Bank of America Corporation (NYSE:BAC) shot up 1% during trading on Tuesday . The company traded as high as $58.01 and last traded at $57.97. 29,783,677 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 39,440,918 shares. The stock had previously closed at $57.37.
Trending Headlines about Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: Bank of America’s latest Homebuyer Insights Report found that 53% of respondents now say buying a home is better than renting, the first majority reading since 2023. That suggests improving consumer confidence around housing and could support mortgage, lending, and consumer banking activity. Article Title
- Positive Sentiment: BofA also said lower-income households are closing the spending gap with higher-income consumers, which could indicate a healthier, broader consumer backdrop and better credit conditions than feared for the bank’s retail business. Article Title
- Neutral Sentiment: Separate BofA research raised targets on Micron, Qualcomm, ASML and other chip names, arguing AI demand could drive a major semiconductor upcycle. This is not a direct driver for BAC, but it reflects BofA’s generally constructive stance on market growth themes. Article Title
- Negative Sentiment: BofA’s economists turned more hawkish on the Federal Reserve, now expecting three rate hikes in 2026 and no cuts until 2028. Higher-for-longer rates could pressure broader economic activity and increase market volatility, even though banks can sometimes benefit from wider lending spreads. Article Title
Analysts Set New Price Targets
Several analysts recently issued reports on BAC shares. Citigroup upped their price objective on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday. Argus boosted their target price on Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Jefferies Financial Group upped their price target on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Finally, Piper Sandler lifted their price objective on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.23.
Bank of America Stock Performance
The firm has a 50 day simple moving average of $53.00 and a 200-day simple moving average of $52.56. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $411.39 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 0.95 and a beta of 1.18.
Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 earnings per share. As a group, 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 disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, June 5th. Bank of America’s payout ratio is 27.72%.
Insiders Place Their Bets
In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated 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 completion of the transaction, the insider owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.27% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Bank of America
Large investors have recently made changes to their positions in the stock. Vilga Financial Planning LLC increased its holdings in Bank of America by 3.4% in the 1st quarter. Vilga Financial Planning LLC now owns 7,716 shares of the financial services provider’s stock valued at $376,000 after purchasing an additional 255 shares during the last quarter. CoreFirst Bank & Trust grew its stake in shares of 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 valued at $244,000 after buying an additional 1,824 shares in the last quarter. First Nebraska Trust Co purchased a new stake in shares of Bank of America in the 1st quarter valued at $471,000. Foguth Wealth Management LLC. purchased a new stake in shares of Bank of America in the 1st quarter valued at $225,000. Finally, Lavelle Capital LP acquired a new position in Bank of America during the 1st quarter worth about $405,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
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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