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Bank of America (BAC) Stock Price, News & Analysis

$40.61
+0.20 (+0.49%)
(As of 07/8/2024 ET)
Today's Range
$40.43
$41.04
50-Day Range
$36.88
$40.93
52-Week Range
$24.96
$41.20
Volume
26.72 million shs
Average Volume
32.25 million shs
Market Capitalization
$317.59 billion
P/E Ratio
14.05
Dividend Yield
2.36%
Price Target
$40.02

Bank of America MarketRank™ Stock Analysis

Analyst Rating
Moderate Buy
2.63 Rating Score
Upside/​Downside
1.4% Downside
$40.02 Price Target
Short Interest
Healthy
1.04% of Float Sold Short
Dividend Strength
Moderate
Based on Four Factors
Sustainability
-0.50
Upright™ Environmental Score
News Sentiment
0.78mentions of Bank of America in the last 14 days
Based on 42 Articles This Week
Insider Trading
Selling Shares
$23,676 Sold Last Quarter
Proj. Earnings Growth
10.56%
From $3.22 to $3.56 Per Share

Overall MarketRank

New Rank-Based ScoringMarketRank is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company's weighted average against that of other companies.

4.53 out of 5 stars

Finance Sector

139th out of 822 stocks

National Commercial Banks Industry

21st out of 82 stocks

BAC stock logo

About Bank of America Stock (NYSE:BAC)

Bank of America has a rich history dating back to 1800 and even earlier. It was begun by immigrants as a group of separate and unrelated banks that, over the years, merged and grew together. One such is the Bank of Italy which was founded in 1904 by Amadeo Giannini to serve Italian immigrants that were facing discrimination. He later buys out the Banca de America e de Italia (Bank of America and Italy) which was also located in San Francisco. Over the years additional mergers and changes in Federal banking legislation, as well as the boom brought on by WWI and then WWII, helped boost the bank to national prominence.

Things turned sour, however, in 1998 with a major bond default that led to yet another merger, this time with Charlotte, NC-based Nations Bank to officially become the Bank of America that exists today. At the time, the merger was the largest bank merger in history and the company has only grown in the time since.

Other additions to the new Bank of America include MBNA (a major credit card operator), Fleet Boston (then the US 7th largest and one of its oldest banks), and Merril Lynch, now Merril, which was added to the group in 2008 to provide an investment banking branch. Together the company dominates as one of the Big Four Banks in America. Bank of America lays claim to nearly 11% of all US deposits which ranks in line with its peer group and Bank of America Securities is listed as the world’s 3rd largest investment bank.

Today, Bank of America Corporation provides banking and financial services for individuals, small businesses, institutions, corporations, and governments worldwide. The bank operates in three segments Consumer Banking, Global Wealth & Investment Management, and Global Banking bringing in a combined revenue greater than $90 billion in 2022.

As of 2022, Bank of America serves approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers. The bank also operates more than 16,000 ATMs and digital banking platforms with approximately 41 million active users.

Its Consumer Banking segment offers traditional banking and investment products for retail clients. These range from deposit accounts to savings, credit cards, consumer loans, and IRAs. The Global Wealth & Investment Management segment offers investment and wealth management solutions including, brokerage, banking, and trust and retirement products. The Global Banking segment provides lending products and services, including commercial loans and leases for businesses of all varieties. The Global Markets segment offers market-making, clearing, settlement, and custody services, as well as risk management, derivatives, and FX exchange services.

BAC Stock Price History

BAC Stock News Headlines

Bank of America branch logo sign
These Top 3 Banks Raise Dividends After Passing Fed Stress Test
Every once in a while, the Federal Reserve has to step aside from its primary function of keeping markets safe and employment running strong - without too much inflation - to ensure banks are doing okay. What's called the Fed's “stress test” ended last week, and despite some concerns about the state of consumer credit, most banks passed with flying colors.
Bank of America branch logo sign
These Top 3 Banks Raise Dividends After Passing Fed Stress Test (BAC)
Three banks are now looking to raise their dividend and buyback programs after passing the Fed's stress test, Wall Street analysts see double-digit upside
Kiss of death from Joe Biden
I did not consent. You did not consent. It’s in direct violation of the U.S. Constitution but Biden does not care.
Photo of Short Squeeze on a ticker board. 7 short squeeze stocks to watch.
7 Short Squeeze Stocks to Look Into for Your Portfolio (BAC)
Explore our top picks for short-squeeze stocks that could skyrocket your portfolio. Learn what makes them stand out, and how to spot similar opportunities.
Wells Fargo Retail Bank Branch logo sign
3 Top Financial Sector Stocks to Invest in Now
After displaying relative strength in the first quarter, the financial sector and the Financial Select Sector SPDR ETF NYSE: XLF have underperformed in the second quarter, with the popular financial ETF down 1.4% for the period.
Wells Fargo Retail Bank Branch logo sign
3 Top Financial Sector Stocks to Invest in Now (BAC)
After several weeks of consolidating, the XLF and a handful of financial stocks might be setting up for a bullish move and potential outperformance in Q3.
Bank of America logo sign investment bank
3 Banking Stocks Set to Rally with Expanding Money Supply (BAC)
Three banking stocks are set to potentially beat the market this coming quarter as the Fed finally started injecting more liquidity into the market
Bank of America logo sign investment bank
Top 3 Banking Stocks Set to Rally with Expanding Money Supply
One of the most significant economic indicators has just turned into expansion mode after leaving investors concerned about the Federal Reserve (the Fed) not following through with its plans to cut interest rates by the end of 2024. The M2 money supply is now back into expansion to change its previously steady contraction path, and that's good news for those with buying power.
Kiss of death from Joe Biden
I did not consent. You did not consent. It’s in direct violation of the U.S. Constitution but Biden does not care.
Bank of America logo on building
3 Stocks with Unusual Call Option Activity and High Buying Volume
When traders decide to bet on stock options rather than lay their capital into buying straight shares, investors must notice two main implications of trading options rather than shares. First, options have an expiration date and a strike price, meaning whoever buys an option needs to get the direction (and magnitude of a move) and the timing right in the trade.
Bank of America logo on building
3 Stocks with Unusual Call Option Activity and High Buying Volume (BAC)
Three stocks reported higher than usual call option buying activity, meaning that there are bets on short-term rises probably due to these fundamental reasons.
Only Have $50 to Invest? Then Buy These 3 Stocks Now.
Only Have $50 to Invest? Then Buy These 3 Stocks Now.
See More Headlines
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Company Calendar

