Bank of America (NYSE:BAC) Shares Up 1.2% – Here’s Why

Bank of America Corporation (NYSE:BAC) rose 1.2% on Tuesday . The stock traded as high as $61.53 and last traded at $61.1150. 31,431,174 shares traded hands during trading, a decline of 19% from the average session volume of 38,724,449 shares. The stock had previously closed at $60.42.

More Bank of America News

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

• Positive Sentiment: Bank of America’s new BofA Rewards program is off to a strong start, with more than 3 million clients enrolling in the first seven weeks, supporting customer engagement and retention. 3 Million+ Clients Enroll in New BofA Rewards Program in First Seven Weeks
• Positive Sentiment: The bank also enhanced EricaAssist with generative AI, which should help customer service reps resolve client needs faster and improve efficiency across operations. Bank of America Enhances EricaAssist with Generative AI to Help Employees Resolve Client Needs Faster
• Positive Sentiment: Bank of America continues to rank highly in small-business digital banking, reinforcing its competitive position in fee-generating and deposit-heavy client segments. Small Business Digital Banking Advances with Payment Innovations and Upgraded Invoicing and Receivables Capabilities
• Positive Sentiment: Broader bank-sector commentary is constructive, with Bank of America highlighting that financials may offer stronger dividend/shareholder-yield appeal than REITs, which can support investor interest in BAC. Why Bank Stocks May Beat REITs for Dividends
• Neutral Sentiment: Bank of America is being used as an initial distribution channel for new hybrid public-private investment funds from Wellington, Vanguard and Blackstone, which expands product access through its Merrill and private bank units but is not yet a direct earnings driver. Global Market: Wellington, Vanguard, Blackstone launch hybrid public-private investment funds for wealthy clients
• Neutral Sentiment: Recent commentary from BofA’s CEO about inflation and rates points to a cautious macro view, but it mainly reflects the broader operating environment rather than a direct BAC catalyst. Bank of America CEO warns inflation will back Fed into a corner

Wall Street Analyst Weigh In

Several research firms recently weighed in on BAC. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Wells Fargo & Company lifted their target price on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Morgan Stanley boosted their price objective on shares of Bank of America from $61.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Finally, Piper Sandler increased their target price on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.77.

Bank of America Trading Down 1.1%

The company has a 50 day moving average of $55.94 and a 200 day moving average of $53.26. The firm has a market cap of $432.67 billion, a P/E ratio of 13.98, a PEG ratio of 0.98 and a beta of 1.17. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

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

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction 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 completion of the sale, the insider directly 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 document filed with the SEC, which is accessible through this link. Insiders own 0.27% of the company’s stock.

Institutional Trading of Bank of America

Several large investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Bank of America in the 4th quarter worth approximately $4,774,210,000. Capital International Investors acquired a new position in Bank of America during the fourth quarter valued at approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Bank of America by 640.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the period. Vanguard Group Inc. lifted its stake in shares of Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. lifted its stake in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after buying an additional 22,621,546 shares during the last quarter. 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.