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FRESH Analysis Report
Jun 25, 2026
2 days ago · 100% complete · +9 refreshed

Bank of America Corporation

BAC NYSE Categories PDF
Financial Services · Banks - Diversified
Charlotte, NC 28255, United States IPO 1973 bankofamerica.com Updated Jun 25, 3:01am
Price
$57.73
Market Cap
$409.7B
Employees
213,000
Beta
1.20
Avg Volume
36,217,770
CEO
Brian Thomas Moynihan
Business Description

Operating globally through its various subsidiaries, Bank of America Corporation offers a comprehensive range of banking and financial products and services. Its extensive clientele includes individual consumers, small and mid-market businesses, institutional investors, large corporations, and government bodies worldwide. The Consumer Banking division provides diverse options such as traditional and money market savings accounts, certificates of deposit, individual retirement accounts (IRAs), and both interest-bearing and non-interest-bearing checking accounts, in addition to investment products. This segment also issues credit and debit cards, originates residential mortgages and home equity loans, and offers direct and indirect financing for needs like automotive purchases, recreational vehicles, and personal loans. Within its Global Wealth & Investment Management segment, the company delivers investment management, brokerage, banking, and trust and retirement solutions. It also crafts tailored wealth management strategies, including specialized asset management services. The Global Banking segment furnishes a broad spectrum of lending products, including commercial loans, leases, commitment facilities, trade finance, and both commercial real estate and asset-based lending. Furthermore, it provides treasury solutions such as cash management, foreign exchange, short-term investment options, and merchant services, alongside working capital management guidance. This segment also engages in debt and equity underwriting, distribution, and advisory services related to mergers and acquisitions. Through its Global Markets segment, Bank of America performs market-making activities, offers financing, and provides securities clearing, settlement, and custody services. It also devises risk management products employing interest rate, equity, credit, currency, and commodity derivatives, as well as foreign exchange, fixed-income, and mortgage-related instruments. As of December 31, 2021, the corporation served approximately 67 million consumer and small business clients. Its widespread infrastructure comprised around 4,200 retail financial centers and approximately 16,000 ATMs, supplemented by digital banking platforms utilized by roughly 41 million active users. Founded in 1784, Bank of America is headquartered in Charlotte, North Carolina.

Business History
Generated: Jun 25, 2026 3:02am
Price Overview
Last updated: Jun 25, 2026 3:00am (2d ago)
$57.73
-0.18 (-0.31%)
Day Range
$57.39 – $58.33
52-Week Range
$44.75 – $58.33
50-Day MA
$53.14
200-Day MA
$52.34
Volume
30,230,060.00
Analyst Price Targets
Low $50.00
Consensus $61.13
High $71.00
(87 analysts)
Share Structure
Outstanding 7,096,590,651.00
Float 7,068,984,913.00
Free Float 99.6%
High free float — 99.6% of shares trade freely, ~0.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Last updated: Jun 25, 2026 3:06am (2d ago)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Jun 25, 2026 3:06am (2d ago)
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
Industry comparison last run: Jun 25, 2026 3:02am
P/E Ratio (Price per dollar of earnings)
API
Stock Price / EPS (Diluted)
13.22
Stock Price: $57.73
EPS (Diluted): 3.88
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
1.34
Stock Price: $57.73
Total Equity: $303.24B
Shares: 7,546,900,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
13.01
Market Cap: $409.69B
Total Debt: $365.90B
Cash: $231.85B
EBITDA: $40.01B
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$539.1B
Market Cap: $409.69B
Total Debt: $365.90B
Cash: $231.85B
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
56.1%
Gross Profit: $107.42B
Revenue: $191.57B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
19.7%
Operating Income: $37.70B
Revenue: $191.57B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
15.9%
Net Income: $30.51B
Revenue: $191.57B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
10.5%
Net Income: $30.51B
Total Equity: $303.24B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
4.6%
Operating Income: $37.70B
Tax Rate: 19.1%
Equity: $303.24B
Total Debt: $365.90B
Cash: $231.85B
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
0.42
Current Assets: $1,067.08B
Current Liabilities: $2,559.61B
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
1.21
Short-Term Debt: $48.09B
Long-Term Debt: $317.82B
Total Debt: $365.90B
Total Equity: $303.24B
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$25.38
Revenue: $191.57B
Shares: 7,546,900,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$40.18
Total Equity: $303.24B
Shares: 7,546,900,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.67
Operating CF: $12.61B
CapEx: $0.00
Shares: 7,546,900,000
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
2.4%
Last Dividend: N/A
Stock Price: $57.73
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $30.51B
Dividends paid not available in cash flow statement
Industry Benchmarks
Last run: Jun 25, 2026 3:02am
Compares BAC against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Advanced Analysis Forensic deep-dive · three lenses
Three separate reads — Company Quality (is it a great business?), Valuation (is it mispriced?), and General Sentiment (how macro + narrative are pushing it), kept deliberately apart · 2026-06-25 03:09:45
Delvantic - Cairn AI
Quality - wait for a dip below $48 7/10
Solid franchise (quality +41) trading at a 22% premium to fair value (-71), and the rate-narrative tailwind (+45) is exactly what's keeping it bid - so wait, don't chase.
The cruxWhether the hawkish higher-for-longer NIM narrative holds; if it does, the premium persists, if it cracks, price converges back toward the high-$40s deserved value.
Forensic checks Derived mechanically from BAC's filed financials — not from the AI lenses
Liquidity & RunwayFortress Balance Sheet
DilutionShare Count Shrinking
Earnings QualityPoor — Multiple Red Flags
The three lensesswitch a tab for its full read — score + evidence
Company Quality
+41
Solid
edge √Σ 103 · risk √Σ 62 · conf 7/10

