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

Bank of America Corporation (NYSE:BAC)’s share price traded up 2.4% during mid-day trading on Thursday . The stock traded as high as $53.09 and last traded at $53.07. 35,126,948 shares were traded during mid-day trading, a decline of 12% from the average session volume of 39,863,027 shares. The stock had previously closed at $51.81.

Bank of America News Summary

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

• Positive Sentiment: CEO Brian Moynihan flagged India as a major growth engine and signaled the bank will push for profitable expansion there — a directional growth story that supports long?term revenue upside if BofA deploys capital efficiently. BofA CEO Moynihan sees India as major growth engine
• Positive Sentiment: BofA expanded retail reach via new Trump-related accounts and an auto?finance arrangement — moves that can boost deposits and loan originations, supporting net interest income and fee revenue. Bank Of America Extends Reach With Trump Accounts And Auto Finance Deal
• Neutral Sentiment: BofA named Lo Piccolo as country head (replacing Mattarella) — an operational leadership change for international business that is unlikely to move near?term earnings but matters for execution abroad. Bank of America appoints Lo Piccolo as country head
• Neutral Sentiment: BofA made a $500,000 grant to FIND Regional Food Bank — positive for corporate social responsibility and local reputation but immaterial to fundamentals. BofA Awards $500,000 Grant to FIND Regional Food Bank
• Neutral Sentiment: BofA’s chief strategist warned the 30?year Treasury yield approaching a critical level — commentary that can influence bond markets and the bank’s interest?rate outlook; implications for margins depend on where long yields settle. Top Bank of America strategist says the long bond is nearing the key line in the sand
• Negative Sentiment: Daiwa Capital Markets lowered expectations for BAC’s share price — a direct analyst downgrade that can weigh on sentiment and short?term flows. Daiwa Capital Markets Has Lowered Expectations for Bank of America
• Negative Sentiment: Policy risk: media and MarketBeat commentary note that the Trump administration’s proposed 10% cap on credit?card interest rates is pressuring U.S. banks, including BofA, because it could materially reduce credit card yields and fee income if enacted. That regulatory uncertainty is a near?term headwind for valuation. MarketBeat Week in Review / credit card cap discussion

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Daiwa Capital Markets lowered their price target on Bank of America from $66.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday. TD Cowen decreased their target price on Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. CICC Research began coverage on Bank of America in a report on Wednesday, January 14th. They set an “outperform” rating and a $62.00 target price on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday. Finally, Phillip Securities increased their price objective on shares of Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.00.

Bank of America Stock Up 0.3%

The firm has a fifty day simple moving average of $54.15 and a 200-day simple moving average of $51.52. The company has a market capitalization of $388.86 billion, a PE ratio of 13.90, a P/E/G ratio of 1.30 and a beta of 1.29. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $27.73 billion. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business’s revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.82 EPS. Equities research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Norges Bank bought a new stake in Bank of America during the second quarter valued at $5,091,641,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Bank of America by 640.5% in the 3rd 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 worth $2,399,798,000 after buying an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after buying an additional 23,351,183 shares during the period. Capital World Investors grew its position in shares of Bank of America by 11.0% during the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after buying an additional 14,275,810 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Bank of America by 124.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after acquiring an additional 9,782,208 shares during the period. Institutional investors own 70.71% of the company’s stock.

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.