Last Earnings
4/16/2024
Ex-Dividend for 6/28 Dividend
6/07/2024
Dividend Payable
6/28/2024
Today
7/09/2024
Next Earnings (Confirmed)
7/16/2024
Fiscal Year End
12/31/2024

Industry, Sector and Symbol

Sector
Finance
Industry
National commercial banks
Sub-Industry
N/A
Employees
213,000
Year Founded
1998

Price Target and Rating

Average Stock Price Target
$40.02
High Stock Price Target
$46.00
Low Stock Price Target
$33.00
Potential Upside/Downside
-1.4%
Consensus Rating
Moderate Buy
Rating Score (0-4)
2.63
Research Coverage
19 Analysts

Profitability

Net Income
$26.52 billion
Pretax Margin
14.77%

Debt

Sales & Book Value

Annual Sales
$171.91 billion
Cash Flow
$3.93 per share
Book Value
$33.26 per share

Miscellaneous

Outstanding Shares
7,820,370,000
Free Float
7,797,692,000
Market Cap
$317.59 billion
Optionable
Optionable
Beta
1.35

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Should I Buy Bank of America Stock? BAC Pros and Cons Explained

Pros

Here are some ways that investors could benefit from investing in Bank of America:

  • Bank of America's stock price has been steadily increasing, reaching $40.01 on the latest trading day, indicating positive momentum.
  • Bank of America has a strong market capitalization of $312.89 billion, reflecting the company's stability and size in the financial sector.
  • The company has consistently paid dividends, with a current annualized dividend yield of 2.40%, providing investors with a steady income stream.
  • Bank of America's return on equity of 10.88% showcases the company's ability to generate profit from shareholders' equity, a key metric for investors.
  • With a consensus rating of "Hold" and an average target price of $39.79, analysts see potential for growth in Bank of America's stock value.

Cons

Investors should be bearish about investing in Bank of America for these reasons:

  • Bank of America's debt-to-equity ratio of 1.12 may indicate higher financial leverage, which can pose risks during economic downturns.
  • The company's revenue was down 1.7% on a year-over-year basis, signaling potential challenges in revenue growth and business performance.
  • Bank of America's stock has a beta of 1.35, indicating higher volatility compared to the market average, which may lead to fluctuations in stock price.
  • Despite recent positive ratings and target price increases, some analysts have given the stock a sell rating, suggesting concerns about its future performance.
  • The company's payout ratio of 33.22% may limit future dividend growth or reinvestment opportunities, impacting long-term investor returns.
These pros and cons were generated based on recent news and financial data from MarketBeat in order to provide readers with the fastest and most accurate insights. They were last updated on Sunday, July 7, 2024. Please send any questions or comments about these Bank of America pros and cons to contact@marketbeat.com.

BAC Stock Analysis - Frequently Asked Questions

How have BAC shares performed this year?

Bank of America's stock was trading at $33.67 at the start of the year. Since then, BAC stock has increased by 20.6% and is now trading at $40.61.
View the best growth stocks for 2024 here
.

How were Bank of America's earnings last quarter?

Bank of America Co. (NYSE:BAC) posted its earnings results on Tuesday, April, 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business's quarterly revenue was down 1.7% on a year-over-year basis.
Read the conference call transcript
.

What is Brian T. Moynihan's approval rating as Bank of America's CEO?

10,089 employees have rated Bank of America Chief Executive Officer Brian T. Moynihan on Glassdoor.com. Brian T. Moynihan has an approval rating of 92% among the company's employees. This puts Brian T. Moynihan in the top 30% of approval ratings compared to other CEOs of publicly-traded companies.

Does Bank of America have any subsidiaries?

Bank of America subsidiaries include Merrill Lynch, Countrywide Financial Corporation, Catahoula-LaSalle Bank, U.S. Trust Company of Delaware, HealthLogic Systems, MBNA, National Processing, and more.

Who are Bank of America's major shareholders?

Top institutional shareholders of Bank of America include DNB Asset Management AS (0.05%), Douglas Lane & Associates LLC (0.03%), Massmutual Trust Co. FSB ADV (0.01%) and Appleton Partners Inc. MA. Insiders that own company stock include Dean C Athanasia, Thong M Nguyen, Matthew M Koder, James P Demare, Of America Corp /De/ Bank, Andrew M Sieg and Frank P Bramble.
View institutional ownership trends
.

How do I buy shares of Bank of America?

Shares of BAC stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.
Compare Top Brokerages Here.

What other stocks do shareholders of Bank of America own?

Based on aggregate information from My MarketBeat watchlists, some other companies that Bank of America investors own include JPMorgan Chase & Co. (JPM), AT&T (T), Micron Technology (MU), General Electric (GE), Intel (INTC), Citigroup (C) and Alibaba Group (BABA).

This page (NYSE:BAC) was last updated on 7/9/2024 by MarketBeat.com Staff

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