Bank of America is a diversified universal bank generating $191.6B of revenue in 2025 with net income of $30.5B (15.9% net margin) and a clear earnings rebound from the 2022-2023 rate-cycle trough. Operating margin recovered to 19.7% from 15.2% in 2024, and net income has now grown for two consecutive years. Per-share value is being concentrated: diluted share count has fallen from 8.56B (2021) to 7.55B (2025), a -3.1% CAGR, with buybacks running nearly 4.5x SBC. That is genuine shareholder-friendly capital return on top of the dividend.

Strengths 3
m70
Disciplined share count reduction
Diluted shares fell from 8.56B to 7.55B (-11.8% over 4 years, -3.1% CAGR) with buyback/SBC ratio of 4.5x - per-share value is being protected, not eroded.
m60
Earnings recovery and scale
Net income rose to $30.5B in 2025 from $26.5B in 2023, operating margin recovered to 19.7%, and revenue more than doubled from $93.9B (2021) to $191.6B - the franchise is earning through the cycle.
m45
Durable diversified franchise
Top-tier US deposit franchise plus Merrill wealth and global markets gives multi-engine revenue; the business has compounded for decades through cycles.
Concerns 4
m40
FCF volatility and weak OCF/NI optic
Reported FCF swung from +$45B (2023) to -$8.8B (2024) to +$12.6B (2025); OCF/NI of 0.27x looks poor but largely reflects bank working-capital mechanics rather than true earnings quality.
m35
Gross/operating margin compression vs 2021
Operating margin fell from 36.2% (2021) to 19.7% (2025) as rate cycle and funding costs normalized; recovery is underway but pre-2022 profitability has not returned.
m25
No insider open-market buying
Zero P-code buys in last 12 months and $31M in sells (mostly routine); no conviction signal from management even after the earnings rebound.
m20
Forensic models mis-fit
Altman Z -0.25 'distress' and accrual flags are not reliable for a deposit-funded bank; ignore but note that standard quality screens cannot validate BAC's balance sheet from this data.
This is a solid, scaled universal bank - not elite, not fragile. The buyback discipline is real and per-share value is being concentrated meaningfully, earnings have re-accelerated, and the franchise is genuinely durable. The scary forensic flags (Altman distress, low OCF/NI) are mostly model-fit problems for a bank, not actual deterioration. What I can't see from this data - capital ratios, NIM, credit quality, HTM marks - is where the real quality call lives, so my confidence caps at 'Solid' rather than 'Strong'. Management behavior looks fine but uninspiring: routine awards, no open-market conviction buys.
Verify before trusting this (6)
  • CET1 ratio, SLR, and LCR vs regulatory minimums and peer banks
  • Net interest margin trend and deposit beta in latest 10-Q/10-K
  • Credit loss provisioning, NPL ratios, and CRE/office exposure
  • Unrealized losses on held-to-maturity securities portfolio
  • Dividend payout ratio and capital return plan (CCAR results)
  • Segment profitability: Consumer, GWIM, Global Banking, Global Markets
Valuation / Mispricing
-71
Rich
edge √Σ 25 · risk √Σ 96 · conf 6/10
Price $57.73 vs deserved ~$47.33 - about 22% above fair value, negative margin of safety. attractive below $48.00

