This Is What Whales Are Betting On Bank of America

Deep-pocketed investors have adopted a bearish approach towards Bank of America BAC, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BAC usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 24 extraordinary options activities for Bank of America. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 20% leaning bullish and 79% bearish. Among these notable options, 12 are puts, totaling $1,624,681, and 12 are calls, amounting to $713,171.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $28.0 to $40.0 for Bank of America over the recent three months.

Volume & Open Interest Trends

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Bank of America's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Bank of America's substantial trades, within a strike price spectrum from $28.0 to $40.0 over the preceding 30 days.

Bank of America 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

About Bank of America

Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily U.S.-focused.

Following our analysis of the options activities associated with Bank of America, we pivot to a closer look at the company's own performance.

Where Is Bank of America Standing Right Now?

• Currently trading with a volume of 18,502,497, the BAC's price is up by 0.68%, now at $35.65.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 29 days.

What Analysts Are Saying About Bank of America

In the last month, 1 experts released ratings on this stock with an average target price of $33.0.

• Maintaining their stance, an analyst from Piper Sandler continues to hold a Underweight rating for Bank of America, targeting a price of $33.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Bank of America with Benzinga Pro for real-time alerts.