Bank of America Corporation (NYSE:BAC)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $57.84 and last traded at $57.82, with a volume of 3769356 shares traded. The stock had previously closed at $56.84.
Key Bank of America News
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
- Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands’ inventory proceeds – report
- Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
- Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
- Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
- Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings
Analyst Ratings Changes
BAC has been the topic of a number of analyst reports. Daiwa Securities Group upped their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Autonomous Res cut their price objective on Bank of America from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Morgan Stanley reduced their target price on Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Royal Bank Of Canada reissued an “outperform” rating and set a $59.00 target price on shares of Bank of America in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group raised their price target on shares of Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $61.06.
Bank of America Price Performance
The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The business has a 50 day moving average price of $52.82 and a 200-day moving average price of $52.51. The company has a market capitalization of $399.27 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 0.96 and a beta of 1.18.
Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 earnings per share. Research analysts predict that Bank of America Corporation will post 4.45 EPS for the current fiscal year.
Bank of America Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.
Insider Transactions at Bank of America
In related news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Bank of America
Several institutional investors have recently made changes to their positions in the stock. CoreFirst Bank & Trust boosted its holdings in Bank of America by 57.2% in the first quarter. CoreFirst Bank & Trust now owns 5,012 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 1,824 shares in the last quarter. First Nebraska Trust Co bought a new stake in shares of Bank of America during the first quarter valued at approximately $471,000. Foguth Wealth Management LLC. acquired a new position in shares of Bank of America during the first quarter worth approximately $225,000. Lavelle Capital LP bought a new position in shares of Bank of America in the 1st quarter worth $405,000. Finally, Carlson Capital L.P. lifted its holdings in shares of Bank of America by 225.4% in the 1st quarter. Carlson Capital L.P. now owns 48,160 shares of the financial services provider’s stock worth $2,348,000 after purchasing an additional 33,360 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.
Bank of America Company Profile
Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.
Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.
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