The e2e composite and signal-adjusted fair value both land at $47.33, and the price is $57.73 - a roughly 22% premium to deserved value. That gap lines up cleanly with the bull narrative (higher-for-longer NIMs, accelerating buybacks) being priced in rather than left on the table. For a Solid-but-not-elite money-center bank, paying a premium to a fair value that already credits steady compounding is the opposite of a margin of safety.
Quality is real - scaled franchise, disciplined buybacks concentrating per-share value - which supports the deserved value being in the high-$40s rather than lower. But the earnings-quality haircut hint (Poor, -2) argues against stretching deserved value upward to meet price. Net: this is a good business the market already understands and has bid up. Fairly to richly valued, not cheap.

Cheap signals 1
m25
Quality franchise supports the high end of FV range
Solid quality grade (41), durable deposit franchise and buyback discipline mean $47 deserved value is defensible - downside to fair, not to a crash level.
Rich / priced-in 3
m70
22% premium to composite fair value
Composite and signal-adjusted FV both $47.33 vs $57.73 price. Both methods agree, so this isn't a runaway-model artifact - the gap is real.
m55
Bull case already in the price
The premium implicitly assumes sustained NIMs and accelerating buybacks. That's the consensus steady-compounder story - paying up for it removes the edge.
m35
Earnings-quality haircut argues against stretching FV
EQ score -2 (Poor, multiple flags). Even if some flags are bank-model-fit issues, it's not a reason to mark deserved value above $47; if anything it nudges deserved value lower.
I don't see a mispricing in my favor here. The composite says $47 and the tape says $58 - that's a 22% overpay for a business that's solid, not elite. The quality lens correctly notes the franchise is durable, but durability is exactly what gets priced in first, and it has been. I'd want this in the high $40s before calling it interesting, ideally below $48 to get any real margin of safety against the EQ haircut. At today's price it's a hold-or-trim, not a buy.
Verify before trusting this (4)
  • Forward NIM guidance and deposit beta trajectory in next earnings call
  • Pace and authorization size of buybacks vs CET1 capital
  • Reserve build adequacy and commercial real estate exposure detail
  • Whether the EQ flags reflect normal bank accounting or actual cash-flow deterioration
General Sentiment
+45
Tailwind
tail √Σ 98 · head √Σ 52 · conf 6/10

The macro tape is only mildly stressed (VIX 18.6, S&P -3.3% off highs, neutral regime) and BAC's 1.2 beta means it feels that drag only modestly. What dominates this name right now is a rate-narrative shift: BofA's own economists are calling for three more Fed hikes under a hawkish Warsh, and the press is openly asking whether rising rates change the math for big banks - the answer the market is gravitating toward is yes, positively, via sustained net interest margins. That maps directly onto the active bull story (higher-for-longer NIMs, accelerating capital return) and undercuts the bear case of curve flattening and NIM compression.

