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 22 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 45% leaning bullish and 50% bearish. Among these notable options, 11 are puts, totaling $326,596, and 11 are calls, amounting to $1,002,637.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $35.0 to $47.0 for Bank of America over the last 3 months.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Bank of America's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Bank of America's significant trades, within a strike price range of $35.0 to $47.0, over the past month.
Bank of America Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BAC | CALL | TRADE | BEARISH | 11/15/24 | $1.81 | $1.78 | $1.79 | $44.00 | $537.0K | 3.6K | 3.0K |
| BAC | CALL | SWEEP | BULLISH | 08/16/24 | $4.8 | $4.8 | $4.8 | $38.00 | $96.0K | 14.2K | 209 |
| BAC | CALL | SWEEP | BULLISH | 10/18/24 | $3.1 | $3.05 | $3.1 | $41.00 | $54.2K | 2.3K | 176 |
| BAC | CALL | TRADE | BULLISH | 06/20/25 | $2.5 | $2.48 | $2.5 | $47.00 | $50.0K | 10.2K | 204 |
| BAC | CALL | TRADE | BULLISH | 06/20/25 | $3.15 | $2.7 | $3.03 | $45.00 | $48.4K | 47.7K | 0 |
About Bank of America
Bank of America is one of the largest financial institutions in the United States, with more than $3.0 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 US-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.
Present Market Standing of Bank of America
- With a volume of 16,201,845, the price of BAC is up 0.9% at $42.68.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 84 days.
Professional Analyst Ratings for Bank of America
In the last month, 5 experts released ratings on this stock with an average target price of $44.6.
- An analyst from BMO Capital has decided to maintain their Market Perform rating on Bank of America, which currently sits at a price target of $40.
- An analyst from Evercore ISI Group has decided to maintain their Outperform rating on Bank of America, which currently sits at a price target of $43.
- An analyst from Keefe, Bruyette & Woods has revised its rating downward to Outperform, adjusting the price target to $48.
- Consistent in their evaluation, an analyst from Evercore ISI Group keeps a Outperform rating on Bank of America with a target price of $46.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Outperform rating for Bank of America, targeting a price of $46.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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