Bank of America Corp. (BAC) live price

Discover historical price data for Bank of America Corp stocks and take your profit on price changes.

BAC

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46.41 USD -0.66353%

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Bank of America stock prices are now far from their all-time highs. However, many investors are adding this corporation to their investment portfolio. In addition, the holding company pays dividends to shareholders. Securities of this corporation can be considered a reliable asset for long-term investment.

Basic information about the company

Bank of America Corp. is one of the four largest banks in the United States. The beginning of the history of this financial conglomerate is considered the Bank of Italy, founded by Amadeo Giannini in 1904. In 1928, the company was merged with the Los Angeles bank of the same name. During its existence, the corporation stayed afloat even in times of crisis. Bank of America was formally founded in 1998 after merging with NationsBank.

Now the shares of Bank of America are traded on the NYSE under the ticker BAC. In mid-2021, the company had a capitalization of $344.5 billion. BAC Stock's asset value is significantly lower than that of stock market giants such as Amazon, or Tesla. However, Bank of America stock is attracting the attention of investors who are targeting dividend-paying securities of reliable corporations.

Company activities

BAC Financial Holding consists of several divisions that offer credit and insurance services to both individuals and businesses. The holding company's divisions include:

1. Consumer Banking: retail deposit services;
2. Global Wealth & Investment Management: trust management of client assets;
3. Global Banking: services to large companies, holdings, and funds;
4. Global Markets: trading on financial markets (Forex, commodity, and stock market);
5. Legacy Assets & Servicing: issuing loans for the purchase and construction of housing.

Bank of America has recently focused a lot of attention on digitalization. In 2020, the number of mobile banking users exceeded 30 million. BAC has developed Erica, a service based on artificial intelligence. This program can make financial forecasts, make recommendations to improve credit scores, and perform other functions.

The latest news on the stock price

In July, the company reported its second-quarter financial results for 2022, and Bank of America's stock price rose 10 percent during the week. However, in the first half of 2022, the financial holding company's stock price has fallen about 25 percent since the beginning of the year. Bank of America's stock was trading at $33 as of Aug. 10.

BAC's higher share price is being hampered by a report of earnings on securities, which came in below the level forecast by Wall Street analysts in the second quarter of 2022. The figure was $0.73 versus the $0.75 forecast.

✅ Benefits of investing in Bank of America

• At the end of July 2022, Bank of America reported that its net interest income (NII) holding had risen 7% over the past three quarters. Analysts believe that if the NII rate in the fourth quarter of 2022 is $15 billion, the corporation will earn $60 billion of NII in 2023. The increase in this rate is a good sign for shareholders.
• Average loans in the U.S. are up about 3 percent yearly, and net interest income is up about 22 percent. The growth in the lending system indicates that lending activity is not slowing down despite inflation. This is positive for Bank of America's financial activity. In addition, Bank of America cut its efficiency ratio by 5 basis points. This means that the company has reduced its spending for every dollar of revenue.
• In the second quarter of 2022, the corporation paid shareholders $2.2 billion in dividends and share repurchase fees.

❌ Disadvantages of investing in Bank of America

• Bank of America's net income declined in the second quarter of 2022. Several factors contributed to this. First, the corporation made a $523 million provision for credit losses after the company released $1.6 billion in reserves a year earlier. The second factor is rising costs due to penalties from financial regulators.
• Bank of America's stock price is negatively impacted by global events, such as the COVID-19 pandemic and sanctions pressure on Russia.

Financial performance

In July 2022, Bank of America published its financial statements for the 2nd quarter of this year. The holding company's revenues rose to $22.7 billion. As a percentage, this figure increased by about 6%, exceeding analysts' expectations. At the same time, net income decreased to $6.2bn (down 32%).

Bank of America also provided information on consumer loans in the second quarter of 2022. This figure increased by $10 billion. Card loans increased by $5 billion compared to the first quarter of this year. Due to higher tax payments, deposit levels declined by the end of the second quarter of 2022.

Bank of America stock price forecast for 2023

When forecasting the direction of Bank of America's stock price, analysts recommend taking several key points into account. Experts are concerned about an increase in provisions for credit losses. Investors should also keep an eye on credit activity. If the economy manages to avoid a recession, Bank of America will generate earnings of about $4 per BAC share.

Bank of America shares are trading at a fairly low price in August 2022. Unless there are global changes in the global economy, Bank of America securities could go up and reach a $50 price level by the end of 2023. Quotes are expected to rise if interest rates remain at decent levels and a recession does not lead to higher credit losses.

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