Bank of America (NYSE:BAC) Stock, Quote.Headers.trade-ideas

Bank of America

Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.

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Bank of America to open more than 165 financial centers by end of 2026, including 40 this year. Expanding retail banking presence in Kentucky.

Bank Of America Ramps Up Expansion: Over 165 New Financial Centers Set To Open Across 63 US Markets By 2026

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FITB

Fifth Third Bancorp (NASDAQ: FITB) shares touched a 52-week high of $43.85 on Thursday following the Federal Reserve&#39;s announcement of a 50-basis points interest rate cut.

FITB Stock Hits 52-Week High on Fed Rate Cut: Is It Worth Retaining?

Events

Federal Reserve

In an aggressive start to its monetary policy easing, the Federal Reserve cut the interest rates by 50 basis points, bringing the fund rates to the 4.75-5% range.

This marked the end of an era of aggressive interest rate hikes to tame &#34;persistent&#34; inflation. The central also indicated two more rate cuts this year, which will bring the Fed funds rate down to 4.4% in 2024.

Fed Cuts Interest Rates by 50Bps: What This Means for Bank Stocks

Bank of America Corp

Berenson Acquisition Corp. I Class A Common Stock

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BANK OF CHINA LTD ORD by Bank of China, Ltd.

Bank Of China Ltd

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IMAC Holdings Inc

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BANK OF AMERICA 7.00B PFD by Bank of America Corp.

Bank of America Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 6.000% Non-Cumulative Preferred Stock, Series GG

Bank of America Corporation Depositary Sh repstg 1/1000th Perp Pfd Ser E

Bank of America Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 5.875% Non- Cumulative Preferred Stock, Series HH

Bank of America Corporation Non Cumulative Perpetual Conv Pfd Ser L

Bank of America Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series KK

Bank of America Corporation Depositary shares, each representing 1/1,000th interest in a share of 5.000% Non-Cumulative Preferred Stock, Series LL

Bank of America Corporation Depositary shares, each representing 1/1,000th interest in a share of 4.375% Non-Cumulative Preferred Stock, Series NN

Bank of America Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 4.125% Non-Cumulative Preferred Stock, Series PP

Bank of America Corporation Depositary shares, each representing 1/1,000th interest in a share of 4.250% Non-Cumulative Preferred Stock, Series QQ

Bank of America Corporation Depositary shares, each representing 1/1,000th interest in a share of 4.750% Non-Cumulative Preferred Stock, Series SS

Macro Notification

General

Bank Of America CEO Brian Moynihan Says US Fed Rate Cut Is A Good Start

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) said it is on track to launch over 165 new centers in 63 markets by the end of 2026,<a href="https://www.benzinga.com/pressreleases/24/09/n40977123/bofa-to-open-more-than-165-financial-centers-by-end-of-2026" target="_blank" rel="noreferrer noopener"> including nearly 40 centers this year</a>.
This expansion follows the opening of more than 100 centers in the last two years.
Bank of America is expanding its retail banking presence in Kentucky with the opening of its first financial center in the Louisville area today, followed by a second center set to open on October 7.
The bank plans to establish a total of five financial centers in the Louisville market by the end of 2025.
This latest expansion will increase Bank of America&#8217;s total number of financial centers in Kentucky to 10 by the end of 2027.
Since 2014, Bank of America has invested over $5 billion in growing its financial center network by opening locations in new and existing markets nationwide.
This month, Bank of America appointed Jim Rourke and Michael Liu to lead a new initiative integrating <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/09/40902762/bank-of-america-appoints-executives-to-lead-new-venture-report" rel="noreferrer noopener">investment banking and wealth management</a>.
The Private Client Partnership Development aims to boost asset growth and deal opportunities, focusing on sell-side M&amp;A.
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: BAC shares are down 0.53% at $40.06 at the last check Monday.
Image via Shutterstock
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Fifth Third Bancorp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fitb#NASDAQ">FITB</a>) shares touched a 52-week high of $43.85 on Thursday following the Federal Reserve&#39;s announcement of a 50-basis points interest rate cut.
The FITB stock closed slightly lower at $43.64, gaining nearly 18% over the past six months. It has outperformed its industry, the S&amp;P 500 Index and its close peers like Comerica Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cma#NYSE">CMA</a>) and Bank of America Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) in the same time frame.
<h3>Six-Month Price Performance</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f3/78671.jpg?v=1259988145" />
Image Source: Zacks Investment Research
<h2>Key Drivers Behind FITB Stock&#39;s New 52-Week High</h2>
A major factor for this upward movement of FITB stock can be attributed to the Federal Reserve&#39;s aggressive start to monetary policy easing.
On Wednesday, the central bank signaled two additional rate cuts this year to support the economy. Fed officials further indicated plans for four more cuts in 2025 and two in 2026.
The interest rate cut is a positive development for banks, including Fifth Third, CMA and BAC, which have been struggling with rising funding cost pressures. While higher rates have led to a significant jump in banks&#39; net interest income (NII) the same led to increased funding costs, which squeezed margins.
FITB&#39;s NII has witnessed a three-year (2020-2023) compound annual growth rate of 6.8%. However, the company&#39;s NII declined in the first half of 2024 due to higher funding costs.
So now that the Fed has cut the rates, funding costs will gradually stabilize and eventually start declining, thus supporting FITB&#39;s NII.
<h2>Other Factors Supporting FITB&#39;s Performance</h2>
Raised Guidance: At the Barclays Global Financial Services Conference, FITB raised its third-quarter 2024 outlook. The bank stated that total revenues are now expected to rise 2-3% sequentially in the third quarter from its baseline of $2.2 billion compared with the previous guidance of a 1-2% increase. Also, management updated its non-interest income, now expecting a 3-4% increase from its baseline of $717 million, up from the earlier projection of a 1-2% rise.
Strategic Collaborations: The company has been expanding its embedded payments platform on the back of strategic partnerships, positioning itself for substantial growth in the commercial payments space. Fifth Third&#39;s embedded payments platform, Newline, entered into a collaborative agreement with Trustly in September. This collaboration aims to develop its pay-by-bank arrangements and payments made through the Automated Clearing House&nbsp;and Real Time Payments networks.
In July, the bank announced a collaborative agreement between its embedded payments arm, Newline, and Stripe, a financial infrastructure platform, to expand embedded financial services offerings.
In May 2024, in collaboration with Bottomline, Fifth Third launched Enhanced Payables &mdash; a new payment platform powered by the latter&#39;s business payments network, Paymode-X. This partnership offers customers access to a wide range of payment options, including invoice automation, virtual card payments, premium ACH payments, standard ACH payments, check payments and business-to-consumer payments.
Through such strategic collaborations, the bank anticipates commercial payments to be a $1 billion business in the next five years. This will eventually boost the company&#39;s non-interest income growth over time.
Balance Sheet: The bank has a strong liquidity position. As of June 30, 2024, the company had a total debt (long-term debt and other short-term borrowings) of $19.7 billion and total liquidity (cash and due from banks and other short-term investments) of $23.9 billion. The company&#39;s senior debt enjoyed investment-grade credit ratings of BBB+, A- and Baa1 from Standard &amp; Poor&#39;s, Fitch and Moody&#39;s, respectively. This will likely enable the company to access the debt market at favorable rates.
Impressive Capital Distribution: The company is expected to keep enhancing shareholder value through efficient capital distribution.&nbsp; This month, the company announced a 5.7% rise in quarterly dividend to 37 cents per share. It has increased its dividend five times in the last five years. At present, the company has a dividend payout ratio of 40% with an annualized dividend growth rate of 8.55%.
Similarly, BAC hiked quarterly dividends by 8.3% in July to 26 cents, while CMA has kept its dividend payouts steady at 71 cents per share since February 2023.&nbsp;
In addition to dividends, the company has an impressive share repurchase plan. FITB repurchased 3.5 million of its outstanding common shares in the first half of 2024 as part of the 100-million-share repurchase plan announced on June 18, 2019. As of June 30, 2024, 28.6 million shares remain available under the authorization. Going forward, the company expects to repurchase $200 million worth of shares for each remaining quarter of 2024. Such efforts will enhance shareholder value in the long term.
<h2>Few Concerns Prevail for FITB</h2>
Mounting Expenses: Fifth Third&#39;s non-interest expense saw a five-year CAGR of 2.8%, ending 2023. In the first half of 2024, the non-interest expenses remained flat compared with the same period of last year. Higher compensation and benefits expenses, as well as initiatives, such as branch expansion and digitization, will keep the company&#39;s expense base under pressure in the short term.
Limited Loan Portfolio Diversification: The company&#39;s loan portfolio comprises majorly of commercial loans (61.6% of total portfolio loans and leases as of June 30, 2024). The current rapidly changing macroeconomic backdrop may put some strain on commercial lending. Moreover, in case of any economic downturn, the asset quality of these credit categories might deteriorate. Thus, the lack of loan portfolio diversification is likely to hurt the company&#39;s financials if the economic situation worsens.
<h2>Final Words on FITB</h2>
FITB&#39;s inorganic expansion efforts and a robust balance sheet position, along with the Fed&#39;s recent rate cut, are set to support FITB&#39;s financials in the upcoming period.
<h3>Sales Estimate</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ff/78672.jpg?v=1445542711" />
Image Source: Zacks Investment Research
<h3>EPS Estimate</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/dd/78673.jpg?v=1818770512" />
Image Source: Zacks Investment Research
<h2>Unlocking Valuation</h2>
FITB stock appears expensive relative to the industry. The company is currently trading at the 12-month trailing price-to-earnings (P/E) F12M ratio of 12.49%, above the industry&#39;s 11.59%.
<h3>P/E F12M</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/4f/78674.jpg?v=758532752" />
Image Source: Zacks Investment Research
Though the rising expense and lack of diversification in its loan portfolio remain near-term concerns, FITB&#39;s long-term prospects remain bright.
Considering its expensive valuation, prospective investors can keep this Zacks Rank #3 (Hold) stock on their radar and can wait for a better entry point.
<a href="https://www.zacks.com/stock/news/2339412/fitb-stock-hits-52-week-high-on-fed-rate-cut-is-it-worth-retaining?cid=CS-BENZ-FT-analyst_blog|price_surge_/_plunge-2339412">To read this article on Zacks.com click here.</a>