Tailwinds 3
m70
Hawkish Fed repricing favors big-bank NIM story
News flow is explicitly reframing rising rates as a positive for big banks, and BofA's own house view now calls for three more hikes. This is the exact scenario the bull narrative on BAC is built on.
m55
Analyst tone firming, not fading
Citi just lifted PT to $66 from $62, consensus is Buy (36 Buys vs 1 Sell), and target $61.13 sits above spot $57.73. No negative revisions this month - tone is quietly supportive and slightly ahead of price.
m40
Blue-chip dividend bid
BAC is being featured among top blue-chip dividend growers - the kind of inclusion that draws defensive/income flows in a neutral-to-choppy tape, which suits a 1.2-beta diversified bank.
Headwinds 3
m35
Neutral tape with rising-rate overhang for equities broadly
10y at 4.41% and a hawkish Fed pivot are a generalized headwind for multiples; with beta 1.2 BAC is not insulated if risk-off deepens, even if the bank-specific read is positive.
m30
Narrative durability is only moderate
Steady-compounder archetype with low cult coefficient means there is no euphoric bid to lean on; if the hawkish-Fed thesis cracks (curve flattens, deposit flight resumes), the story has limited cushion.
m25
Soft near-term momentum
Recent return -0.5% vs 5.6% long-term trend signals the tape has not yet rewarded the rate-story shift - sentiment is improving faster than price action.
Net read leans tailwind. The dominant non-fundamental force here is a freshly hawkish rate narrative landing squarely on the part of BAC's story that bulls already own - higher-for-longer NIMs and capital return - and analyst tone is quietly confirming with PT lifts and no negative revisions. The neutral macro tape and 1.2 beta keep this from being a clean strong tailwind, and the steady-compounder narrative lacks cult-like conviction, so the push is real but not euphoric. I would treat this as a moderate positive sentiment wind at the back, with the obvious flip risk being any sign the Fed pivot or curve thesis cracks.
Verify before trusting this (5)
  • Whether the hawkish-Fed narrative holds through the next FOMC meeting or fades on softer data
  • Yield curve shape - a renewed flattening would gut the NIM-tailwind story
  • Any sell-side PT revisions in the next 2-4 weeks confirming Citi's upgrade direction
  • Deposit-flight commentary at next earnings - a key bear-case trigger
  • Whether bank-sector ETFs (KBE, KRE) start outperforming on the rate repricing
The market-wide tape + this name's exposure to it (beta / sector / narrative durability). Context on the non-fundamental pressure — not a call on the business or the price. processId: detail-general-sentiment
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Three lenses kept deliberately separate — Company Quality (price-agnostic), Valuation (price-conditional), and General Sentiment (non-fundamental macro/narrative pressure). The scores are not blended. Filing-level items (convertibles, lock-ups, customer concentration) are v2 — see each lens's "verify."
Deep Analysis
Last run: Jun 25, 2026 3:05:55 am

