend, trading well above its 50-day MA ($48.47) and 200-day MA ($44.96). The MACD indicator also shows strong upward momentum.
  • Warning Sign: The Daily RSI (Relative Strength Index) is at 71.65, which is officially in "overbought" territory. This is a classic signal that the rally could be overextended and a pullback or consolidation is likely.
  • Hourly Chart (Waning Momentum): Today's high of $52.66 hit a key hourly resistance level. The hourly MACD is showing signs of a bearish crossover, suggesting short-term buying pressure is fading as the stock struggles to break higher.

• Sentiment & Socials: A Wall of Worry

  • Analysts: Wall Street is overwhelmingly bullish. Out of 29 analysts, 24 rate the stock a "Buy" or "Strong Buy," with a mean price target of around $53. This consensus has been strengthening for months.
  • Social Media: Interestingly, social media sentiment scores have been mostly negative over the past 48 hours. This often happens when an asset rallies hard; retail traders either express disbelief or try to call the top. The pros seem to be buying while the timeline is bearish.
  • Congressional Trades: Politicians have been actively trading BAC, with Ro Khanna's family in particular making numerous buys and sells over the past few months. There's no clear directional signal from them recently, but it's a reminder that smart money is always watching.

The trend is clearly up, but chasing a stock when its daily RSI is over 70 is how you become exit liquidity. Keep an eye on the Edgen Radar for a dip to a support level before you even think about aping in.