Investors with a lot of money to spend have taken a bullish stance on Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with BAC, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 17 uncommon options trades for Bank of America.
This isn't normal.
The overall sentiment of these big-money traders is split between 64% bullish and 35%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $131,350, and 15 are calls, for a total amount of $810,953.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $37.0 to $50.0 for Bank of America over the recent three months. 
<h3>Insights into Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Bank of America's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Bank of America's whale trades within a strike price range from $37.0 to $50.0 in the last 30 days. 
<h3>Bank of America Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726844473_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BAC</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$0.9</td>
<td>$0.89</td>
<td>$0.89</td>
<td>$40.00</td>
<td>$102.3K</td>
<td>11.2K</td>
<td>1.3K</td>
</tr>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$3.2</td>
<td>$3.1</td>
<td>$3.1</td>
<td>$39.00</td>
<td>$74.0K</td>
<td>5.3K</td>
<td>478</td>
</tr>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$3.6</td>
<td>$3.5</td>
<td>$3.56</td>
<td>$37.00</td>
<td>$71.2K</td>
<td>788</td>
<td>208</td>
</tr>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$2.83</td>
<td>$2.81</td>
<td>$2.81</td>
<td>$39.00</td>
<td>$60.6K</td>
<td>12.1K</td>
<td>1.6K</td>
</tr>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$2.88</td>
<td>$2.85</td>
<td>$2.87</td>
<td>$39.00</td>
<td>$60.2K</td>
<td>12.1K</td>
<td>2.0K</td>
</tr>
</tbody>
</table>

<h3>About Bank of America</h3>
Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.
Following our analysis of the options activities associated with Bank of America, we pivot to a closer look at the company's own performance.
<h3>Present Market Standing of Bank of America</h3>
<ul>
<li>With a volume of 15,525,512, the price of BAC is down -0.92% at $40.49. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 25 days.</li>
</ul>
<h3>Professional Analyst Ratings for Bank of America</h3>
1 market experts have recently issued ratings for this stock, with a consensus target price of $45.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Deutsche Bank has elevated its stance to Buy, setting a new price target at $45. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Bank of America, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

This Is What Whales Are Betting On Bank of America

WIIM

ALLY

ARES

BBVA

CRBG

LPLA

UPST

Shares of companies in the broader financial services and banking sectors are trading higher amid overall market strength following the Fed's rate cut, which could drive a rise in spending and lending demand.

