Bank of America (NYSE:BAC) Trading Down 2.5% – Here’s What Happened

Bank of America Corporation (NYSE:BAC) shares fell 2.5% on Wednesday . The stock traded as low as $58.30 and last traded at $58.3840. 29,485,274 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 39,026,746 shares. The stock had previously closed at $59.86.

Key Bank of America News

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

• Positive Sentiment: Bank of America reportedly extended a $520 million credit line to OpenAI, a notable pivot that highlights BAC’s willingness to finance leading AI firms and could support fee income and relationships in a fast-growing sector. OpenAI Lands $520 Million Line of Credit From Bank of America
• Positive Sentiment: Several reports say BAC remains favored by analysts, including a UBS target increase to $68 and other positive forecasts, reinforcing the view that the stock still has room to run after its strong bank-sector rally. Bank of America target raised by UBS
• Positive Sentiment: Investor sentiment may also be helped by upbeat coverage around BAC’s recent stress-test results and product launches, which suggest the bank is entering earnings season from a position of operational strength. Why Bank of America Stock Jumped in June
• Neutral Sentiment: Bank of America also drew attention for cutting its 2026 average gold forecast, but that view is more relevant to commodities than to BAC’s core banking business. BofA cuts 2026 average gold forecast, sees long-term upside
• Neutral Sentiment: Other BAC-branded headlines focused on marketing and sports sponsorships, which are unlikely to move the stock meaningfully on their own. Bank of America brings together Sir David Beckham and a new U2 song for Street of Dreams

Analysts Set New Price Targets

Several analysts have recently commented on the company. Jefferies Financial Group raised their target price on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Autonomous Res dropped their price target 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. Piper Sandler increased their price target on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Truist Financial raised their price objective on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Finally, HSBC boosted their price objective on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.19.

Bank of America Trading Down 2.5%

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 firm’s fifty day moving average is $54.12 and its two-hundred day moving average is $52.87. The firm has a market capitalization of $414.33 billion, a PE ratio of 14.45, a PEG ratio of 1.01 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same quarter last year, the business posted $0.90 EPS. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities analysts predict that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend 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 Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was 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 of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently made changes to their positions in the business. Handelsbanken Fonder AB lifted its stake in shares of Bank of America by 53.0% during the 4th 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 in the last quarter. Legal & General Group Plc grew its stake in Bank of America by 3.4% in the 4th quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock valued at $2,497,655,000 after buying an additional 1,487,809 shares in the last quarter. Certuity LLC raised its holdings in Bank of America by 5.1% during the 3rd quarter. Certuity LLC now owns 523,113 shares of the financial services provider’s stock valued at $26,987,000 after acquiring an additional 25,268 shares during the period. Nisa Investment Advisors LLC raised its holdings in Bank of America by 2.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider’s stock valued at $159,794,000 after acquiring an additional 71,307 shares during the period. Finally, Moore Capital Management LP lifted its position in shares of Bank of America by 2.2% during the third quarter. Moore Capital Management LP now owns 2,628,480 shares of the financial services provider’s stock worth $135,603,000 after acquiring an additional 55,840 shares in the last quarter. 70.71% of the stock is currently owned by 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.