Bank of America (NYSE:BAC) Reaches New 1-Year High – Here’s What Happened

Bank of America Corporation (NYSE:BAC) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $65.23 and last traded at $65.0670, with a volume of 4065718 shares changing hands. The stock had previously closed at $64.49.

More Bank of America News

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

• Positive Sentiment: Bank of America agreed to invest approximately $1.9 billion for up to a 49.9% stake in Jio Credit Limited, expanding its presence in India’s consumer-finance market. The partnership gives BAC exposure to a rapidly growing credit market and could create long-term revenue and cross-selling opportunities. Will Bank of America Benefit From the Jio Credit Partnership in India?
• Positive Sentiment: The bank also announced a $250 billion Critical Infrastructure Finance Initiative for U.S. energy, transportation and digital-infrastructure projects over the next 18 months. The plan could support lending, advisory and capital-markets revenue while strengthening BAC’s position in a strategically important sector. Why Is Bank Of America (BAC) Committing $250 Billion And Investing $1.9 Billion Abroad?
• Neutral Sentiment: Bank of America analysts remain highly bullish on Micron Technology, citing structural AI-driven memory demand and a potential increase in Micron’s long-term earnings and cash flow. The coverage may reinforce BAC’s research and advisory reputation, but it directly affects Micron (MU), not Bank of America’s earnings. Bank of America Sees 50% Upside in Micron Stock
• Neutral Sentiment: Reports that BAC endorsed a long position in gold reflect the bank’s market outlook rather than a new company-specific catalyst. Similarly, a trimmed indirect stake in Ozsu Balik Uretim and coverage of CEO Brian Moynihan’s unusual word choices are unlikely to materially change near-term fundamentals. Gold Surges Near $4,400 as Bank of America Endorses Long Position Amid Dollar Decline

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BAC shares. Royal Bank Of Canada lifted their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Barclays boosted their target price on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Wells Fargo & Company lifted their price target on Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of America from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. Twenty-one equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $64.08.

Bank of America Price Performance

The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82. The company has a 50 day moving average price of $59.77 and a 200 day moving average price of $54.32. The firm has a market cap of $452.75 billion, a PE ratio of 14.85, a PEG ratio of 1.03 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.08. The company had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.89 EPS. Sell-side analysts expect that Bank of America Corporation will post 4.68 EPS for the current fiscal year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is presently 29.36%.

Institutional Trading of Bank of America

A number of institutional investors have recently modified their holdings of BAC. Turim 21 Investimentos Ltda. acquired a new stake in Bank of America in the second quarter valued at $25,000. Abound Financial LLC acquired a new position in shares of Bank of America during the 4th quarter worth $26,000. Wiser Advisor Group LLC acquired a new position in shares of Bank of America during the 3rd quarter worth $27,000. CrossGen Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $30,000. Finally, Joseph Group Capital Management acquired a new stake in shares of Bank of America in the fourth quarter valued at about $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.