In an aggressive start to its monetary policy easing, the Federal Reserve cut the interest rates by 50 basis points, bringing the fund rates to the 4.75-5% range.
This marked the end of an era of aggressive interest rate hikes to tame &quot;persistent&quot; inflation. The central also indicated two more rate cuts this year, which will bring the Fed funds rate down to 4.4% in 2024.
Following the announcement, the markets&#39; reaction was subdued, and all three major indexes ended in red on Wednesday. On the other hand, indexes related to banks, including the KBW Nasdaq Bank Index and the S&amp;P Banks Select Industry Index closed in green.
The interest rate cut is a positive development for banks like Bank of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>), Citigroup (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) and Comerica (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cma#NYSE">CMA</a>). Banks have been reeling under increasing funding cost pressure. Though higher rates led to a significant jump in banks&#39; net interest income (NII), the same resulted in increased funding costs, which squeezed the net interest margin.
As interest rates come down, funding costs will gradually stabilize and then decline. Hence, this will alleviate pressure on NIM to some extent.
On the other hand, JPMorgan (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) is expected to witness a fall in NII next year. The company&#39;s president and chief operating officer, Daniel Pinto, during the Barclays Global Financial Services Conference on Sept. 10, warned about a potential decrease in the metric in 2025 because of rate cuts.
<h2>What Else Did the Fed Signal?</h2>
In addition to this year&#39;s further reduction in interest rates, the Fed officials, through its dot plot, signaled four more cuts in 2025 and two in 2026.
This will bring the interest rates close to 2.9% by the end of 2026. It is lower than the 3.1% forecasted during the June FOMC meeting. 
Fed&#39;s Dot Plot
<img alt="Federal Reserve" src="https://staticx-tuner.zacks.com/images/articles/charts/52/78412.jpg?v=538394579" />
Image Source: Federal Reserve
Additionally, the central bank came out with the latest summary of Economic Projects. Per the latest SEP data, the U.S. economy is anticipated to grow at the rate of 2% till 2026.
Moreover, the Fed officials noted that &quot;job gains have slowed and the unemployment rate has moved up but remains low.&quot; They lifted their expected unemployment rate to 4.4% for 2024 from the 4% forecasted at the last update in June.
The central bank lowered the inflation target to 2.3% for 2024 from 2.6% predicted in June.
<h2>How Will Banks Be Impacted?</h2>
Apart from the above-mentioned decrease in funding costs, lower rates mean a rise in loan demand. The lending scenario has been muted as the central bank began tightening its monetary policy in March 2022. This had been hurting banks&#39; financials immensely.
As the rates come down, loan demand is gradually expected to improve. The borrowers who have been on the sidelines because of higher rates are now expected to jump in.
Thus, banks including BAC, C, JPM and CMA are expected to benefit from a solid rebound in loan demand.
Lower rates will also result in a gradual improvement in banks&#39; asset quality as borrowers repay loans.
Nonetheless, all of these are not expected to occur immediately, and investors should not expect a total turnaround in banks&#39; financial performance, at least this year.
<a href="https://www.zacks.com/stock/news/2338546/fed-cuts-interest-rates-by-50bps-what-this-means-for-bank-stocks?cid=CS-BENZ-FT-analyst_blog|industry_focus-2338546">To read this article on Zacks.com click here.</a>

Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares are trading higher by 2.57% to $40.64 Thursday morning. Major indexes and several <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40937291/bank-stocks-hit-inflection-point-after-feds-50-basis-point-cut-analyst-reveal-top-p">bank stocks</a> are higher after the Federal Reserve cut interest rates by 50 basis points.
Why This Matters: Bank of America, like other large banks, generates a significant portion of its income through its net interest margin, which is the difference between the interest it earns on loans and the interest it pays on deposits. 
While a rate cut might initially lower the income from loans, lower rates can stimulate borrowing, potentially increasing loan demand. BofA could capitalize on this with higher volumes of loans, boosting overall interest income despite the lower rates.
As a major lender, BofA stands to benefit from increased loan origination, particularly in mortgage lending, personal loans and corporate financing. This could improve the company&#8217;s loan portfolio and revenue streams.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40938732/wall-street-ramps-up-interest-rate-cut-bets-after-fed-meeting-the-hard-landing-crow">Wall Street Ramps Up Interest Rate Cut Bets After Fed Meeting: &#8216;The Hard-Landing Crowd Should Disperse,&#8217; Economist Says</a>
What Else: With rate cuts, consumers may also be more inclined to refinance existing debt or take on new debt at favorable rates. BofA could see increased activity in its consumer banking division, including mortgages, auto loans and credit cards. 
Increased consumer spending could also drive higher transaction volumes, which would benefit its wealth management and transaction services divisions. 
Read Also: <a href="https://www.benzinga.com/news/large-cap/24/09/40938804/gamestop-ceo-ryan-cohen-penalized-nearly-1m-over-wells-fargo-share-acquisition">GameStop CEO Ryan Cohen Penalized Nearly $1M Over Wells Fargo Share Acquisition</a>
<h2 class="wp-block-heading">How To Buy BAC Stock</h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Bank of America&#8217;s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, BAC has a 52-week high of $44.44 and a 52-week low of $24.96.

What's Going On With Bank Of America (BAC) Shares

Investors are on edge in the lead-up to the Wednesday Federal Open Market Committee interest rate decision that is expected to deliver the first cut to the federal funds rate <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40921827/fed-decision-is-here-5-things-investors-need-to-know-ahead-of-wednesdays-pivotal-in">in over four years.</a>
The market is divided on the magnitude of the anticipated rate cut. Traders are assigning a 59% probability to a 50-basis-point cut, while a 41% chance is placed on a more modest 25-basis-point reduction. The size of the rate cut is crucial as it could trigger significant market reactions.
Should the Fed opt for a 50-basis-point cut, it may be perceived as an acknowledgment that interest rates are overly restrictive. This could lead to increased expectations for further rate cuts in the coming months, potentially fueling risk sentiment and driving stock prices higher.
Conversely, a 25-basis-point cut might disappoint investors who are betting on a more aggressive measure.
Since the start of 2022, the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has experienced an average move of plus or minus 1.3% during FOMC events, reflecting the market&#8217;s high sensitivity to Fed policy decisions.
Goldman Sachs equity analysts, including John Marshall, analyzed stock movements during the first rate cuts in the previous three Fed easing cycles (Sept. 18, 2007, July 31, 2019 and March 3, 2020).
The data highlights the average moves of several key S&amp;P 500 stocks with liquid options during these periods.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Rank</th>
<th>Name</th>
<th>Absolute Average Move</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>Caesars Entertainment Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>)</td>
<td>5.9%</td>
</tr>
<tr>
<td>2</td>
<td>Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>5.5%</td>
</tr>
<tr>
<td>3</td>
<td>Capital One Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>)</td>
<td>4.6%</td>
</tr>
<tr>
<td>4</td>
<td>Charles Schwab Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>)</td>
<td>4.6%</td>
</tr>
<tr>
<td>5</td>
<td>Mastercard Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>)</td>
<td>4.5%</td>
</tr>
<tr>
<td>6</td>
<td>Fortinet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>)</td>
<td>4.3%</td>
</tr>
<tr>
<td>7</td>
<td>Marriott International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>)</td>
<td>4.2%</td>
</tr>
<tr>
<td>8</td>
<td>American Express Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)</td>
<td>3.8%</td>
</tr>
<tr>
<td>9</td>
<td>Newmont Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</td>
<td>3.7%</td>
</tr>
<tr>
<td>10</td>
<td>Deere &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>)</td>
<td>3.6%</td>
</tr>
<tr>
<td>11</td>
<td>BlackRock Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>)</td>
<td>3.6%</td>
</tr>
<tr>
<td>12</td>
<td>Texas Instruments Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</td>
<td>3.5%</td>
</tr>
<tr>
<td>13</td>
<td>3M Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>)</td>
<td>3.3%</td>
</tr>
<tr>
<td>14</td>
<td>Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)</td>
<td>3.2%</td>
</tr>
<tr>
<td>15</td>
<td>JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)</td>
<td>3.2%</td>
</tr>
<tr>
<td>16</td>
<td>Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>)</td>
<td>3.0%</td>
</tr>
<tr>
<td>17</td>
<td>Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>)</td>
<td>3.0%</td>
</tr>
<tr>
<td>18</td>
<td>Starbucks Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>)</td>
<td>2.9%</td>
</tr>
<tr>
<td>19</td>
<td>Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)</td>
<td>2.7%</td>
</tr>
<tr>
<td>20</td>
<td>Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>)</td>
<td>2.3%</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40908202/10-etfs-investors-secretly-bought-before-the-feds-make-or-break-interest-rate-cal">10 ETFs Investors Secretly Bought Before The Fed&#8217;s Make-Or-Break Interest Rate Call</a></li>
</ul>
Federal Reserve illustration created using artificial intelligence via MidJourney.

