Bank of America (NYSE:BAC) Shares Up 1.5% – Here’s What Happened

Bank of America Corporation (NYSE:BAC)’s share price was up 1.5% on Thursday . The stock traded as high as $59.43 and last traded at $59.1680. Approximately 24,226,330 shares traded hands during trading, a decline of 38% from the average session volume of 38,845,480 shares. The stock had previously closed at $58.30.

Bank of America News Summary

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America’s consumer team said its latest report showed spending up 6.3%, the fastest pace in four years, with wage growth broad-based across all income groups. That suggests the U.S. consumer remains resilient, which is supportive for BAC’s lending and fee income outlook. BofA Consumer Chief: Spending Jumps 6.3% With Wage Growth Across “All Income Groups”
• Positive Sentiment: Financial funds saw their biggest inflow since January, according to Bank of America, signaling improved investor appetite for the sector ahead of bank earnings season. That kind of rotation can lift BAC and other large-cap financials. Financial funds steal the spotlight with biggest inflow since January, Bofa says
• Positive Sentiment: Analysts and market coverage continue to frame Bank of America’s upcoming July 14 earnings report as potentially strong, with expectations for healthy net interest income, fee income, and double-digit EPS growth. Strong results could extend the recent move higher in BAC shares. Bank of America Reports Q2 Earnings Next Week. What Investors Should Expect.
• Neutral Sentiment: Bank of America also continues to generate headlines through its analyst research, including bullish views on names like Meta, Nvidia, Micron, Costco, and homebuilders. These reports help reinforce BAC’s influence on Wall Street, but they are only an indirect driver of BAC stock itself. Meta Stock’s AI Chip Ambitions Are Reaching a ‘Positive Inflection,’ Says Bank of America
• Neutral Sentiment: Bank of America, N.A. announced redemptions of $2.6 billion of senior notes due in August 2026. The move is routine balance-sheet management and is not likely to materially affect the stock on its own. Bank of America, N.A. Announces Redemptions of $2,000,000,000 5.526% Senior Bank Notes and $600,000,000 Floating Rate Senior Bank Notes, Due August 2026

Analysts Set New Price Targets

Several research firms have commented on BAC. UBS Group boosted their target price on Bank of America from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. The Goldman Sachs Group boosted their price objective on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Evercore set a $63.00 price target on shares of Bank of America and gave the company an “outperform” rating in a research report on Monday. Finally, Daiwa Securities Group raised their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $62.19.

Bank of America Trading Up 0.7%

The firm has a 50 day simple moving average of $54.50 and a 200 day simple moving average of $52.98. 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 firm has a market cap of $423.49 billion, a P/E ratio of 14.77, a P/E/G ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion for 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 company’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. On average, equities research analysts predict that Bank of America Corporation will post 4.51 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s 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 completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bank of America

Large investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB raised its position in shares of Bank of America by 53.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after buying an additional 1,603,080 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Bank of America by 3.4% in the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after buying an additional 1,487,809 shares in the last quarter. Certuity LLC boosted its position in shares of Bank of America by 5.1% during the third quarter. Certuity LLC now owns 523,113 shares of the financial services provider’s stock worth $26,987,000 after acquiring an additional 25,268 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Bank of America by 2.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider’s stock worth $159,794,000 after acquiring an additional 71,307 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in Bank of America by 217.4% during the fourth quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider’s stock valued at $18,037,000 after acquiring an additional 224,627 shares in the last quarter. Institutional investors 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.