Bank of America (NYSE:BAC) Trading Up 2.1% – Still a Buy?

Shares of Bank of America Corporation (NYSE:BAC) shot up 2.1% during trading on Monday . The company traded as high as $57.73 and last traded at $57.3650. 38,080,362 shares changed hands during mid-day trading, a decline of 4% from the average daily volume of 39,518,531 shares. The stock had previously closed at $56.20.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America’s latest card-data analysis suggests lower-income consumers are narrowing the spending gap with higher-income households, which could signal a healthier and more balanced U.S. consumer backdrop and support BAC’s loan growth and credit outlook. Bank of America (BAC) Says Lower Income Spending Is Closing The Consumer Gap
• Positive Sentiment: New commentary argues that Bank of America (BAC) could be a key S&P 500 financial stock to watch, reinforcing the bullish case that the shares still have room to benefit from its scale, valuation, and macro sensitivity. Why Could (NYSE:BAC) Be a Key S&P 500 Financial Stock to Watch?
• Neutral Sentiment: Bank of America announced a partnership with Street Child United’s #IAmSomebody Tour and a separate Museums on Us promotion for July 4th weekend. These initiatives support brand visibility and community engagement, but they are unlikely to materially change near-term earnings expectations. Street Child United Announces #IAmSomebody Tour with Bank of America Bank of America Celebrates America 250…
• Neutral Sentiment: Several headlines focused on Bank of America’s analyst calls on other stocks such as Micron, Qualcomm, PDD Holdings, Credicorp, and others. These reflect BAC’s research influence and market read-throughs, but they do not directly change Bank of America’s fundamentals. Last-Minute Thought: Bank of America Weighs In on Micron Stock Ahead of Today’s Earnings
• Negative Sentiment: Bank of America’s shift to a much more hawkish Fed outlook — now expecting multiple rate hikes in 2026 — could raise concerns that higher rates may pressure credit demand and economic growth if inflation stays sticky. How Investors May Respond To Bank of America (BAC) Projecting Three Fed Rate Hikes Starting September

Analysts Set New Price Targets

BAC has been the subject of several research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $59.00 price objective on shares of Bank of America in a research report on Thursday, April 16th. Oppenheimer increased their target price on Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Finally, Morgan Stanley decreased their price objective on Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $61.23.

Bank of America Stock Performance

The stock has a market capitalization of $409.71 billion, a PE ratio of 14.29, a PEG ratio of 0.97 and a beta of 1.18. The business has a 50 day moving average price of $53.11 and a 200 day moving average price of $52.59. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Announces Dividend

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

Insider Activity

In other news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Bank of America

A number of hedge funds have recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new position in shares of Bank of America in the fourth quarter worth $26,000. Wiser Advisor Group LLC bought a new stake in Bank of America in the 3rd quarter worth about $27,000. Legacy Bridge LLC raised its position in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares during the last quarter. CrossGen Wealth LLC purchased a new position in Bank of America in the 4th quarter worth about $30,000. Finally, Joseph Group Capital Management bought a new position in Bank of America during the 4th quarter valued at about $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of America

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.