Scenarios in which we get 0.4% full year growth while also having a severe recession imply an extremely high standard deviation of quarterly growth rates. View daily, weekly or monthly format back to when Bank of America Corporation stock was issued. Considering BACs quarterly efficiency ratio indicates that, in December 2021, the company increased its ratio as its revenue decreased albeit its expenses increased very slightly. 14 analysts, 7 (50%) are recommending BAC as a Strong Buy, 2 (14.29%) are recommending BAC as a Buy, 5 (35.71%) are recommending BAC as a Hold, 0 (0%) are recommending BAC as a Sell, and 0 (0%) are recommending BAC as a Strong Sell. See BAC's full dividends and stock split history on the Dividend tab. Also, according to the second approach, I calculate the FCFE of the company. BAC has traded at conservative multiples for so long that it can be easy to judge that it is not undervalued based on historical multiples. Seemingly everybody thinks a recession is coming, and some think that the coming recession will be severe. I am not receiving compensation for it (other than from Seeking Alpha). After aggressive monetary policy tightening, the market. Certainly, the ever-steepening yield curve inversion looks bad for banks, but the banks borrow short and lend long theory has been failing empirically in recent years. Then, Brian Moynihan said that investment banking fees would decline 60% in the fourth quartertheyd been declining prior to that, but -60% would be the worst decline this year. BAC stock is at a 17% discount to JPMorgan on a P/TBV basis: While JPM has historically achieved a higher ROTCE than BAC, we do not believe the difference justifies the valuation gap. in the fourth quartertheyd been declining prior to that, but -60% would be the worst decline this year. In the third quarter, BACs pre-tax, pre-provision net income grew 10%. BACs current market capitalization is $269.1bn. Is a market correction imminent? Since then, BAC shares have returned 27% (with dividends) in just over 3 years, despite having fallen 34% from their peak in January 2022. In the current one, even the 1 month bill has a higher yield than the 10 year bond. That would place the stock at just 7.2x earnings. $42.26. When the 1 month treasury has a serious yield on it, things change. This means that even a repeat of the $7.6bn reserve build in Q1-2 2020 would represent a relatively modest figure next to BACs TBV. Thats very cheap. Having looked at various risks and opportunities facing Bank of America in Q4, its time to answer the question I started the article with: Put simply, because Bank of America stock is cheap, and its growing at a decent pace if you exclude PCLs. During recessions, people and businesses become more likely to default on their loans. After projecting the stocks total assets, I calculate its RWAs from 2022 to 2032. However, compared with the second quarter of 2022, its net income is up 15%. In my view, the better metric to track is that of average deposits. Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. The average ROTCE across 2018 to Q1-3 2022 is 14.6%. Based on the current $295 billion market cap, these numbers would represent almost 10% of shares outstanding. We keep the assumptions in our forecasts unchanged: Our new 2025 EPS forecast remains unchanged at $4.17: With shares at $32.26, we expect an exit price of $56 and a total return of 82% (22.5% annualized) by the end of 2025. BAC shares have fallen 13% in December and are now at 1.55x tangible book, 10x normalized P/E and a 2.7% Dividend Yield. The Dividend Yield is 2.7%. Their BAC share price forecasts range from $33.00 to $64.00. INDUSTRY, INNOVATION, AND INFRASTRUCTURE, 12. We have just calculated that the company might earn around $5.14 in earnings per share if current interest rates remain where they are for the long term. Most savers can afford to wait a month until maturity: thats just two pay periods for most people. Price/Book Comparison, Banks (Seeking Alpha) Since 2010, Bank of America's price-to-book ratio has been on a general upward trend. For reference, net interest yield was 2.5% in 2018. Compared to its peer JPMorgan (also Buy-rated; see our review of Q3 2022 results) BAC is more weighted towards U.S. retail banking, its low-cost deposit franchise means it should benefit more from rising interest rates, and it faces less stringent regulatory capital requirements as it continues to grow in size. And while the unabating demand for tech solutions in the digital era might help big tech companies survive a high-interest-rate environment, in our view SentinelOne (S), Marqeta (MQ), C3.ai (AI), and Velo3D (VLD) do not look well-positioned to stay afloat. In the past 5 quarters, BACs Net Interest Yield (as reported) has risen by 23% from 168 bps to 206 bps: BAC Net Interest Yields (FTE