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
Not applicable for Mature Earner companies
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
Not applicable for Mature Earner companies
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
Not applicable for Mature Earner companies
4h Dividend Discount Model — For dividend/income stocks only
Not applicable for Mature Earner companies
4i Book Value Analysis — For deep value / turnaround stocks only
Not applicable for Mature Earner companies
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
Not applicable for Mature Earner companies
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 25, 2026 3:06am (2d ago)
Metric 2021 2022 2023 2024 2025
Revenue $93.9B $115.1B $171.9B $192.4B $191.6B
Cost of Revenue $144.0M $22.6B $77.7B $96.4B $84.1B
Gross Profit $93.7B $92.4B $94.2B $96.1B $107.4B
Operating Expenses $59.7B $61.4B $65.8B $66.8B $69.7B
Operating Income $34.0B $31.0B $28.3B $29.3B $37.7B
Net Income $32.0B $27.5B $26.5B $27.1B $30.5B
EBITDA $35.9B $32.9B $30.4B $31.4B $40.0B
EPS $3.60 $3.21 $3.10 $3.25 $3.88
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Last updated: Jun 25, 2026 3:00am (2d ago)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $355.4B $237.5B $341.4B $296.5B $231.8B
Total Current Assets $741.6B $539.4B $704.8B $740.8B $1.1T
Total Assets $3.2T $3.1T $3.2T $3.3T $3.4T
Current Liabilities $2.6T $2.5T $2.3T $2.4T $2.6T
Long-Term Debt $280.1B $276.0B $302.2B $283.3B $317.8B
Total Liabilities $2.9T $2.8T $2.9T $3.0T $3.1T
Total Equity $270.1B $273.2B $291.6B $295.6B $303.2B
Retained Earnings $188.1B $207.0B $224.7B $242.3B $261.7B
Cash Flow (Annual)
Last updated: Jun 25, 2026 3:06am (2d ago)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow -$7.2B -$6.3B $45.0B -$8.8B $12.6B
Capital Expenditure $0 $0 $0 $0 $0
Free Cash Flow -$7.2B -$6.3B $45.0B -$8.8B $12.6B
Acquisitions (net) $0 $0 $0 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks -$25.1B -$5.1B -$4.6B -$13.1B -$24.1B
Net Change in Cash -$32.2B -$118.0B $102.9B -$43.0B -$58.3B
Analyst Estimates (Annual)
Last updated: Jun 25, 2026 3:00am (2d ago)
Metric 2026 2027 2028 2029
Revenue $121.4B
$120.8B – $122.0B
 $127.5B
$125.9B – $128.9B
 $133.7B
$132.8B – $134.5B
 $133.4B
$132.3B – $135.2B
EBITDA $29.6B
$29.4B – $29.7B
 $31.1B
$30.7B – $31.4B
 $32.6B
$32.4B – $32.8B
 $32.5B
$32.2B – $32.9B
Net Income $33.7B
$33.2B – $34.1B
 $38.0B
$36.1B – $39.9B
 $44.1B
$41.8B – $46.4B
 $51.5B
$50.9B – $52.3B
EPS — — — —
Growth Trends (YoY %)
Last updated: Jun 25, 2026 3:06am (2d ago)
Metric 2022 2023 2024 2025
Revenue Growth +22.6% +49.4% +11.9% -0.5%
Gross Profit Growth -1.4% +1.9% +2.0% +11.8%
Operating Income Growth -8.9% -8.5% +3.2% +28.9%
Net Income Growth -13.9% -3.7% +2.3% +12.4%
EBITDA Growth -8.2% -7.7% +3.4% +27.2%
Insider Trading (Recent)
Last updated: Jun 25, 2026 3:06am (2d ago)
Type codes PPurchase SSale AAward / grant MOption exercise FIn-kind (tax) CConversion GGift DReturn to issuer
All SEC Form 4 codes
Open market
P Purchase
Open-market or private purchase of shares.
S Sale
Open-market or private sale of shares.
Compensation (Rule 16b-3)
A Award / grant
Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
D Return to issuer
Securities disposed back to the company under Rule 16b-3.
F In-kind (tax)
Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
I Discretionary
Discretionary transaction under an employee plan — Rule 16b-3(f).
M Option exercise
Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
C Conversion
Conversion of a derivative security into the underlying shares.
E Short expiration
Expiration of a short derivative position.
H Long expiration
Expiration or cancellation of a long derivative position with value received.
O OTM exercise
Exercise of an out-of-the-money derivative.
X ITM exercise
Exercise of an in-the-money or at-the-money derivative.
Other exempt
G Gift
Bona fide gift of securities.
L Small acquisition
Small acquisition under Rule 16a-6.
W Inheritance
Acquisition or disposition by will or the laws of descent.
Z Voting trust
Deposit into or withdrawal from a voting trust.
Other
J Other
Other acquisition or disposition (explained in a Form 4 footnote).
K Equity swap
Transaction in an equity swap or similar instrument.
U Tender / buyout
Disposition via tender of shares in a change-of-control transaction.

Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.

