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

$35.61
+0.93 (+2.68%)
(As of 02:58 PM ET)
Today's Range
$34.75
$35.75
50-Day Range
$32.75
$37.92
52-Week Range
$24.96
$38.35
Volume
40.26 million shs
Average Volume
41.18 million shs
Market Capitalization
$280.99 billion
P/E Ratio
11.60
Dividend Yield
2.70%
Price Target
$38.29

Bank of America MarketRank™ Stock Analysis

Analyst Rating
Hold
2.44 Rating Score
Upside/​Downside
7.3% Upside
$38.29 Price Target
Short Interest
Healthy
0.92% of Float Sold Short
Dividend Strength
Moderate
Based on Four Factors
Sustainability
-0.50
Upright™ Environmental Score
News Sentiment
0.49mentions of Bank of America in the last 14 days
Based on 75 Articles This Week
Insider Trading
N/A
Proj. Earnings Growth
8.31%
From $3.13 to $3.39 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.

4.30 out of 5 stars

Finance Sector

116th out of 838 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

Lululemon’s P/E Is Back to 2017 Levels: Should You Buy the Dip? (BAC)
Lululemon's dip is potentially the best deal in the apparel industry today, analysts and institutions still see double-digit upside for the stock
Commercial Banks Could Be Back in Play, Led by Bank of America
Bank of America joins Citigroup in giving investors a clear insight into the stock market's next move higher. Consumer trends remain strong
Could Bitcoin Literally FORCE This Crypto To Rocket Up?
Recently, Bitcoin smashed through its previous record high to hit $72,720. It’s made many, many people very rich. But one cryptocurrency expert and investing millionaire is declaring…
PayPal’s User Decline Won’t Stop Its Double-Digit Upside
PayPal stock is a sitting duck waiting to be shot by value investors. Fundamental KPIs show that a decline in net users isn't as bad as it seems.
Bank of America's 1Q profits fall 18% on higher expenses, charge-offs
Bank of America said its first-quarter profits fell 18%, as the bank dealt with higher expenses due to the impact of higher interest rates
Citi's Results Say This About The Stock Market
Traders who postpone the potential interest rate cuts from the Federal Reserve (the Fed) could be in for a reckoning. According to the FedWatch tool at CME Group Inc., the Fed started the year proposing cuts as soon as March 2024; traders now see these cuts pushed back as far as September 2024.
Citi’s Results Say This About The Stock Market (BAC)
Investors now have an inside look at what one of Wall Street's biggest names is doing with its money. Corporations and clients all see new highs in stocks
3 High Dividend Stocks to Replace Lower Savings Yields Ahead (BAC)
Three stocks stand out as the most attractive dividend propositions, particularly now that savings yields may drop as a result of the Fed's rate cuts
Could Bitcoin Literally FORCE This Crypto To Rocket Up?
Recently, Bitcoin smashed through its previous record high to hit $72,720. It’s made many, many people very rich. But one cryptocurrency expert and investing millionaire is declaring…
US jobs report for March is likely to point to slower but still-solid hiring
The American economy is thought to have added 200,000 jobs in March — a more-than-respectable increase though one that would mark a slowdown from February’s vigorous gain of 275,000 and last year’s monthly average increase of 251,000
3 Stocks About to Book Gains on Building Products Demand
Investors often follow the latest trends in the U.S. economy and attempt to align their portfolios with the best industries, some of which could have a breakout in the coming months. The construction industry is one example, as the ISM Manufacturing PMI index and its cousin, the ISM Services PMI index, indicate a new expansionary trend in the space.
3 Stocks About to Book Gains on Building Products Demand (BAC)
Wall Street likes the new trend breakout in these construction and wood stocks, analysts think EPS could soar above other peers as markets bid them higher.
Oppenheimer Reaffirms Their Buy Rating on Bank of America (BAC)
Bank of America: Signs Of The Recession
Bank of America: Q1 Earnings Snapshot
See More Headlines
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Company Calendar

Last Earnings
10/17/2023
Ex-Dividend for 3/29 Dividend
2/29/2024
Dividend Payable
3/29/2024
Today
4/17/2024
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
$38.29
High Stock Price Target
$46.00
Low Stock Price Target
$27.50
Potential Upside/Downside
+10.4%
Consensus Rating
Hold
Rating Score (0-4)
2.44
Research Coverage
16 Analysts

