Bank of America (NYSE:BAC) Stock Price Up 2.4% – Time to Buy?

Bank of America Corporation (NYSE:BAC)’s stock price was up 2.4% during trading on Wednesday . The stock traded as high as $58.48 and last traded at $58.3640. 34,010,510 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 39,284,977 shares. The stock had previously closed at $56.98.

Bank of America News Roundup

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

• Positive Sentiment: Morgan Stanley boosted its price target on Bank of America and reiterated an Overweight rating, signaling more upside potential for BAC. Is Bank of America (BAC) the Most Undervalued American Stock to Invest In?
• Positive Sentiment: Analysts are expecting Bank of America to deliver higher second-quarter earnings when it reports on July 14, which supports sentiment ahead of the print. Bank of America Likely To Report Higher Q2 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
• Positive Sentiment: Bank of America CEO Brian Moynihan pushed back on recession fears, which may help ease investor concerns about the economic backdrop for the bank. BofA CEO Brian Moynihan dismisses recession fears despite Wall Street’s most hawkish Fed forecast
• Neutral Sentiment: Bank of America is set to report second-quarter 2026 results on July 14, keeping BAC in focus as investors wait for fresh fundamentals. Bank of America to Report Second Quarter 2026 Financial Results and Host Investor Conference Call on July 14
• Negative Sentiment: Bank of America’s Merrill Lynch unit was fined $7.5 million by the SEC over failures tied to suspicious activity reporting, which adds a small regulatory overhang. SEC Fines Bank of America’s Merrill Lynch $7.5 Million Over Suspicious Activity Reporting Failures
• Negative Sentiment: Senate Democrats asked the Fed’s inspector general to review Michelle Bowman’s attendance at a private Bank of America client dinner, creating reputational noise around BAC. US Senator Warren calls for Fed watchdog review of Bowman’s BofA dinner, WSJ reports

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BAC. The Goldman Sachs Group boosted their price objective on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. HSBC raised their target price on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Robert W. Baird boosted their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Piper Sandler upped their price objective on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Finally, Argus raised their price objective on shares of Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.60.

Bank of America Trading Up 2.4%

The firm has a market cap of $414.19 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 0.97 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50 day moving average price of $53.51 and a 200 day moving average price of $52.73.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. On average, research analysts expect that Bank of America Corporation will post 4.48 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a $0.28 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction that occurred 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in BAC. Miller Global Investments LLC raised its stake in Bank of America by 30.8% during the 2nd quarter. Miller Global Investments LLC now owns 1,339 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 315 shares in the last quarter. First Financial Bank Trust Division grew its position in Bank of America by 3.3% in the 2nd quarter. First Financial Bank Trust Division now owns 201,418 shares of the financial services provider’s stock valued at $11,477,000 after buying an additional 6,442 shares during the last quarter. Eastern Bank raised its holdings in Bank of America by 4.0% during the second quarter. Eastern Bank now owns 1,523,363 shares of the financial services provider’s stock worth $86,801,000 after purchasing an additional 58,561 shares in the last quarter. Roxbury Financial LLC lifted its holdings in shares of Bank of America by 45.4% in the 2nd quarter. Roxbury Financial LLC now owns 2,695 shares of the financial services provider’s stock valued at $154,000 after buying an additional 841 shares during the period. Finally, VectorGlobal IAG Inc. acquired a new position in Bank of America during the first quarter worth $8,481,000. 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.