Date Insider Type Shares Price Value
2026-06-15 MOYNIHAN BRIAN T M-Exempt 18,083.00 $0.00 $0
2026-06-15 MOYNIHAN BRIAN T D-Return 18,083.00 $55.87 $1.0M
2026-06-15 MOYNIHAN BRIAN T M-Exempt 18,083.00 $0.00 $0
2026-05-15 MOYNIHAN BRIAN T M-Exempt 18,083.00 $0.00 $0
2026-05-15 MOYNIHAN BRIAN T D-Return 18,083.00 $49.77 $899,991
2026-05-15 MOYNIHAN BRIAN T M-Exempt 18,083.00 $0.00 $0
2026-05-05 Greener Geoffrey S S-Sale 126,756.00 $53.01 $6.7M
2026-05-04 Zuber Maria T A-Award 5,365.00 $0.00 $0
2026-05-04 Woods Thomas D A-Award 5,365.00 $0.00 $0
2026-05-04 Woods Thomas D F-InKind 2,473.00 $52.19 $129,066
2026-05-04 WHITE MICHAEL D A-Award 5,365.01 $0.00 $0
2026-05-04 ROSE CLAYTON STUART A-Award 5,365.01 $0.00 $0
2026-05-04 Ramos Denise L A-Award 5,365.01 $0.00 $0
2026-05-04 NOWELL LIONEL L III A-Award 8,718.15 $0.00 $0
2026-05-04 Martinez Maria A-Award 5,365.00 $0.00 $0
2026-05-04 LOZANO MONICA C A-Award 5,365.01 $0.00 $0
2026-05-04 DONALD ARNOLD W A-Award 5,365.00 $0.00 $0
2026-05-04 ALMEIDA JOSE E A-Award 5,365.00 $0.00 $0
2026-05-04 Allen Sharon L. A-Award 5,365.01 $0.00 $0
2026-04-22 de Weck Pierre J.P. F-InKind 1,096.00 $53.12 $58,220
Dividend History (Last 20)
Last updated: Jun 25, 2026 3:00am (2d ago)
Date Dividend Declaration Record Payment
2026-06-05 $0.28 2026-04-23 2026-06-05 2026-06-26
2026-03-06 $0.28 2026-02-03 2026-03-06 2026-03-27
2025-12-05 $0.28 2025-10-23 2025-12-05 2025-12-26
2025-09-05 $0.28 2025-07-23 2025-09-05 2025-09-26
2025-06-06 $0.26 2025-04-23 2025-06-06 2025-06-27
2025-03-07 $0.26 2025-01-29 2025-03-07 2025-03-28
2024-12-06 $0.26 2024-10-16 2024-12-06 2024-12-27
2024-09-06 $0.26 2024-07-24 2024-09-06 2024-09-27
2024-06-07 $0.24 2024-04-25 2024-06-07 2024-06-28
2024-02-29 $0.24 2024-01-31 2024-03-01 2024-03-29
2023-11-30 $0.24 2023-10-18 2023-12-01 2023-12-29
2023-08-31 $0.24 2023-07-19 2023-09-01 2023-09-29
2023-06-01 $0.22 2023-04-26 2023-06-02 2023-06-30
2023-03-02 $0.22 2023-02-01 2023-03-03 2023-03-31
2022-12-01 $0.22 2022-10-19 2022-12-02 2022-12-30
2022-09-01 $0.22 2022-07-20 2022-09-02 2022-09-30
2022-06-02 $0.21 2022-04-27 2022-06-03 2022-06-24
2022-03-03 $0.21 2022-02-02 2022-03-04 2022-03-25
2021-12-02 $0.21 2021-10-20 2021-12-03 2021-12-31
2021-09-02 $0.21 2021-07-21 2021-09-03 2021-09-24
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for BAC — it's generated by the pipeline (market-narrative step).
Delvantic AI Findings
Independent analyst synthesis · Delvantic - Cairn AI · generated 2026-06-25 03:06:30
Reviews the pipeline's own verdicts
Verdict Modestly overvalued — fair value $48-54 versus $57.73; mature 10.5% ROE bank priced for a re-rating that requires either a JPM-like efficiency leap or sustained higher-for-longer rates. Trim into strength, accumulate below $52.

Looking at the raw numbers first: BAC is doing $191.6B in 2025 revenue versus $192.4B in 2024 — that's actually a slight decline, not growth. Net income grew 12.5% YoY to $30.5B, driven by operating leverage (op income jumped from $29.3B to $37.7B), which is the real story here. The Q1 2026 print at $30.27B revenue with 28.4% net margin looks anomalous versus the $46-49B quarterly run rate — almost certainly a reporting/classification quirk (likely net interest income vs. total revenue presentation), not a 38% sequential collapse. Anyone treating that quarter as a trend signal is misreading bank accounting. P/E of 13.2, P/B of 1.34, ROE ~10.5%, 2.36% dividend yield — this is textbook mature money-center bank pricing, slightly rich to historical median (~11x) but nowhere near bubble territory.

The synthesis verdict of "Disconnected from Fundamentals" with a "29% FCF growth requirement" is, frankly, model malpractice. You cannot run a reverse-DCF on a bank using reported FCF of $12.6B because banks don't have meaningful FCF in the industrial sense — loan growth consumes "cash," deposits create it, and capex is trivial. The right anchor for BAC is ROTCE, P/TBV, and dividend discount modeling on earnings, not free cash flow. The pre-flight model gets this right ("traditional," ~11-12% ROTCE, 1.0-1.2x P/TBV). The Market Forces "deteriorating franchise" call is similarly overcooked — net income up 12.5%, operating income up 29% YoY, and the $231B cash position with stable deposit base does not look like structural decline. The bear case on the AOCI/HTM securities portfolio drag is real (BAC has ~$100B in unrealized losses on its HTM book), but that's a known, slowly-amortizing headwind, not a hidden bomb. The narrative engine's $47.33 DCF anchor implying a 22% premium is more defensible but still leans on a flawed cash flow framework.