Broad U.S. Equity ETFs

Econ #s

ETFs

FTNT

NVDA

ORCL

SBUX

SCHW

20 S&P 500 Stocks That Move The Most When The Fed Starts Cutting Interest Rates

The average interest rate for a 30-year fixed mortgage dropped to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35920779/us-mortgage-applications-surge-as-rates-dip-is-the-industry-moving-out-of-the-woods">its lowest point</a> in two years as markets anticipate the Federal Reserve lowering its key interest for the first time in four years, perhaps by as much as 50 basis points.
The rate for the most popular home loan fell 14 basis points in the week ended Sept. 13 to 6.15%, marking the lowest rate since September 2022, the Mortgage Bankers Association said on Wednesday.
The rate also fell 14 basis points during the previous week.
&#8220;The 30-year fixed mortgage rate, at 6.15 percent, is now at its lowest since September 2022 and is more than a full percentage point lower than a year ago,&#8221; said Joel Kan, MBA's deputy chief economist.
Read Also: <a href="https://www.benzinga.com/top-stories/24/07/39621351/mortgage-applications-fall-as-rates-climb-back-above-7">Mortgage Applications Fall As Rates Climb Back Above 7%</a>
"Refinance applications were up 24 percent – more than double last year's pace, with both conventional and government activity jumping to the fastest pace of refinancing since 2022."
The refinancing share of mortgage activity increased to 51.2% of total applications from 46.7% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.9% of total applications.
Price Action: Mortgage lenders saw gains and losses during Wednesday&#8217;s trading session.
<ul>
<li>Rocket Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>) was down 1.35% to $20.39.</li>
<li>Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) dropped 0.13% to $39.50.</li>
<li>LendingTree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>) was up 0.27% to $58.53</li>
</ul>
Exchange-traded funds that hold these stocks also rose and fell on Wednesday.
<ul>
<li>The Meet Kevin Pricing Power ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PP#NYSE">PP</a>) was down 0.31%.</li>
<li>Adaptiv Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADPV#NYSE">ADPV</a>) rose 0.11%.</li>
<li>Davis Select Financial ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/DFNL#BATS">DFNL</a>) was up 0.22%.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40485557/30-year-mortgage-rates-hit-15-month-low-but-applications-pull-back-after-recent-spikes-real-esta">30-Year Mortgage Rates Hit 15-Month Low, But Applications Pull Back After Recent Spikes: Real Estate Stocks React Wednesday (CORRECTED)</a></li>
</ul>
Photo: Shutterstock

Real Estate

ADPV

DFNL

TREE

Mortgage Rates Drop To 2-Year Low, Refinancing Hits 'Fastest Pace' Since 2022: Rocket, LendingTree Among Movers

While Vice President Kamala Harris surges ahead in polls against her Republican rival Donald Trump, <a href="https://www.benzinga.com/news/24/09/40810498/bill-ackman-and-elon-musk-blast-kamala-harris-for-her-social-media-posts-during-debate-with-trump-ev">she hasn&#8217;t found much traction in the business and investing world. </a>Hedge fund manager John Paulson, the founder of New York-based investment firm Paulson &amp; Co. said on Tuesday in a media appearance that he would pull his money off the market in the eventuality of a Harris win, while Tesla CEO Elon Musk flagged something even more ominous.
Chalk &amp; Cheese: The market timing and investor timing will depend on who the president is, <a href="https://www.foxbusiness.com/politics/billionaire-hedge-fund-manager-says-he-would-pull-his-money-from-market-harris-wins-election">said </a>Paulson in an interview with conservative media outlet Fox News. Paulson is a pro-Trumper and a Republican donor, and the ex-president reciprocates the sentiment. In March, a Bloomberg report said Trump was considering the hedge fund manager for the role of Treasury Secretary.
&#8220;If Harris was elected [I] would pull my money from the market. I&#8217;d go into cash, and I&#8217;d go into gold because I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets,&#8221; he told Fox News. 
Paulson is known for his profitable bet against the subprime mortgage in 2007.
 While Trump wants to extend the 2017 tax cuts implemented during his term in office, Harris was planning to allow them to expire, he said, adding that the latter seeks to raise the corporate tax rate from 21% to 28% and the capital gains tax from 20% to 28%.
The vice president has also proposed a 25% tax on unrealized gains for people having a net worth of $100 million or more, Paulson said. If implemented it would cause &#8220;mass selling of almost everything – stocks, bonds, homes, art – I think it would result in a crash in the markets and an immediate, pretty quick recession,&#8221; he added.
See Also: <a href="https://www.benzinga.com/money/best-value-stocks">Best Value Stocks</a>
Musk Chimes In: When Mario Nawfal, who hosts shows and Twitter Spaces, shared the Fox News clipping of Paulson&#8217;s interview, Musk said, &#8220;[Warren] Buffett is already preparing for this outcome.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Buffett is already preparing for this outcome <a href="https://t.co/fYT6s9uiHo">https://t.co/fYT6s9uiHo</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1836269587710775528?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Musk, who has publicly pledged allegiance to Trump after the first assassination attempt against the former president in a Pennsylvania campaign rally, apparently referred to Berkshire Hathaway, the firm led by Buffett, divesting large positions in some of its key holdings.
Berkshire sold 115 million Apple shares in the first quarter and followed up the sales of another 390 million shares in the second quarter. At the end of June, the firm still owned 400 million Apple shares despite the disposals. At Berkshire&#8217;s annual shareholder meeting held in May, the investment guru said the decision to sell the firm&#8217;s biggest holding Apple was to raise cash to foot the federal tax bill and also in line with his intention to hold more cash during times of uncertainty.
The company&#8217;s <a href="https://www.benzinga.com/markets/24/08/40150958/berkshire-hathaways-massive-277m-cash-hoard-rekindles-tesla-investment-chatter-fund-manager-says-two">cash position at the end of the June quarter was a massive $277 billion. </a>
The Buffet-run investment holding company has also been trimming its stake in Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), another of its core portfolio stocks.
The Berkshire chairman and CEO vouches for value investing &#8211; an investment strategy of betting on quality stocks that trade well below their intrinsic value. He rarely invests in techs, which qualify as growth stocks. Musk, for his part, has been sending feelers to Berkshire and Buffett via his social media posts regarding investing in his flagship electric-vehicle company.
Since Buffett is regarded as a model investor known for his risk-averse strategies, any decision to reduce his equity holdings could negatively impact sentiment toward stocks.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40913930/kamala-harris-moves-from-13-point-deficit-to-7-point-lead-over-trump-in-survey-of-fund-managers-stra">Kamala Harris Moves From 13-Point Deficit To 7-Point Lead Over Trump In Survey Of Fund Managers, Strategists And Economists: Here&#8217;s Why Most Favor A Divided Government</a></li>
</ul>
Image via Shutterstock