Basis) (Last 5 Quarters). BAC credit reserves peaked at $21.1bn, or 1.96% of loans and leases outstanding, at Q2 2020 (compared to $13.5bn and 1.27% respectively at the start of 2020). I have no business relationship with any company whose stock is mentioned in this article. More importantly, we believe BAC earnings have more room to grow than JPMs, as shown by this Q3 snapshot: Q3 P&L JPM vs. BAC (2019, 2021 & 2022). Also, the revenues-to-assets ratio of BAC was relatively stable during the last 10 years (except in 2019, which reflects the effects of the COVID-19 pandemic). The sheer magnitude of BACs selloff, then, would appear to be motivated by fear. Bank of America got hit harder than most banks in last weeks selling. Bank Of America Stock: Step Up To The Plate (NYSE:BAC) Seeking Alpha It operates through the following segments: Consumer Banking, Global The companys provision for credit losses increased from $0.5 billion in 2Q 2022 to $0.9 billion in 3Q 2022. Relative to our assumed long-term ROTCE of 15%, this implies a P/E of 10.4x. The yields on term deposits are going up, but theyre still lower than mortgage rates, and savings accounts still pay almost nothing. BACs valuation has shrunk significantly even as its investment case remains on track, as we will explain below. I have no business relationship with any company whose stock is mentioned in this article. The stock trades at just 10x forward earnings. According to 31 analysts, the average rating for BAC stock is "Buy." The 12-month stock price forecast is 42.26, which is an increase of 30.51% from the latest price. Its being caused by a dearth of tech IPOs, which largely stopped happening when tech stocks crashed. Bank of America's stock, on the other hand, traded at a discount to book value whenever severe economic disasters occurred. The letter from the Birmingham Jail was written on April 16, 1963 by Martin Luther King Jr, this letter defends how people are treated with the violence of racism, he also responded to the public stating his concern. The Q1 drop (50%) would be the steepest in recorded history, while the Q4 gain (111.6%) would also be the highest in recorded history. Drew Angerer Last week, Bank of America ( NYSE: BAC) crashed 10%, as a slew of bad news reports rocked the financial services sector. Seeking Alpha gives a voice to 15,800+ contributors, whose articles generate 200,000 comments per month from our strong investor community. These amounts led to an increase of 359 bps to 65.33%, compared with the quarter that ended in Sep 2021. Wall Street consensus estimates call for solid double-digit earnings growth beyond 2022. Seeking Alpha is a platform for investment research, with broad coverage of stocks, asset classes, ETFs and investment strategy. Recession is the elephant in the room in todays markets. Another element in my valuation is the stocks Tier 1 ratio. Analysts at Bank of America (NYSE: BAC) said the S&P 500 could fall to 3,240 by April, which would be a roughly 18% decline from current levels, before climbing back to around 4,000 by the end of. Additional disclosure: I own the stocks in the Best of Breed portfolio. Jun. In the third quarter of 2022, BACs average loan and lease balances increased by 12% YoY and 1% YoY to $1.0 trillion and $2.0 trillion, respectively. According to my calculations, with total assets CAGR of 1.4% to 1.6%% from 2022 to 2032, Tier 1 ratio of 13%, and COE of 8.5% ( I calculated the COE of BAC using the companys P/B value, ROE, and U.S. 10-year treasury bond yield), Bank of America stock is worth $43.28 per share in my view. Find the latest Bank of America Corporation (BAC#) stock quote, history, news and other vital information to help you with your stock trading and investing. BAC Stock Price - Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. With respect to the $10.3bn increase in Net Income, NII growth was the biggest contributor at $7.1bn (pre-tax), Non-Interest Expense reduction was next biggest at $1.9bn, and Income Tax Expense was $0.8bn lower despite a higher Pre-Tax Income: Source: BAC results supplement (Q4 2018). is up 15%. I wrote this article myself, and it expresses my own opinions. If you have an ad-blocker enabled you may be blocked from proceeding. Net Interest Income is up 24% year-on-year as of Q3, thanks to the Feds rate hikes and the resumption of loan growth. BNY Mellon's asset-management division manages about $2.2 trillion in assets. In 2Q-22, approximately 78% of credit provisions were tied to Bank of America's Consumer Business. Given the current short-term trend, the stock is expected to rise 13.75% during the next 3 months and, with a 90% probability hold a price between $36.91 and $45.44 at the end of this 3-month period. BACs Pre-Provision Profit has grown by more than JPMs on both a year-on-year basis and when compared to 2019. (BAC) NYSE - NYSE Delayed Price . This digital newspaper is written by artificial intelligence and powered by mindtalks , if you are looking for a digital newspaper written by changemakers please visit sdgtalks.ai Copyright 2022. Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that BAC stock will trade within this expected range on the day. I/we have a beneficial long position in the shares of BAC either through stock ownership, options, or other derivatives. Why did I make this bet, when I knew that people were getting very afraid of Bank of Americas stock? There was material news on only one of BACs operating businesses (investment banking), a segment that makes up just 4.8% of total revenue. Finally, theres scenario 3, in which we get a mild recession at the start of the year followed by a brisk recovery. I wrote this article myself, and it expresses my own opinions. To analyze the managements ability to keep expenses and revenues in check, I consider Bank of Americas efficiency ratio in 3Q 2022, and compare it with the third quarter of 2021. Given that the U.S. economy has already experienced two quarters of negative GDP growth, I believe the chances of this happening are extremely low. Buy. Credit cards represent just 11% of consumer loans, however, this segment generates almost a half of earnings Management targets a Payout Ratio of around 30%, and the dividend was raised by 5% (from $0.21) in July. BACs investment banking fees declined 47% last quarter, so weakness in the segment is nothing new. Julian Lin is a top ranked financial analyst. This is a stock worth buying on any dip. Impact of Non-Interest Revenues normalizing from COVID highs should be modest; credit costs should be manageable even in a recession. Compare the impact of news on the stock market, Bank of America: Why I Bought The Panic (NYSE:BAC)Seeking Alpha. If that happens, margins will start to shrink. I find it highly likely that the stock does achieve material multiple expansion if it continues generating solid earnings while repurchasing so much stock. A negative 2/10 spread isnt a problem for BAC, because savers have to commit to a 2 year treasury investment in order to guarantee the high yield. The average price target represents a 68.83% change from the last price of $3.85. I am not receiving compensation for it (other than from Seeking Alpha). Interest rates are rising, yet Bank of America stock is still cheap. Yield curve (U.S. Treasury Yield Curve dot com). Non-Interest Revenues are coming down from COVID highs, but the net impact should be relatively modest. According to the company's 3Q 2022 financial results, its net income decreased by 8% YoY. In other words, this stock is trading at 12x earnings in a low interest rate environment with substantial upside as interest rates rise. This is because, while BACs revenues have grown less quickly, it has been able to achieve this growth with essentially flat expenses; JPM expenses have grown by 17% since 2019. (NYSE:BAC) | Seeking Alpha Long Ideas Financials Is Bank Of America A Good Stock To Buy During The Market Dip? The stock remains cheap even if we assume a severe recession hits and causes earnings and other metrics to decline to 2020 levels (that is, the levels seen during the COVID lows). Bank of America Corporation ( NYSE: BAC) has scheduled its 3Q-22 earnings report for October 17, 2022, and the bank is expected to show continued deterioration in asset quality, indicating larger. The companys net reserve release of $1.1 billion in 3Q 2021 turned into a net reserve build of $378 million in 3Q 2022. If Bank of America's asset quality improves and the bank announces an unexpected QoQ decline in credit provisions for 3Q-22, BAC may continue to trade at a premium valuation. With short term treasuries offering so much yield, Bank of America may face pressure to up its savings account interest. For BANK OF AMERICA CORP stock forecast for 2023, 12 predictions are offered for each month of 2023 with average BANK OF AMERICA CORP stock forecast of $27.3, a high forecast of $30.58, and a low forecast of $26.33. Major banks are likely to experience a continuation of 2Q-22 asset quality trends in the third quarter, giving the market a solid cause to discount institutions like Bank of America's cash flows and profits prospects. Using the free cash flow to equity (FCFE) model, I evaluate that BAC is worth more than $43 per share. Credit costs, even in the event of a recession, should be manageable. Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. Excluding the COVID-19 shock in March 2020, BAC shares had previously troughed at around 1.4x TBV. Our U.S. consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts, the CEO commented. NII growth will also be helped by the continuing strength of BACs low-cost deposit base, which has remained stable since Q3 quarter-end and includes a large component (about $600bn out of $1.9 trillion) of stable consumer deposits in checking or equivalent accounts. The rising interest rate environment may lead to a sustained increase in net interest yields. There arent that many scenarios in which GDP grows 0.4% for the full year but a deep recession occurs in the interim. Bank of America Corporation (BAC) Stock Price, News, Quote & History - Yahoo Finance S&P 500 Bank of America Corporation (BAC) NYSE - NYSE Delayed Price. Our site is the only free, online source for over 2,700 public companies . Provision for credit losses stood at $3.3 billion in 2018 - if we assume it jumps to $6 billion, then the company might earn $44 billion of net income, or $5.14 in earnings per share. company continues to reward shareholders through generous share repurchases and dividends. First, the yield curve reached its deepest inversion since 1990, with a -75 basis point spread between 2 and 10 year treasuries. We believe large U.S. banks like Bank of America and JPMorgan can grow their earnings at GDP +, thanks to their scale, diversified franchises and leading market positions: The core of our investment case is that BAC will maintain a mid-teens long-term Return on Tangible Book Equity (ROTCE) on a growing capital base: NB. While BAC does have quite a few red flags as well, it's well worth noting that its non-U.S. lending book does not have exposure to offshore-based countries, which suggests that WFC is in even a much more risky posture. In my opinion, the ultimate indicator that it is time to avoid cyclical banks is when their equities begin to trade at discounts to book value. Net interest yields have remained stable at around 1.69%. These tech investments have enabled even bigger cost cuts . This is an interesting situation in which investors might be punishing the stock for what happened during the GFC, when in reality the GFC has significantly de-risked the business model. An investment in Bank of America, at its heart, reflects cyclical banking exposure. If this occurs, then its net interest yield may struggle to increase, making rising interest rates a necessity. On average, they expect the company's share price to reach $44.68 in the next twelve months. Please disable your ad-blocker and refresh. The high in the last 52 weeks of Bank of America stock. I believe Bank of America's stock will soon trade at a discount to book value, reflecting the bank's weakening macroeconomic environment. Bank of America Corporation (BAC) stock forecast and price target Find the latest Bank of America Corporation BAC analyst stock forecast, price target, and recommendation trends with in-depth. My portfolio includes my highest conviction ideas that I think will absolutely crush the market over the next decade. Because BACs ROTCE had a step change in 2018, only P/TBV values from 2018 onwards is relevant to the present. Discover magazines in #Sports Cars. The 16% NII growth in 2016-18 was driven by both balance sheet growth and higher rates, with Total Interest-Earning Assets growing 6.1% and Net Interest Yield on Earning Assts growing 8% from 227 bps to 245 bps: BAC Earning Assets & Net Yields (2016-18). Under CECL accounting standards since the start of 2020, banks have had to reserve for all expected credit losses upfront (albeit using probability-weighted figures from a range of scenarios). Most of the upside is expected to come from an upward re-rating in BACs P/E, but the Dividend Yield (currently 2.7% and growing) and the forecasted 4% EPS CAGR during 2021-25 alone should give a high-single-digit annualized return. Using todays stock price and 2020s financial performance, we would get the following multiples for BAC: Basically, if we assume its financials deteriorate to levels seen during the worst recession in recent memory, Bank of America stock STILL looks cheap! Our team adapted well to our new capital requirements and improved our CET1 ratio by 49 basis points to 11%, above our new regulatory minimums, he continued. Estimation of total assets growth is one of the main parts of my valuation. Taken together, they suggest that BAC does not expect a severe recession in 2023. Is this happening to you frequently? However, in the past two years, despite all the macroeconomic challenges, the company was able to make huge profits and develop its operations. I wrote this article myself, and it expresses my own opinions. Julian Lin runsBest Of Breed Growth Stocks, a research service uncovering high conviction ideas in the winners of tomorrow., Get access to hishighest conviction ideas here.. It is possible that BAC has to eventually increase the cost of deposits, or risk ceding deposits to competition. Research news, charts, stock market performance and earnings. Save my name, email, and website in this browser for