A genuine contrarian critique that the models miss: BAC's efficiency at this scale is structurally constrained, and the 10.5% ROE meaningfully lags JPM (~17%) and even WFC's recovery trajectory. If you're paying 1.34x book for a 10.5% ROE business, your forward return is roughly ROE/(P/B) ≈ 7.8% — fine, not exciting. The real risk isn't a "narrative collapse"; it's that BAC continues to under-earn peers while paying out 2.4% and buying back stock at slightly above tangible book, generating ~8-9% total returns in a market where the risk-free rate is 4%+. That's the actual bear case: opportunity cost, not collapse. The insider S-Sale of 126,756 shares on 5/5/2026 is routine for a bank exec at this size — not a signal. The "decelerating quarterly trend" flag is an artifact of the Q1 2026 reporting anomaly; ignore it.

Net verdict: I dissent from the synthesis "Disconnected from Fundamentals" call — that framework is wrong for banks. I partially agree with the narrative engine that there's modest premium baked in, but $47 fair value feels too punitive. On 2025 EPS of ~$3.90 and a normalized 11-12x multiple for a mid-tier-ROE money center, fair value lands around $48-54. At $57.73 you're paying ~14.8x for ~10.5% ROE and 2.4% yield — slightly rich but not absurd. The setup is "hold if owned, don't chase here." A pullback to $50-52 (roughly 1.15x tangible book) would be a genuine buy; current levels offer mediocre forward returns with real AOCI/NIM tail risk if the curve flattens or credit deteriorates in 2026.

GPT Critique
Second-opinion review · gpt-4o · generated 2026-06-25 03:06:37
Reviews the Opus findings above
Verdict I align with Opus on overvaluation but with a narrower range—fair value closer to $50-52 compared to their $48-54; this considers the tangible book value more heavily amid macro uncertainties.

Bank of America's financial picture is deeply rooted in its consistent revenue generation and stable, if not stellar, profitability. The company's revenue has hovered around the $190 billion mark for the past two years, with a slight decrease from $192.43 billion in 2024 to $191.57 billion in 2025. This stagnation is indicative of BAC's mature status in the financial sector rather than a growth-driven enterprise. The net income growth to $30.51 billion in 2025, a 12.5% increase year-over-year, is notable, driven by an impressive rise in operating income from $29.25 billion to $37.7 billion. This highlights a significant boost in operational efficiency, albeit against the backdrop of a flat revenue landscape.

I concur with Opus that Bank of America's valuation, with a P/E ratio of 13.2 and a P/B ratio of 1.34, suggests it is trading at a slight premium relative to its historical valuations. However, I disagree with Opus’s dismissal of the "Disconnected from Fundamentals" label as model malpractice. While free cash flow (FCF) metrics may be less applicable to banks, the concern regarding a 29% FCF growth expectation being baked into its pricing does highlight a disconnect if viewed through the wrong lens. Opus rightly points out the need for using ROTCE and P/TBV for valuation metrics, which aligns more appropriately with banking industry standards.

Furthermore, Opus's argument that the Market Forces' claim of BAC as a "deteriorating franchise" is overstated finds support from the numbers. The 12.5% increase in net income and the stable cash position of $231.85 billion underscore a franchise that, while not experiencing rapid growth, is far from decline. However, I am less convinced by Opus's downplay of the $100 billion unrealized loss on the HTM securities portfolio. Although these losses are indeed a known factor, they represent a significant, ongoing financial burden that cannot be ignored and reflect negatively on BAC's asset management efficiency.

A careful skeptic might argue that both Opus and the AI model may underappreciate the potential macroeconomic headwinds BAC faces. The reliance on a stable interest rate environment for maintaining net interest margins is precarious, given the unpredictable nature of monetary policy. Additionally, the potential for increased loan loss reserves, as flagged by skeptics in the market narrative, poses a real risk should economic conditions deteriorate.

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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30