Government

Regulations

Politics

Media

Elon Musk Says Warren Buffett Is Positioning For Kamala Harris Win With His $277B Cash Pile As Pro-Trumper John Paulson Warns Of Equity Market Exit

Offerings

Bank Of America Plans To Redeem On September 25, 2024, All $2B Of Its 0.981% Fixed/Floating Rate Senior Notes, Due September 2025

Stocks held by <a href="https://www.benzinga.com/top-stories/24/07/39677935/credit-card-debt-rises-as-consumers-face-higher-costs-of-living">consumer-lending firms</a> fell last week after Wall Street executives warned of lower-income borrowers&#8217; struggling to pay bills.
What Happened: Banking executives at a recent Barclays conference in New York noted how delinquencies are on the rise, the Wall Street Journal <a href="https://www.wsj.com/finance/americans-credit-debt-spending-interest-rates-f3836f23">reported</a>.
The average interest rate on a credit card as of May was 21.51%, up from around 15% in 2019, Federal Reserve data shows.
About 9.1% of credit card balances turned delinquent over the past 12 months to mark the highest rate in over a decade, according to an August report from the Federal Reserve Bank of New York.
"What that tells you is if people do get behind on their payments in this environment, it's tougher to get out of them," TD Cowen analyst Moshe Orenbuch said.
Read Also: &#8216;<a href="https://www.benzinga.com/real-estate/24/08/40666981/the-time-has-come-to-adjust-cheaper-mortgage-rates-could-be-just-weeks-away-but-it-all-hinges-on-thi">The Time Has Come to Adjust&#8217; — Cheaper Mortgage Rates Could Be Just Weeks Away, But It All Hinges On This Data</a>
Why It Matters: Bread Financial, a credit card company that serves lower-income borrowers, said it expects higher charge-off rates — balances that banks write off as a result of lack of payments — this year.
Late payments and charge-offs on auto loans were higher than expected in July and August as borrowers grapple with the cost of living and a worsening labor market, Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) CFO Russ Hutchinson said.
This worried investors because car payments are usually the last bills to go delinquent because cars are needed for transportation.
The average interest rate on a 60-month loan for a new car was 8.2% as of May, according to Fed data, up from 5.3% in 2019.&nbsp;
Over the past year, roughly 8% of auto loans turned delinquent, according to the New York Fed, the highest rate in over a decade. 
Price Action: Consumer-lending companies trended upward into Tuesday&#8217;s early afternoon trading.
<ul>
<li>Enova International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENVA#NYSE">ENVA</a>) rose 3.48% to $83.32</li>
<li>Qifu Techhnology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QFIN#NASDAQ">QFIN</a>) gained 1.02% to $25.17</li>
<li>Regional Management Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RM#NYSE">RM</a>) went up 2.4% to $33.25</li>
</ul>
Car-loan providers also rose on Tuesday.
<ul>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) inched up 0.93% to $39.47</li>
<li>Ally Financial gained 2.42% to $33.83</li>
<li>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) picked up 3.13% to $145.36</li>
</ul>
Read Now: 
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/23/09/34443643/consumer-confidence-wavers-will-retail-stocks-face-a-reckoning">Consumer Confidence Wavers: Will Retail Stocks Face A Reckoning?</a></li>
</ul>
Image: Shutterstock

Economics

Personal Finance

ENVA

QFIN

Not Paying Your Bills? Wall Street Worries That Too Many Credit Card Balances Are Turning Delinquent

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares are trading higher on Tuesday. The bank appointed two executives to spearhead a new initiative aimed at integrating its investment banking and <a href="https://www.benzinga.com/topic/wealth-management">wealth management divisions</a>.
The bank targets increased asset growth and deal opportunities, as <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-16/bofa-names-leaders-to-better-align-investment-bank-wealth-units?sref=TBDibEcD" rel="noreferrer noopener">reported </a>Bloomberg.
Jim Rourke and Michael Liu have been appointed to&nbsp;lead the newly named Private Client Partnership Development.
Read: <a href="https://www.benzinga.com/markets/equities/24/09/40729471/bank-of-america-makes-largest-ever-investments-in-carbon-capture-bets-205m-on-a-cleaner-planet-r" target="_blank" rel="noreferrer noopener">Bank Of America Makes Largest-Ever Investments In Carbon Capture, Bets $205M On A Cleaner Planet</a>
Brendan Hanley&nbsp;and&nbsp;Sam Kumar, co-heads of emerging growth and regional coverage, stated that Rourke and Liu will focus on sell-side M&amp;A opportunities to "increase the quality of actionable mandates and growth of managed assets,".
This month, the bank announced a bold wage hike, driving its minimum hourly rate&nbsp;to $24 and<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40792082/whats-going-on-with-bank-of-america-stock-on-tuesday" rel="noreferrer noopener"> edging closer to a $25 goal by 2025</a>.
This increase will raise the minimum annual salary for full-time U.S. employees to almost $50,000 and applies to all full-time and part-time hourly roles.
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: BAC shares are up 0.30% at $39.22 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40886945/if-fed-cuts-interest-rates-credit-card-aprs-are-still-going-to-be-high-for-now-econ" target="_blank" rel="noreferrer noopener">If Fed Cuts Interest Rates, Credit Card APRs &#8216;Are Still Going To Be High&#8217; For Now, Economist Says</a></li>
</ul>