the next time I comment. The average price target of $48 per share represents only 30% upside. Tencent Music Entertainment (NYSE:TME) shares were upgraded by Morgan Stanley on Thursday, with the investment firm citing " sustainable growth" and a strong free cash flow yield.Analyst Alex Poon raised his rating on Tencent Music Entertainment shares to overweight from equal weight and boosted his price target to $8.50 from $4.50, noting that the company's profit has . Compared with Net Income of $16.5bn in 2021, which was after $11.3bn of credit costs, the P/E is 16x. In fact, when the market adjusts to the prospect of a lengthier recession, I believe all major U.S. banks will begin to trade at discounts to book value once more. Shares of Bank of America Corp rose 4.41% Thursday, on what proved to be an all-around favorable trading session for the stock market. This is a stock worth buying on any dip. BAC.PE (Bank of America Preferred Class E) stock price has stopped reporting on Seeking Alpha. Members of Best Of Breed get exclusive access to our model portfolio. Based on various recent statements by the bank (and its leadership), we can conclude that it expects: Consumer spending to keep rising in 2023 (though at a slower pace than in 2022). Large banks achieve NII on favourable Net Interest Yields, thanks to their cheap deposit funding; yields had shrunk in recent years due to Quantitative Easing ("QE"), but are now rising again, They have large Non-Interest Revenues such as Investment Banking Fees, which tend to become elevated during periods of QE as cheap money stimulates corporate and market activity, offsetting NII weakness, Their cost ratios tend to be stable or improving, as economies of scale and use of technology help them become more efficient, They are now far less vulnerable to economic downturns than in the past, thanks to central banks willingness to deploy QE and much larger capital buffers after the 2008 crisis, BAC: Share price $32.98, TBV/Share $32.98, P/TBV = 1.55x, JPM: Share price $131.59, TBV/Share $69.90, P/TBV = 1.88x, From 2023, Net Income to be 15% retained for growth, 30% paid out as dividends and 55% on buybacks, Buybacks to be carried out at a P/TBV of 1.7x. Bank of America Corporation 7.25%CNV PFD L (BAC.PL) Stock Price Today, Quote & News | Seeking Alpha Ex-Dividend Date 9/30/2022 Payout Date 10/31/2022 Frequency Quarterly More on Dividends . Are institutional investors happy with Collplant Biotechnologies (USA Stocks:CLGN) technical and fundamental indicators? Please disable your ad-blocker and refresh. Then we have scenario 2, where growth is fairly even across all the quarters. The New Year is upon us, inflation is raging, and geopolitical concerns have investors wondering: Which stocks should I pick for 2022? Combined with the fact that deposits are higher than 2018 levels and still growing, this factor alone could account for a sizable increase in earnings. Bank of America reported a net income of $7.1 billion in 3Q 2022, compared with $6.2 billion in 2Q 2022 and $7.7 billion in 3Q 2021. It is impressive if not surprising that the stock has recently come close to former levels, as the strong growth since then has helped overcome the immense dilution required during the financial crisis. In the past 5 quarters, BACs Total Average Loans & Leases have risen 12% year-on-year: BAC Average Total Loans & Leases (Last 5 Quarters). With stories from Autos, Supercars, Electric Vehicles, Automotive Industry, General Motors, BMW, Motorsport, Motor Racing, Classic Cars. Net Interest Income (NII) is up 24% year-on-year as of Q3, thanks to the Feds rate hikes and the resumption of loan growth. If you break it down by quarter, there are many ways in which $10,000 could grow to $10,040, as shown in the table below: As you can see, all of these scenarios result in 0.4% full year GDP growth. Vote00UndoFollow Replies 1 Oldest first Newest first Oldest first 0 Under review SA Admin. Find real-time BAC - Bank of America Corp stock quotes, company profile, news and forecasts from CNN Business. Bank of America Stock (NYSE:BAC), Analyst Ratings, Price Targets, Predictions Analysts publish ratings and price targets on most stocks. For example, a severe recession and negative full year growth, or no recession at all. Optimistic target level: 31.33. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. The negative growth in earnings was entirely due to the reserve build. Negative dynamics for Bank of America shares will prevail with possible volatility of 2.587%. BAC Total Non-Interest Expenses ($bn) (Last 5 Quarters). Its services include vigilance, support, Join the Conversation! We review our Bank of America Corporation (NYSE:BAC) investment case after shares have fallen 13% in December so far and continued to head towards the 52-week low reached in September 2022: Bank of America Share Price (Last 1 Year). Finally, Blackstone (BX) saw a wave of withdrawals from one of its REITs, leading investors to question the health of big institutions. The only catalyst needed is what they've already been doing: aggressively repurchase shares and grow the dividend. As Bank of America Corporation's (NYSE:BAC)) market cap dropped by US$41b, insiders who sold US$831k worth of stock were able to offset their losses. Looking for a portfolio of ideas like this one? JPM stock is at a much higher tangible book multiple of 1.88x, while BAC has tended to trough at 1.4x since 2018, excluding March 2020. Based on next years consensus, the likelihood of a severe recession is quite low. The selloff in Bank of America shares could be described as a panic-driven event. Then, based on the companys total revenue to total assets ratio (which is relatively stable), and BACs capital Tier 1 ratio, I estimate its net income from 2022 to 2023. This is unlikely (financial/economic data tends to mean revert over time), so the consensus points to something like scenario 3. Please. BAC Lowest Forecast Wall Street Target 32.32 USD Get the latest articles, videos, and news about Sports Cars on Flipboard. Yes. It makes little sense to go public in a weak market. With difficulties worsening and no catalysts to warrant a higher value, Bank of America is best avoided before earnings. If you have an ad-blocker enabled you may be blocked from proceeding. In the last quarter, the yield curve was only inverted from the 6 month maturity onward. Pessimistic target level: 30.52. Also, due to lower investment banking and asset management fees as well as lower service charges, BACs noninterest income decreased by 8% YoY to $9.8 billion. BAC has kept its total expenses at $15.3bn in the last 3 quarters, despite elevated inflation, and its Efficiency Ratio has continued to improve (to 62% by Q3), towards to high 50s level that prevailed before COVID-19. Bank of America Corporation (NYSE:BAC) has scheduled its 3Q-22 earnings report for October 17, 2022, and the bank is expected to show continued deterioration in asset quality, indicating larger credit provisions and loan losses. PEACE, JUSTICE AND STRONG INSTITUTIONS. Next, given that the tech sector has crashed so violently, it makes sense that valuations for BAC and other non-tech stocks would fall in sympathy as well. The analyst firm set a price target for 36.00 expecting BAC to rise to. SDG Investors All rights reserved. Across the bank, we grew loans by 12% over the last year as we delivered the financial resources to support our clients. Table 1 shows that BACs RWAs-to-total assets ratio is relatively stable. BAC has a forward dividend yield of 2.69%. It is possible that all the stock needs is an earnings boom from rising interest rates, the kind of macro event that could stir enthusiasm in the stock. BAC stock pays a dividend of $0.22 per quarter, or $0.88 annualized, representing a Dividend Yield of 2.7%. Last Price $32.38 NYSE Closing Price as of 7:00PM ET 12/09/22. Bank of America's 3Q-22 results will be out in around ten days, therefore purchasing the shares is out of the question for me. This is a tricky question. With shares at $32.26, we expect an exit price of $56 and a total return of 82% (22.5% annualized) by the end of 2025. I wrote this article myself, and it expresses my own opinions. Using these stable ratios, I estimate the total revenues and net income of BAC from 2022 to 2032. Price Target. Year to date, Bank of America's ( NYSE: BAC) stock price is down by 19%. A comparison of the 2016 and 2018 P&L statements shows how 2018 represents the real BAC (we have skipped 2017 because it contained one-off tax items related to the U.S. tax cut that year). The Common Equity Tier 1 Ratio stood at 10.4%. Excludes $2.07bn First Data JV impairment in 2019. $BAC - Bank Of America: Bargain At 10x P/E After 13% Decline In December. Discover historical prices for BAC stock on Yahoo Finance. Its nice to know what Bank of America doesnt expect a recession in 2023, however, it is impacted by a number of other factors related to recession risks: The expected 60% decline in investment banking fees. Bank of America's credit provisions, in particular, increased to $523 million in the second quarter, a clear indicator that asset quality may be degrading more broadly amid a rising set of issues for the American consumer. 12/08 06:00. . We believe BAC will be able to deliver these. If Bank of America's credit provisions rise in 3Q, as I think, it might be interpreted as a warning sign that rougher times are ahead for the company and the broader U.S. banking sector. A financial researcher and avid investor with a keen eye for innovation and disruption, as well as growth buy-outs and value stocks. 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