Profitability

Net Income
$26.52 billion
Pretax Margin
16.49%

Debt

Sales & Book Value

Annual Sales
$171.91 billion
Cash Flow
$3.77 per share
Book Value
$33.26 per share

Miscellaneous

Outstanding Shares
7,890,640,000
Free Float
7,867,756,000
Market Cap
$273.65 billion
Optionable
Optionable
Beta
1.39

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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 reported a strong return on equity of 11.38%, indicating efficient use of shareholder funds to generate profits.
  • The company announced a quarterly dividend of $0.24 per share, providing investors with a steady income stream.
  • Bank of America's stock has a consensus rating of "Moderate Buy" with a target price of $36.15, suggesting potential for price appreciation.
  • The firm's net margin of 15.42% reflects its ability to convert revenue into profit, a positive indicator for investors.
  • Bank of America operates in diverse segments like Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets, offering investors exposure to various financial services.

Cons

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

  • Bank of America's revenue was down 10.2% on a year-over-year basis, indicating a decline in top-line growth.
  • One investment analyst has rated the stock with a sell rating, suggesting some market participants have a negative outlook on the company.
  • The company's payout ratio of 31.27% may limit future dividend growth potential as a higher ratio indicates a larger portion of earnings being paid out as dividends.
  • Recent target price adjustments by analysts, such as Barclays raising it from $39.00 to $43.00, may signal uncertainty or volatility in the stock's performance.
  • Bank of America's quarterly revenue of $22 billion fell short of analysts' expectations of $23.70 billion, potentially indicating challenges in revenue generation.
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 Friday, April 12, 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

Should I buy or sell Bank of America stock right now?

16 Wall Street equities research analysts have issued "buy," "hold," and "sell" ratings for Bank of America in the last year. There are currently 1 sell rating, 7 hold ratings and 8 buy ratings for the stock. The consensus among Wall Street equities research analysts is that investors should "hold" BAC shares. A hold rating indicates that analysts believe investors should maintain any existing positions they have in BAC, but not buy additional shares or sell existing shares.
View BAC analyst ratings
or view top-rated stocks.

What is Bank of America's stock price target for 2024?

16 Wall Street research analysts have issued 1-year price objectives for Bank of America's stock. Their BAC share price targets range from $27.50 to $46.00. On average, they predict the company's share price to reach $38.29 in the next twelve months. This suggests a possible upside of 7.3% from the stock's current price.
View analysts price targets for BAC
or view top-rated stocks among Wall Street analysts.

How have BAC shares performed in 2024?

Bank of America's stock was trading at $33.67 at the beginning of the year. Since then, BAC shares have increased by 6.0% and is now trading at $35.69.
View the best growth stocks for 2024 here
.

Are investors shorting Bank of America?

Bank of America saw a increase in short interest in March. As of March 31st, there was short interest totaling 72,080,000 shares, an increase of 6.3% from the March 15th total of 67,790,000 shares. Based on an average daily volume of 40,330,000 shares, the short-interest ratio is currently 1.8 days. Currently, 0.9% of the company's stock are sold short.
View Bank of America's Short Interest
.

How were Bank of America's earnings last quarter?

Bank of America Co. (NYSE:BAC) posted its quarterly earnings results on Tuesday, October, 17th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.07. The financial services provider had revenue of $25.20 billion for the quarter, compared to analysts' expectations of $25.13 billion. Bank of America had a trailing twelve-month return on equity of 11.38% and a net margin of 15.42%. The firm's quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 earnings per share.
Read the conference call transcript
.

How often does Bank of America pay dividends? What is the dividend yield for Bank of America?

Bank of America declared a quarterly dividend on Wednesday, January 31st. Investors of record on Friday, March 1st will be paid a dividend of $0.24 per share on Friday, March 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Thursday, February 29th.
Read our dividend analysis for BAC
.

Is Bank of America a good dividend stock?

Bank of America (NYSE:BAC) pays an annual dividend of $0.96 per share and currently has a dividend yield of 2.67%. The company has been increasing its dividend for 3 consecutive year(s), indicating that it does not yet have a strong track record of dividend growth. The dividend payout ratio is 31.27%. This payout ratio is at a healthy, sustainable level, below 75%. Based on earnings estimates, BAC will have a dividend payout ratio of 28.32% next year. This indicates that the company will be able to sustain or increase its dividend.
Read our dividend analysis for BAC.

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.

What other stocks do shareholders of Bank of America own?

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

Who are Bank of America's major shareholders?

