What’s Ahead for Bank of America Corp After Today’s Bearish Options Activity?

 What's Ahead for Bank of America Corp After Today's Bearish Options Activity?

In today’s session Bank of America Corp (BAC) recorded an unusually high (2,300) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the June, 2017 put, expecting serious BAC decrease. With 2,300 contracts traded and 11474 open interest for the Jun, 17 contract, it seems this is a quite bearish bet. The option with symbol: BAC170616P00016000 closed last at: $1.56 or 5.4% up. About 59.46 million shares traded hands. Bank of America Corp (NYSE:BAC) has risen 17.30% since March 14, 2016 and is uptrending. It has outperformed by 11.69% the S&P500.

Bank of America Corp (NYSE:BAC) Ratings Coverage

Out of 22 analysts covering Bank of America (NYSE:BAC), 14 rate it a “Buy”, 0 “Sell”, while 8 “Hold”. This means 64% are positive. Bank of America has been the topic of 44 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was upgraded by Nomura to “Buy” on Tuesday, September 8. As per Tuesday, August 25, the company rating was maintained by Deutsche Bank. As per Friday, January 29, the company rating was upgraded by CLSA. Keefe Bruyette & Woods downgraded the shares of BAC in a report on Monday, May 16 to “Market Perform” rating. As per Monday, May 16, the company rating was downgraded by Wood. The firm earned “Outperform” rating on Tuesday, October 6 by Oppenheimer. The rating was upgraded by Bernstein to “Mkt Perform” on Tuesday, August 25. Jefferies maintained it with “Buy” rating and $18 target price in Wednesday, October 7 report. The firm has “Mkt Perform” rating given on Monday, August 24 by Bruyette & Woods”. KBW upgraded the shares of BAC in a report on Tuesday, September 1 to “Buy” rating.

According to Zacks Investment Research, “Bank of America Corp. is one of the world’s leading financial services companies. Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose.”

Insitutional Activity: The institutional sentiment decreased to 0.9 in 2016 Q2. Its down 0.33, from 1.23 in 2016Q1. The ratio dived, as 101 funds sold all Bank of America Corp shares owned while 529 reduced positions. 83 funds bought stakes while 482 increased positions. They now own 6.08 billion shares or 0.24% less from 6.09 billion shares in 2016Q1.
Employees Retirement Association Of Colorado has invested 0.24% of its portfolio in Bank of America Corp (NYSE:BAC). White Pine Cap Llc last reported 0.28% of its portfolio in the stock. Cna Fin Corp holds 0.63% of its portfolio in Bank of America Corp (NYSE:BAC) for 190,900 shares. Smith Salley Associates has 1.3% invested in the company for 420,638 shares. Cim Investment Mangement has 136,536 shares for 0.75% of their US portfolio. Seabridge Invest Advsr Limited Liability Co reported 606,067 shares or 2.03% of all its holdings. Endurance Wealth holds 1.34% of its portfolio in Bank of America Corp (NYSE:BAC) for 538,274 shares. Smith Asset Mgmt Grp L P holds 5,571 shares or 0% of its portfolio. Atalanta Sosnoff Cap Limited Company accumulated 1.7% or 3.84 million shares. Cubist Systematic Strategies Llc holds 0.04% or 57,565 shares in its portfolio. Hexavest accumulated 1.26% or 6.26M shares. Winslow Evans & Crocker holds 0% of its portfolio in Bank of America Corp (NYSE:BAC) for 14,418 shares. Gardner Lewis Asset Mngmt Lp owns 448,054 shares or 0.63% of their US portfolio. Archford Strategies Ltd Co reported 2,780 shares or 0.02% of all its holdings. Hawkins Cap L P holds 1.33% of its portfolio in Bank of America Corp (NYSE:BAC) for 300,000 shares.

Insider Transactions: Since August 2, 2016, the stock had 1 buying transaction, and 0 sales for $353,250 net activity. Woods Thomas D had bought 25,000 shares worth $353,250 on Tuesday, August 2.

Bank of America Corporation is a bank holding and financial holding company. The company has a market cap of $164.77 billion. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with various banking, investing, asset management and other financial and risk management services and products. It has a 13.93 P/E ratio.

BAC Company Profile

Bank of America Corporation, incorporated on July 31, 1998, is a bank holding firm (BHC) and a financial holding company. The Firm is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, firms and governments with a range of banking, investing, asset management and other financial and risk management services and products. The Company’s divisions include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, Global Markets, Legacy Assets & Servicing (LAS) and All Other. Through its banking and various nonbank subsidiaries throughout the United States and international markets, the Company provides a range of banking and nonbank financial services and products.

More notable recent Bank of America Corp (NYSE:BAC) news were published by: Bloomberg.com which released: “Bank of America Bond-Trading Surge Mirrors JPMorgan, Citigroup” on October 17, 2016, also Reuters.com with their article: “Mentor Graphics working with Bank of America to explore sale-sources” published on October 16, 2016, Blogs.Wsj.com published: “Things to Watch in Bank of America’s Results” on October 16, 2016. More interesting news about Bank of America Corp (NYSE:BAC) were released by: Marketwatch.com and their article: “US stocks edge lower despite strong Bank of America results” published on October 17, 2016 as well as Schaeffersresearch.com‘s news article titled: “Buzz Stocks: SUPERVALU INC., Bank of America Corp, and Omeros Corporation” with publication date: October 17, 2016.

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