Management

Bank Of America Appoints Executives To Lead New Venture: Report

Deep-pocketed investors have adopted a bearish approach towards Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BAC usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Bank of America. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 18% leaning bullish and 81% bearish. Among these notable options, 7 are puts, totaling $342,835, and 4 are calls, amounting to $315,220.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $34.0 to $41.0 for Bank of America during the past quarter. 
<h3>Insights into Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Bank of America's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Bank of America's substantial trades, within a strike price spectrum from $34.0 to $41.0 over the preceding 30 days.
<h3>Bank of America Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726581695_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$5.85</td>
<td>$5.8</td>
<td>$5.85</td>
<td>$35.00</td>
<td>$151.5K</td>
<td>407</td>
<td style="text-align: right;">300</td>
</tr>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$6.95</td>
<td>$6.85</td>
<td>$6.95</td>
<td>$34.00</td>
<td>$110.5K</td>
<td>1</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>BAC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$2.75</td>
<td>$2.7</td>
<td>$2.75</td>
<td>$41.00</td>
<td>$50.3K</td>
<td>1.4K</td>
<td style="text-align: right;">195</td>
</tr>
<tr>
<td>BAC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$2.75</td>
<td>$2.7</td>
<td>$2.74</td>
<td>$41.00</td>
<td>$50.2K</td>
<td>1.4K</td>
<td style="text-align: right;">195</td>
</tr>
<tr>
<td>BAC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$2.46</td>
<td>$2.43</td>
<td>$2.46</td>
<td>$41.00</td>
<td>$49.2K</td>
<td>3.0K</td>
<td style="text-align: right;">200</td>
</tr>
</tbody>
</table>

<h3>About Bank of America</h3>
Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.
In light of the recent options history for Bank of America, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Present Market Standing of Bank of America</h3>
<ul>
<li>Trading volume stands at 1,472,951, with BAC's price up by 1.1%, positioned at $39.53.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 28 days.</li>
</ul>
<h3>Expert Opinions on Bank of America</h3>
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $45.0.
<ul>
<li>An analyst from Deutsche Bank upgraded its action to Buy with a price target of $45. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Bank of America options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Unpacking the Latest Options Trading Trends in Bank of America

Consumers&#8217; wallets should get some relief if the<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40882613/builders-first-source-other-homebuilder-stocks-rise-with-catalysts-such-as-mortgage"> Federal Reserve lowers rates</a> this week, but it won&#8217;t be a huge help, according to Benjamin Ayers, senior economist with Nationwide Insurance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWFAX#NASDAQ">NWFAX</a>).
&#8220;It should put some downward pressure on auto rates, mortgage rates, loan rates, but on the other side of the coin, it should put upward pressure on CD rates and saving rates that you get out there,&#8221; Ayers told Benzinga.
Lowering the Fed interest rate by only 25 or 50 basis points will not mean much for consumers in the short term, he adds.
&#8220;It&#8217;s nice but if you can&#8217;t afford a mortgage at the current level, that&#8217;s not going to change if it goes down by 25 basis points. It&#8217;s more kind of the start of a process,&#8221; he said.
&#8220;Six months, a year, 18 months from now, you&#8217;re going to see much lower rates, and that&#8217;ll really help to juice things, but in the near term, it&#8217;s going to have a pretty negligible impact for most people,&#8221; Ayers says.
A rate cut of 25 or 50 basis points doesn&#8217;t mean rates that affect consumers&#8217; wallets will drop expectedly, said Matt Schulz, LendingTree, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>) chief credit analyst.
Read Also: <a href="https://www.benzinga.com/news/24/09/40763384/federal-reserves-potential-rate-cut-pause-jpmorgans-stock-market-warning-and-more-this-week-in-econo">Federal Reserve&#8217;s Potential Rate Cut Pause, JPMorgan&#8217;s Stock Market Warning, And More: This Week In Economics</a>
&#8220;While lower rates are certainly a good thing for those struggling with debt, the truth is that this one rate cut isn't really going to make much of a difference for most people,&#8221; he said.
&#8220;It doesn't change the fact that the best thing people can do to lower interest rates is to take matters into their own hands.&#8221;
He said the average rate on a new credit card offer should stay at a record high of 24.92% for some time if the Fed lowers rates.
&#8220;While they'll almost certainly fall from record highs in coming months, no one should expect dramatically reduced credit card bills anytime soon,&#8221; he said.
&#8220;Barring the Fed unexpectedly stomping on the gas pedal when it comes to lowering rates, credit card APRs are still going to be high for the foreseeable future.&#8221;
A $5,000 credit card balance would take 27 months and $1,528 in interest to pay off at 24.92% if monthly payments of $250 were made. If the interest rate went down by 0.25% because of a 0.25% Fed rate cut, the interest paid over 27 months would fall by $22, resulting in savings of less than a dollar a month, Schulz noted.
Schulz said auto loan rates will get lower, too, if the Fed reduces rates, but consumers should still shop around for financing from other places besides dealerships because their rates are typically much higher.
Saving rates have already started falling and may keep doing so, but consumers don&#8217;t need to panic, he said.
&#8220;Yields aren't going to fall off a cliff immediately after the Fed cuts rates,&#8221; he said.
Price Action: Mortgage lenders and credit card companies trended upward into Monday&#8217;s late-afternoon trading.
<ul>
<li>Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) rose 1.31% to $39.15</li>
<li>Rocket Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>) gained 3.87% to $20.38</li>
<li>Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) went up 1.98% to $133.93</li>
<li>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) went up 1.82% to $141.50</li>
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Image: Shutterstock

Analyst Color

NWFAX

If Fed Cuts Interest Rates, Credit Card APRs 'Are Still Going To Be High' For Now, Economist Says

Bank of America Corporation announced today that it will redeem on October 1, 2024, all $1,750,000,000 principal amount outstanding of its 3.093% Fixed/Floating Rate Senior Notes, due October 2025 (CUSIP No. 06051GGT0) (the "Notes"), at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date of October 1, 2024. Interest on the Notes will cease to accrue on the redemption date.