Bank of America's stock is owned by many different institutional and retail investors. Top institutional shareholders include Douglas Lane & Associates LLC (0.03%), IMC Chicago LLC (0.00%), Gateway Investment Advisers LLC (0.03%), Daily Journal Corp (0.03%), Los Angeles Capital Management LLC (0.02%) and Czech National Bank (0.02%). Insiders that own company stock include Andrew M Sieg, Dean C Athanasia, Frank P Bramble, James P Demare, Matthew M Koder, Of America Corp /De/ Bank and Thong M Nguyen.
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.

Does Bank of America have any subsidiaries?
The following companies are subsidiares of Bank of America: BA Continuum Costa Rica, BA Continuum India Private Limited, BA Continuum Singapore International Holdings Private Limited, BA Credit Card Funding, BA Electronic Data Processing (Guangzhou) Ltd., BAC Canada Finance Company, BAC North America Holding Company, BAL Investment & Advisory, BAMS Solutions, BANA Canada Funding Company Ltd., BANA Holding Corporation, Banc of America FSC Holdings, Banc of America Leasing & Capital, Banc of America Preferred Funding Corporation, Banc of America Public Capital Corp, Banc of America Securities Asia Limited, Bank of America California, Bank of America Custodial Services (Ireland) Limited, Bank of America Malaysia Berhad, Bank of America Merrill Lynch Banco Multiplo S.A., Bank of America Merrill Lynch International Designated Activity Company, Bank of America Merrill Lynch International Limited, Bank of America Mexico, Bank of America Singapore Limited, BankAmerica International Financial Corporation, Blue Ridge Investments, BofA Canada Bank, BofA Finance LLC, BofA Securities, BofAML EMEA Funding Limited, BofAML Jersey Holdings Limited, Boston Overseas Financial Corporation, CM Investment Solutions Limited, Catahoula-LaSalle Bank, Cherry Park LLC, Countrywide Financial Corporation, Countrywide Home Loans, DSP Merrill Lynch Limited, FIA Holdings S.a.r.l., Financial Data Services, First Franklin Financial Corporation, HealthLogic Systems, MBNA, ML Equity Solutions Jersey Limited, ML UK Capital Holdings Limited, Managed Account Advisors LLC, Merrill Lynch, Merrill Lynch (Asia Pacific) Limited, Merrill Lynch (Australia) Futures Limited, Merrill Lynch (Singapore) Pte. Ltd., Merrill Lynch Argentina S.A., Merrill Lynch B.V., Merrill Lynch Bank and Trust Company (Cayman) Limited, Merrill Lynch Canada Inc., Merrill Lynch Capital Markets Espana, Merrill Lynch Capital Services, Merrill Lynch Commodities, Merrill Lynch Commodities Canada, Merrill Lynch Corredores de Bolsa SpA, Merrill Lynch Credit Reinsurance Limited, Merrill Lynch Derivative Products AG, Merrill Lynch Equities (Australia) Limited, Merrill Lynch Equity S.a.r.l., Merrill Lynch Far East Limited, Merrill Lynch Financial Markets, Merrill Lynch Global Services Pte. Ltd., Merrill Lynch International, Merrill Lynch International & Co. C.V., Merrill Lynch Israel Ltd., Merrill Lynch Japan Finance GK, Merrill Lynch Japan Securities Co., Merrill Lynch Luxembourg Finance S.A., Merrill Lynch Malaysian Advisory Sdn. Bhd., Merrill Lynch Markets (Australia) Pty. Limited, Merrill Lynch Markets Singapore Pte. Ltd., Merrill Lynch Mexico, Merrill Lynch Professional Clearing Corp., Merrill Lynch Reinsurance Solutions LTD, Merrill Lynch S.A. Corretora de Titulos e Valores Mobiliarios, Merrill Lynch Securities (Taiwan) Ltd., Merrill Lynch Securities (Thailand) Limited, Merrill Lynch South Africa Proprietary Limited, Merrill Lynch Yatirim Bank A.S., Mortgages 1 Limited, Mortgages plc, NB Holdings Corporation, National Processing, OOO Merrill Lynch Securities, One Bryant Park LLC, PT Merrill Lynch Indonesia, PT Merrill Lynch Sekuritas Indonesia, Plano Partners, ReconTrust Company, U.S. Trust Company of Delaware, and Wave Lending Limited.
Read More
This page (NYSE:BAC) was last updated on 4/17/2024 by MarketBeat.com Staff

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