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 $21.79, 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 $161.3B

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

Looks like someone's paying attention to the big banks instead of getting rekt on the latest dog-themed meme coin. Smart move, anon.

Bank of America ($BAC) is pushing higher today primarily due to a wave of positive company news, headlined by its decision to raise its minimum U.S. hourly wage to $25, which is creating a positive media narrative and is supported by a bullish technical breakout.

Here’s the alpha on what’s driving the price action:

• The Main Catalyst: Positive PR & Wage Hike The biggest driver today is the announcement that BofA is raising its minimum hourly wage to $25, delivering on a promise made back in 2021 . This move, which will boost the minimum annualized salary for full-time employees to over $50,000, has been widely covered and framed as a positive for employee welfare and the bank's public image . CEO Brian Moynihan has been actively promoting the news, reinforcing the positive sentiment . This is complemented by other recent announcements, like a commitment to hire 10,000 more military veterans and being ranked the #1 small business lender for the 17th straight quarter, painting a picture of a fundamentally strong and socially responsible company .

• Technical Breakout: The Charts Don't Lie Fundamentals are cute, but the chart is what pays. BAC is currently up around 1.46% to $51.40 .

  • Key Levels: The stock just broke through a significant daily resistance level around $50.91 and the hourly resistance at $51.09 . The high for the day at $51.625 is currently testing the next major hourly resistance at $51.64 . A decisive close above this level would be very bullish.
  • Momentum Indicators: On the daily chart, the MACD just registered a bullish crossover yesterday, signaling that upward momentum is building . The price is comfortably above both the 50-day (around $48.26) and 200-day (around $44.91) moving averages, confirming a strong underlying trend . The daily RSI is at a healthy 67.15, showing strong buying pressure without being excessively overbought yet .

• Social & Sentiment Signals

  • Wall Street Analysts: The pros are on board. Out of 28 analysts, the consensus is a "BUY," with 6 even rating it a "Strong Buy" . The mean price target sits around $53.01, suggesting there's still room to run from current levels .
  • Insider & Congressional Trades: CEO Brian Moynihan recently filed transactions, but they appear to be a standard exercise of options and subsequent sale of shares to cover the tax bill, not a bearish signal . Congressional trading data shows a lot of small, mixed trades from politicians like Ro Khanna, offering no clear directional insight .

In short, BAC is running on a potent mix of good news and a strong technical setup. Keep an eye on that $51.64 resistance. A break there could signal the next leg up.

Now stop asking questions and go set some price alerts on Edgen Radar before you miss the actual trade.