Bank of America Announces Redemption Of $1.75B 3.093% Fixed/Floating Rate Senior Notes, Due October 2025

Homeowners have more <a href="https://www.benzinga.com/real-estate/24/06/39398524/home-sales-suffer-third-worst-month-in-the-last-10-years">real estate equity </a>than ever before, according to data from the federal government and an investment group.
Total homeowner&#8217;s equity in the U.S. reached $35.1 trillion in this year&#8217;s second quarter, data from the Federal Reserve <a href="https://fred.stlouisfed.org/series/OEHRENWBSHNO">showed</a>.
It fell as low as $29.8 trillion in the last quarter of 2022, but that is way above a most recent low of $8.22 trillion in the first quarter of 2012, according to the Fed data. 
Homeowner&#8217;s equity has skyrocketed 15,845% over the past seven decades from $219 billion in 1951.
Another indicator of homeowner wealth is that households have the least mortgage debt relative to their property value in almost 70 years as homes appreciate in value and homeowners pay down their mortgages, according to data from Bespoke Investment Group.
Read Also: <a href="https://www.benzinga.com/real-estate/24/06/39465243/u-s-home-sales-decline-for-third-month-as-record-prices-pose-persistent-affordability-challenges-dur">U.S. Home Sales Decline For Third Month As Record Prices Pose Persistent Affordability Challenges During Key Selling Season</a>
Household mortgage debt as a percentage of real estate value has halved from 53% in December 2011 to 27.3% in 2021.
&#8220;Consumer balance sheets are rock solid, which is another reason to question the narrative of impending recession,&#8221; Bespoke said.
Mortgage rates fell to <a href="https://www.benzinga.com/markets/24/09/40843840/mortgage-rates-fall-to-lowest-level-since-february-2023">their lowest point</a> in more than 18 months last week. That&#8217;s encouraging homebuyers to refinance the amount they have left to pay on their home loans.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.29 percent from 6.43 percent, marking the sixth straight week in declining rates, according to the Mortgage Bankers Association (MBA).
Price Action: Mortgage lenders saw losses and gains into Friday&#8217;s early-afternoon trading.
<ul>
<li>Rocket Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>) rose 6.11% to $19.90</li>
<li>Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) slipped 0.46% to $38.60</li>
<li>Better Home &amp; Finance Holding Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BETR#NASDAQ">BETR</a>) gained 1.04% to $16.50</li>
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Image: Pixabay

BETR

Homeowners Have Never Been Richer, Data Shows: 'Another Reason To Question Recession Narrative'

Ajit Jain, a key figure at Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) since 1986, has sold more than half of his shares in the company. Jain sold 200 Berkshire Class A shares on Monday for approximately $139 million.
What Happened: This sale represents around 55% of Jain&#8217;s total stake in the conglomerate. He now retains 61 Berkshire shares personally, 55 shares in a family trust, and 50 in the Jain Foundation. The shares were sold at an average price of $695,417.65 each, <a href="https://fortune.com/2024/09/12/berkshire-hathaway-stock-warren-buffetts-insurance-guru-ajit-jain-sells-why/">reported</a> the Fortune.
Jain&#8217;s decision to sell remains unclear, but Steve Check, president and CIO of Check Capital Management speculated it might be due to the stock being fully priced. Berkshire Hathaway&#8217;s stock has surged nearly 23% year to date, surpassing a $1 trillion market cap for the first time.
&#8220;The only reason I can come up with for why he is selling is he thinks the stock is fully priced,&#8221; Check said. 
Tax considerations could also be a factor. Check suggested Jain might be taking advantage of current capital gains tax rates, which could increase if Vice President Kamala Harris&#8216;s <a href="https://www.benzinga.com/news/24/09/40722526/kamala-harris-reveals-28-capital-gains-tax-for-high-earners-toning-down-bidens-proposed-rates-ahead">proposed policies are implemented</a>.
Jain has been instrumental in building Berkshire&#8217;s insurance businesses, which significantly contribute to the conglomerate&#8217;s revenue and earnings.
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Why It Matters: Jain&#8217;s share sale comes at a time when Warren Buffett is making significant moves in the market. Recently, Buffett&#8217;s $13 billion investment in Occidental Petroleum has faced challenges, with <a href="https://www.benzinga.com/markets/equities/24/09/40848034/warren-buffett-13b-bet-on-occidental-petroleum-turns-sour-as-shares-plunge-29-since-mid-april-an">shares plunging 29% since mid-April</a>. This has led to speculation that Buffett might buy more shares, although he is unlikely to take over the company.
Additionally, <a href="https://www.benzinga.com/news/24/09/40805571/bank-of-america-ceo-on-buffetts-share-retreat-i-dont-know-what-exactly-he-is-doing-we-cant-ask">Buffett has been reducing his stake</a> in Bank of America, selling nearly $7 billion worth of shares since mid-July. This has raised questions about his investment strategy, with Bank of America CEO Brian Moynihan stating, &#8220;I don&#8217;t know what exactly he is doing because frankly we can&#8217;t ask.&#8221;
Jain&#8217;s sale also follows his recent caution on the profitability of cyber insurance. At the Berkshire Hathaway <a href="https://www.benzinga.com/news/earnings/24/05/38631112/berkshire-hathaways-ajit-jain-cautions-on-cyber-insurance-amid-risks-each-time-you-write-a-cyber-in">annual shareholder meeting</a> in May, Jain warned that cyber insurance, despite being a $10 billion market, poses significant risks and potential losses.
Buffett has previously praised Jain&#8217;s contributions to Berkshire Hathaway, stating in his <a href="https://in.benzinga.com/content/37328038/warren-buffett-says-his-company-wouldnt-have-been-the-same-without-this-iit-grad">annual letter to shareholders</a> that the company&#8217;s position would not be what it is today without Jain, who joined in 1986. Buffett highlighted Jain&#8217;s role in building the company&#8217;s insurance business, which has been a cornerstone of Berkshire&#8217;s success.
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Warren Buffett's Top Executive Ajit Jain Sells Over Half His Berkshire Hathaway Stake For $139M Amid Speculation On Stock Valuation And Kamala Harris's Tax Policies

