Bank of America Unusual Options Activity

Investors with a lot of money to spend have taken a bullish stance on Bank of America BAC.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with BAC, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 8 options trades for Bank of America.

This isn't normal.

The overall sentiment of these big-money traders is split between 62% bullish and 37%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $27,620, and 7, calls, for a total amount of $677,470.

Expected Price Movements

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $45.0 and $48.0 for Bank of America, spanning the last three months.

Insights into Volume & Open Interest

In today's trading context, the average open interest for options of Bank of America stands at 10933.33, with a total volume reaching 15,601.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Bank of America, situated within the strike price corridor from $45.0 to $48.0, throughout the last 30 days.

Bank of America Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

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.

In light of the recent options history for Bank of America, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Bank of America's Current Market Status

• With a trading volume of 4,855,697, the price of BAC is up by 1.17%, reaching $46.6.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 56 days from now.

What The Experts Say On Bank of America

3 market experts have recently issued ratings for this stock, with a consensus target price of $55.333333333333336.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Consistent in their evaluation, an analyst from Oppenheimer keeps a Outperform rating on Bank of America with a target price of $56. * An analyst from Citigroup upgraded its action to Buy with a price target of $54. * An analyst from Wells Fargo persists with their Overweight rating on Bank of America, maintaining a target price of $56.

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.