Bank of America Unusual Options Activity

Deep-pocketed investors have adopted a bullish 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 29 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 72% leaning bullish and 27% bearish. Among these notable options, 18 are puts, totaling $723,833, and 11 are calls, amounting to $925,623.

Predicted Price Range

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $20.0 to $40.0 for Bank of America during the past quarter.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Bank of America stands at 18299.0, with a total volume reaching 23,978.00. 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 $20.0 to $40.0, throughout the last 30 days.

Bank of America 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

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.

After a thorough review of the options trading surrounding Bank of America, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Current Position of Bank of America

• Currently trading with a volume of 8,030,318, the BAC's price is down by -0.39%, now at $30.73.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 31 days.

What The Experts Say On Bank of America

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $42.0.

• An analyst from Oppenheimer has decided to maintain their Outperform rating on Bank of America, which currently sits at a price target of $51.
• An analyst from Goldman Sachs persists with their Buy rating on Bank of America, maintaining a target 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.