Shares of Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) have plummeted 29% since mid-April, impacting Warren Buffett&#8216;s substantial investment in the company.
What Happened: Chris Bloomstran, fund manager at Semper Augustus, suggested that while Buffett might buy more shares, he is unlikely to take over the company. Bloomstran noted that Buffett prefers Occidental to initiate a stock buyback program, which CEO Vicki Hollub has said will only happen after significant debt reduction, Business Insider <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-occidental-petroleum-stock-oil-price-drop-2024-9#:~:text=Occidental%20Petroleum%20shares%20have%20dropped,about%20dema">reported</a> on Friday.
&#8220;I wouldn&#8217;t rule out a purchase of additional shares,&#8221; Bloomstran said, according to the report. 
Further compounding the issue, Buffett holds warrants to buy an additional 83.5 million shares at a strike price of $59.62, nearly 20% above the current market price, according to Bloomstran.
The decline in Occidental&#8217;s stock price aligns with a 23% drop in crude oil prices, driven by concerns over demand and excess supply. Berkshire Hathaway&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) $13 billion investment in Occidental Petroleum is now potentially underwater.
Buffett&#8217;s conglomerate has been accumulating shares of Occidental since early 2022, with a significant buying spree in June at around $60 per share. Currently, Berkshire owns a 29% stake in the oil producer.
The $55-$60 price range had previously acted as a support level for Occidental&#8217;s stock since Buffett began his purchases, but this floor has now been breached for the first time in over two years.
According to HedgeFollowe, Berkshire Hathaway&#8217;s average purchase price for its stake is estimated at $51.22 per share, slightly above the current trading price.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40825182/anthony-scaramucci-said-last-week-bitcoin-could-touch-up-to-200k-now-hes-thanking-living-l?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Said Last Week Bitcoin Could Touch Up to $200K, Now He&#8217;s Thanking &#8216;Living Legend&#8217; Mich</a>
Why It Matters: The setback for Buffett comes amid a <a href="https://www.benzinga.com/news/24/09/40805571/bank-of-america-ceo-on-buffetts-share-retreat-i-dont-know-what-exactly-he-is-doing-we-cant-ask">broader context of strategic shifts</a> and market movements. Recently, Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) CEO Brian Moynihan commented on Buffett&#8217;s reduction of his stake in the bank, noting that Buffett has been a stabilizing force but has sold nearly $7 billion in shares since mid-July.
Buffett has been <a href="https://www.benzinga.com/opinion/24/09/40778693/three-stocks-warren-buffett-is-selling-as-a-recession-nears">selling shares in several companies</a>, including Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Bank of America, as economic uncertainties loom.
Despite these challenges, Buffett&#8217;s investment acumen remains highly regarded. On his 94th birthday, Berkshire Hathaway <a href="https://www.benzinga.com/general/education/24/08/40652464/warren-buffett-celebrates-94th-birthday-with-1-trillion-market-cap-milestone-a-look-back-at-hig">reached a $1 trillion market cap milestone</a>, underscoring his long-term success. 
However, even Buffett has <a href="https://www.benzinga.com/startups/24/09/40693497/warren-buffett-admitted-he-was-too-dumb-and-an-idiot-for-not-investing-in-amazon-early-on-but-finall">admitted to missed opportunities</a>, such as his late investment in Amazon.com Inc.
Back in the mid-1990s, when Amazon was just an online bookstore with big dreams, Buffett had the chance to invest. He also passed on buying shares during Amazon&#8217;s IPO in 1997. 
Reflecting on this now, Buffett doesn&#8217;t shy away from admitting his mistake. &#8220;I was too dumb to realize&#8221; the potential of Amazon and its visionary founder, Jeff Bezos, he&#8217;s said, with his usual blend of humility and humor. 
Action Price: Occidental Petroleum&#8217;s stock is trading at $50.99, up 0.65% on Thursday. However, year to date, the stock has dropped by 15.09%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

AAPL

Warren Buffett $13B Bet On Occidental Petroleum Turns Sour As Shares Plunge 29% Since Mid-April — Analyst Says He Could Buy More

BGC Group Inc., (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) a financial services firm led by Cantor Fitzgerald CEO Howard Lutnick, plans to launch an exchange that will start trading <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40423424/donald-trump-names-howard-lutnick-to-lead-transition-team-heres-what-it-means-for-crypto">secured overnight financing rate</a> (SOFR) futures on Sept. 23 on its new FMX Futures Exchange.
The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR) in June 2023.
&#8220;I think we&#8217;re going to bring competition into the market and I&#8217;m jazzed, jazzed, jazzed,&#8221; Lutnick said in announcing the new exchange on Bloomberg Television on Wednesday.
 FMX Futures Exchange is a consortium backed by Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Barclays (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), Citadel Securities, Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), The Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), J.P.Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Jump Trading Group and Tower Research.
On April 25, these financial services companies together bought a 26% stake in FMX for $172 million, which valued the exchange at $667 million. BGC gave the partners an additional 10% stake contingent upon them hitting certain volume targets, Piper Sandler analyst Patrick Moley wrote in a note on Thursday.
Moley noted that FMX&#8217;s intent is to take some of the Chicago Mercantile Exchange&#8217;s (CME) total monopoly SOFR futures, which make up 30% to 40% of CME&#8217;s interest rate derivative volumes.
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&#8220;We&#8217;re going to create a break in the monopoly built by the Chicago Mercantile Exchange,&#8221; Lutnick said Wednesday. &#8220;It&#8217;s so fun and it&#8217;s so exciting.&#8221;
FMX plans to start trading U.S. Treasury futures in next year&#8217;s first quarter.
FMX is not expected to take "meaningful" market share from CME in interest rate futures until the third year after its launch, Moley said.
&#8220;However, CEO Lutnick believes FMX will have record open interest for a new exchange at the end of year 1,&#8221; he wrote.
Moley said that CME CEO Terry Duffy believes that U.S. regulations will not allow FMX to succeed, given that trades will be cleared by LCH Group, a London-based clearing house.
But Lutnick disagrees with Duffy, Moley said. As a Commodity Futures Trading Commission-recognized organization, it will be clearing trades through a U.S. subsidiary on U.S. soil.
&#8220;Bottom line, FMX has all the regulatory approvals / registrations needed to launch on September 23rd,&#8221; Moley wrote.
&#8220;And while CEO Duffy believes the U.S. government / regulators will eventually intervene and possibly block FMX's use of clearing partner LCH (which we believe would ultimately lead to FMX failing to succeed in IR futures), there is no evidence to suggest this will occur at this point in time.&#8221;
BCG Price Action: BCG Group ticked up 0.11% to $9.26 into Thursday&#8217;s early afternoon trading.
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Futures

Treasuries

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Commodities

Gold Prices Continue On An Uptrend – Is It The Right Time To Buy The Metal Now For Profits In 2024?

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Peter K. Scaturro, Former Partner at Goldman Sachs Global Private Client and Former CEO of Citigroup Global Private Bank, joins Star Mountain Capital as Senior Advisor

BofA Raises U.S. Minimum Hourly Wage to $24, Increasing Starting Salary to Nearly $50K

Analysts Lower Oil Forecasts Amid Demand Slowdown

Bank of America Announces Redemption of $1,750,000,000 3.093% Fixed/Floating Rate Senior Notes, Due October 2025

The Masters Tournament Welcomes Bank of America as Champion Partner

Bank of America Announces Redemption of $2,000,000,000 0.981% Fixed/Floating Rate Senior Notes, Due September 2025

Bank of America Declares Preferred Stock Dividends for Fourth Quarter 2024

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Bank of America Announces Full Redemption of Its Series Z Preferred Stock and Related Depositary Shares

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Bank of America

Bank of America (BAC) Forecast

Bank of America (NYSE:BAC) Stock, Quote.Headers.trade-ideas