Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two and a half years.

But there was no question some big-name stocks performed better than others since the pandemic bottom.

Bank of America's Bumpy Ride: One company that has been a solid investment is U.S. megabank Bank of America Corp (NYSE:BAC).

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At the beginning of 2020, Bank of America shares were trading at $35.35. The stock was priced at around $28 at the start of March, as news of the coronavirus spreading in China prompted concerns about a U.S. pandemic.

When the market crashed later that month, Bank of America shares dropped as low as $17.95 on March 23, 2020.

When the market bounced off pandemic lows, Bank of America began to rebound as well. The stock recovered to a high of $29.01 in June 2020 before its recovery rally stalled. Bank of America shares traded all the way back down to $22.39 the following month.

After a huge break-out to the upside in November, Bank of America finished 2020 back above $30.

The stock rallied to new highs above $40 in April 2021 and climbed as high as $48.69 in November before pulling back to finish 2021 at around $44.50.

Big bank stocks boomed in late 2020 and early 2021 as investors anticipated higher interest rates could be good news for net interest margins. The Federal Reserve was forced to raise interest rates so aggressively to combat inflation that bank stocks slumped in 2022 on fears that higher rates could trigger an economic downturn and negatively impact loan growth.

Bank of America In 2023, Beyond: Bank of America hit its post-pandemic high of $50.11 in February 2022, but bank stock selling pressure intensified throughout the year, sending Bank of America shares down to finish the year at around $33. Today, shares are trading at $36.35.

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Still, investors who bought Bank of America on the day it hit its 2020 pandemic low and held on have generated a decent return on their investment. In fact, $1,000 in Bank of America stock bought on March 23, 2020, would be worth about $2,144 today, assuming reinvested dividends.

Looking ahead, analysts are expecting Bank of America's stock to gain more ground in the next 12 months. The average price target among the 23 analysts covering the stock is $40, suggesting 10% upside from current levels.

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