Bank of America (NYSE:BAC) Stock Price Down 3.3% – Time to Sell?

Bank of America Corporation (NYSE:BAC)’s share price dropped 3.3% on Thursday. The company traded as low as $49.76 and last traded at $49.91. 60,581,174 shares were traded during mid-day trading, an increase of 60% from the average session volume of 37,786,801 shares. The stock had previously closed at $51.63.

Key Stories Impacting Bank of America

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

• Neutral Sentiment: Bank of America strategists noted that rising oil prices have been associated with higher interest rates in several major economies. For BAC, higher rates could have mixed implications, while increased inflation and market volatility may add uncertainty. Read More.
• Negative Sentiment: Several law firms publicized a securities class action against BAC, with a December 15 lead-plaintiff deadline and a proposed class period from August 1, 2025, to October 13, 2026. These notices largely repeat the same lawsuit rather than indicate a new legal ruling, but add to investor uncertainty. Read More.
• Negative Sentiment: Some lawsuit coverage points to scrutiny following the bank’s admitted anti-money-laundering violations and reports that Senator Elizabeth Warren urged the Justice Department to investigate. The possibility of further regulatory or legal consequences may weigh on sentiment. Read More.
• Negative Sentiment: Trading indicators were cautious: options traders were described as moderately bearish, and ETFs were net sellers of $21.6 million in BAC shares on November 3. Read More. · Read More.
• Negative Sentiment: Recent coverage also flagged a pessimistic UBS outlook and an analyst downgrade, adding pressure to investor sentiment. Read More.

Analysts Set New Price Targets

A number of equities research analysts have commented on BAC shares. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Monday, October 19th. Citigroup cut their price target on shares of Bank of America from $66.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, October 15th. Barclays decreased their price objective on shares of Bank of America from $72.00 to $68.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Argus set a $70.00 target price on shares of Bank of America in a research report on Wednesday, July 15th. Finally, Morgan Stanley dropped their target price on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $62.48.

Bank of America Price Performance

The company has a fifty day simple moving average of $55.72 and a two-hundred day simple moving average of $54.92. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $344.39 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 0.87 and a beta of 1.19.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). The business had revenue of $29.96 billion for the quarter, compared to analyst estimates of $30.58 billion. Bank of America had a return on equity of 12.15% and a net margin of 16.80%. Bank of America’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.06 EPS. As a group, research analysts anticipate that Bank of America Corporation will post 4.51 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, December 4th. This represents a $1.28 annualized dividend and a yield of 2.6%. Bank of America’s dividend payout ratio is 30.40%.

Institutional Trading of Bank of America

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. Silver Grove Financial Group Inc. increased its holdings in shares of Bank of America by 14.0% during the 3rd quarter. Silver Grove Financial Group Inc. now owns 6,213 shares of the financial services provider’s stock worth $338,000 after buying an additional 763 shares during the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Bank of America by 1.8% in the third quarter. Illinois Municipal Retirement Fund now owns 606,908 shares of the financial services provider’s stock valued at $33,034,000 after acquiring an additional 10,719 shares during the last quarter. Inspire Trust Co. N.A. acquired a new position in Bank of America in the third quarter valued at $10,342,000. Knights of Columbus Asset Advisors LLC grew its position in Bank of America by 1.2% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 448,645 shares of the financial services provider’s stock valued at $24,420,000 after acquiring an additional 5,384 shares during the period. Finally, AMG National Trust Bank grew its position in Bank of America by 10.9% during the third quarter. AMG National Trust Bank now owns 48,877 shares of the financial services provider’s stock valued at $2,660,000 after acquiring an additional 4,805 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Company Profile

Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.