Bank of America shares close higher on Friday, group CEO Moynihan’s incentive compensation approved by the board

February 12, 2018 8:13 am

According to a statement by Bank of America Corporation (BAC) on Friday, CEO Brian Moynihan’s incentive compensation for the past year has been approved by the board. The CEO’s compensation is comprised of a base salary, time-based restricted stock units and performance-based restricted stock units, paid only if the group accomplishes particular financial objectives.

Bank of America shares closed higher for the third time in the past six trading sessions on Friday. The stock went up 1.98% ($0.59) to $30.33, after touching an intraday low at $29.13, or a price level not seen since December 15th ($28.74).

In the week ended on February 11th the shares of the financial holding company lost 5.07% of their market value compared to a week ago, which marked a second consecutive period of decrease. It has also been the worst performance since the week ended on March 26th 2017.

The stock has pared its loss to 5.22% so far during the current month, following an 8.40% surge in January. The latter has been a fifth straight month of gains.

For the entire past year, Bank of America shares gained 33.57% following another 31.31% surge in 2016.

Brian Moynihan received a higher equity incentive award in 2017 – $21.5 million in comparison with $18.5 million in the preceding year.

On the other hand, the CEO received no cash bonus last year, Bank of America said.

Moynihan also saw no change in his annual base salary in 2017 – $1.5 million.

According to CNN Money, the 30 analysts, offering 12-month forecasts regarding Bank of America’s stock price, have a median target of $35.00, with a high estimate of $37.00 and a low estimate of $22.00. The median estimate is a 15.40% surge compared to the closing price of $30.33 on February 9th.

The same media also reported that 17 out of 32 surveyed investment analysts had rated Bank of America’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Bank of America stock are presented as follows:

R1 – $30.47
R2 – $30.60
R3 (Range Resistance – Sell) – $30.74
R4 (Long Breakout) – $31.14
R5 (Breakout Target 1) – $31.62
R6 (Breakout Target 2) – $31.87

S1 – $30.19
S2 – $30.06
S3 (Range Support – Buy) – $29.92
S4 (Short Breakout) – $29.52
S5 (Breakout Target 1) – $29.04
S6 (Breakout Target 2) – $28.79

By using the traditional method of calculation, the weekly levels of importance for Bank of America Corporation (BAC) are presented as follows:

Central Pivot Point – $30.48
R1 – $31.83
R2 – $33.33
R3 – $34.68
R4 – $36.03

S1 – $28.98
S2 – $27.63
S3 – $26.13
S4 – $24.63

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