Bank of America (NYSE:BAC) Trading 1.2% Higher – Here’s What Happened

Bank of America Corporation (NYSE:BAC) rose 1.2% during trading on Friday . The company traded as high as $62.28 and last traded at $61.9960. Approximately 28,890,509 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 38,681,586 shares. The stock had previously closed at $61.28.

Bank of America News Summary

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

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA’s famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAC. Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a report on Monday, July 6th. Evercore set a $63.00 target price on shares of Bank of America and gave the stock an “outperform” rating in a research note on Monday, July 6th. Finally, Citigroup raised their price target on shares of Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.77.

Bank of America Stock Performance

The business’s 50 day simple moving average is $56.17 and its two-hundred day simple moving average is $53.29. The firm has a market capitalization of $439.96 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period last year, the business posted $0.89 EPS. Research analysts expect that Bank of America Corporation will post 4.65 earnings per share for the current fiscal year.

Insider Transactions at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, 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 SEC, which is available through this hyperlink. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Bank of America

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

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.