Bank of America Corp (BofA) aimed at market sentiments, as the shares were seen rallying by about 1.67% to end the session at $15.79. Meanwhile, the bank has convinced a judge to clean its reputation after an employee claimed that she was provided worth $500,000 to disclose a case asserting her boss’ “bro’s club” that favored male employees.
A co-head of global structured credit products Megan Messina filed a lawsuit against the bank in May, in which she claimed that the bank paid her less than her male coworkers and that the BofA treated women as second-class citizens.
The plaintiff said she was offered $500,000 severance last year in May in exchange for denying claims she had made in a discrimination complaint filed with the Equal Employment Prospects Commission, as well as in the whistle-blower retaliation complaint filed with the U.S. Department of Labor.
Having said that, the judge agreed with the bank that earlier versions of Messina’s claims should not be considered publicly instead it should be through a redacted version. During the July 5 hearing, the bank’s lawyer argued to U.S. District Judge Lorna Schofield that the provided severance should be confidential and should not be publicized.
The price to current year EPS settled at 258.80%, when the EPS for the fiscal year 2016 from sell-side analysts is being calculated. Meanwhile, market players are expecting the bank to post an earnings per share of 21.99%.
The bank’s share volumes posted about 10253.57 million outstanding shares, while 10195.83 million shares had already drifted in market exchange. BofA’s institutional ownership remained steady at 63.10%, while the insider ownership covers 0.06%.
Further, the bank gained 1.90 analysts recommendation with a 3.75% week’s performance.
Analysts Ratings on the Stock
A month ago, the company’s stock was given a “Buy” rating from 22 analysts, while 0 analysts issued “Sell” rating, and 6 analysts affirmed a “Hold” rating.
Earlier last month, the BofA gained about 7.56% return on investment, while 6.48% during the last three months.
Consequently, the bank’s stock price is currently at 27.03% for the last six months, and holds about 10253.57 million shares outstanding.
As shown in the chart below, BAC stock price opened at 14.16 on August 3, which tried to break out at resistance 14.43. Stock price is on the green in three consecutive sessions, reaching a weekly peak level of 15.05 at the close on August 5.
Having said that, it was therein confirmed that stock prices are widely anticipated to go up, which in fact did after it showed two straight sessions in the green. However, on August 10th, the rising trend was put to an end, but started rallying again in the next session until today.
Given an upward trend on the BAC, stock prices were broadly higher and our indicator still signaled stocks to rally if the market will remain steady.
Therefore, market players could still trade with caution after the bank’s public issue filed by its employee.
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