Solid News

Bank of America Corp. Market Update

9/12/2022 2:50 PM

Shares of Bank of America Corp., the largest financial conglomerate in the US, are moving sideways at 35.00.

At the end of last week, the company presented the traditional statistics on consumer spending. Thus, the total volume of payments through the issuer's banking systems in August increased by 13% compared to last year and by 7% – from July this year, while credit card expenses per family increased by 5% and 5.3%, respectively. There are no full statistics on savings yet, but Bank of America Corp. believes that this month there will be a slight increase compared to the previous indicator.

As for the financial component, on October 17, the issuer will publish a financial report, in which, according to preliminary estimates, revenue growth will amount to 23.74B dollars compared to 22.69B dollars a quarter earlier. EPS is also expected to move up to 0.8 dollars from 0.73 dollars earlier.

The next dividend payment is scheduled for September 30, when the holders of securities will receive 0.22 dollars per share. In this case, the average quarterly yield may reach 2.62% per annum, which is quite a high figure for a company with such capitalization.

On the daily chart, the price is correcting after leaving the global downwards channel. Technical indicators are ready to reverse and give a buy signal: the Alligator indicator's EMA oscillation range narrows and fast EMAs are approaching the signal line, while the AO oscillator histogram has rushed to the transition level.

Support levels: 33.00, 30.10. | Resistance levels: 35.85, 38.40.

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