Check Out What Whales Are Doing With BAC

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 trades 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.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 20 uncommon options trades for Bank of America.

This isn't normal.

The overall sentiment of these big-money traders is split between 55% bullish and 40%, bearish.

Out of all of the special options we uncovered, 7 are puts, for a total amount of $398,513, and 13 are calls, for a total amount of $858,666.

Projected Price Targets

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $33.0 and $50.0 for Bank of America, spanning the last three months.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Bank of America options trades today is 9293.85 with a total volume of 8,752.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Bank of America's big money trades within a strike price range of $33.0 to $50.0 over the last 30 days.

Bank of America Option Activity Analysis: Last 30 Days

Noteworthy Options Activity:

About Bank of America

Bank of America is one of the largest financial institutions in the United States, with more than $3.2 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.

Having examined the options trading patterns of Bank of America, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Where Is Bank of America Standing Right Now?

• Currently trading with a volume of 12,472,018, the BAC's price is up by 2.38%, now at $37.8.
• RSI readings suggest the stock is currently may be approaching oversold.
• Anticipated earnings release is in 85 days.

What The Experts Say On Bank of America

In the last month, 5 experts released ratings on this stock with an average target price of $50.0.

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 Truist Securities keeps a Buy rating on Bank of America with a target price of $50. * Maintaining their stance, an analyst from Keefe, Bruyette & Woods continues to hold a Outperform rating for Bank of America, targeting a price of $52. * An analyst from Truist Securities has decided to maintain their Buy rating on Bank of America, which currently sits at a price target of $47. * Maintaining their stance, an analyst from Argus Research continues to hold a Buy rating for Bank of America, targeting a price of $47. * An analyst from Barclays persists with their Overweight rating on Bank of America, maintaining a target price of $54.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Bank of America, Benzinga Pro gives you real-time options trades alerts.