Bank of America (BAC)
Market Price (7/26/2026): $62.05 | Market Cap: $450.2 BilInvestor Relations Sector: Financials | Industry: Diversified Banks
Bank of America (BAC)
Market Price (7/26/2026): $62.05Market Cap: $450.2 BilSector: FinancialsIndustry: Diversified Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 13% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%, CFO LTM is 57 Bil, FCF LTM is 57 Bil Stock buyback supportStock Buyback 3Y Total is 53 Bil Low stock price volatilityVol 12M is 22% Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Digital & Alternative Assets. Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Key risksBAC key risks include [1] net interest income compression due to high sensitivity to interest rate changes and [2] potential for increased loan losses from deteriorating credit quality in its commercial real estate portfolio. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 13% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%, CFO LTM is 57 Bil, FCF LTM is 57 Bil |
| Stock buyback supportStock Buyback 3Y Total is 53 Bil |
| Low stock price volatilityVol 12M is 22% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Digital & Alternative Assets. Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Key risksBAC key risks include [1] net interest income compression due to high sensitivity to interest rate changes and [2] potential for increased loan losses from deteriorating credit quality in its commercial real estate portfolio. |
Qualitative Assessment
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Bank of America (BAC) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Exceptional Q1 and Q2 2026 Earnings Performance.
Bank of America reported strong financial results for both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026). In Q1 2026, the company's diluted earnings per share (EPS) reached $1.11, surpassing analyst estimates of $1.02, while revenue hit $30.272 billion, beating estimates of $30.230 billion. Net income for the quarter rose 17% year-over-year to $8.6 billion. This strong performance continued into Q2 2026, with EPS surging 34% year-over-year to $1.21, exceeding estimates of $1.13, and revenue increasing 15% to $31.6 billion.
2. Robust Net Interest Income and Investment Banking Growth.
A significant driver of the earnings beats was the growth in Net Interest Income (NII) and a strong showing in investment banking and trading activities. Bank of America's NII climbed 9% in both Q1 2026 to $15.9 billion and Q2 2026 to approximately $16.2 billion. In Q1 2026, equities trading revenue jumped 30% to $2.83 billion, marking its best quarter in 15 years, and investment banking fees climbed 21% to $1.8 billion. This momentum accelerated in Q2 2026, with investment banking fees soaring by 50% to over $2.1 billion.
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Bank of America (BAC) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Exceptional Q1 and Q2 2026 Earnings Performance.
Bank of America reported strong financial results for both fiscal Q1 2026 (ended March 31, 2026) and fiscal Q2 2026 (ended June 30, 2026). In Q1 2026, the company's diluted earnings per share (EPS) reached $1.11, surpassing analyst estimates of $1.02, while revenue hit $30.272 billion, beating estimates of $30.230 billion. Net income for the quarter rose 17% year-over-year to $8.6 billion. This strong performance continued into Q2 2026, with EPS surging 34% year-over-year to $1.21, exceeding estimates of $1.13, and revenue increasing 15% to $31.6 billion.
2. Robust Net Interest Income and Investment Banking Growth.
A significant driver of the earnings beats was the growth in Net Interest Income (NII) and a strong showing in investment banking and trading activities. Bank of America's NII climbed 9% in both Q1 2026 to $15.9 billion and Q2 2026 to approximately $16.2 billion. In Q1 2026, equities trading revenue jumped 30% to $2.83 billion, marking its best quarter in 15 years, and investment banking fees climbed 21% to $1.8 billion. This momentum accelerated in Q2 2026, with investment banking fees soaring by 50% to over $2.1 billion.
3. Positive Analyst Sentiment and Raised Price Targets.
Following the strong financial results, analysts maintained a positive outlook on Bank of America. Several firms reiterated "Buy" or "Outperform" ratings and raised their price targets for the stock. As of July 14, 2026, the stock carried a consensus rating of "Moderate Buy" with an average target price of $62.19. For example, Jefferies reiterated a Buy rating and a $70.00 price target in July 2026, and Goldman Sachs set a price target of $71.00.
4. Favorable Macroeconomic Environment for the Banking Sector.
The broader macroeconomic environment provided a tailwind for Bank of America. The banking sector entered 2026 on a relatively strong footing, with expectations of continued loan growth as interest rates potentially fall and deposit costs continue to drop. Investment banking and capital markets were projected for growth due to demand for dealmaking and lower capital costs. State Street upgraded its outlook on the financials sector from neutral to positive in fiscal Q3 2026, citing a stabilizing backdrop, stronger growth outlook, and a potential resolution to geopolitical conflicts leading to reduced inflation and lessened threats of federal interest rate hikes.
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Stock Movement Drivers
Fundamental Drivers
The 27.9% change in BAC stock from 3/31/2026 to 7/25/2026 was primarily driven by a 21.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.50 | 62.05 | 27.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 113,978 | 116,003 | 1.8% |
| Net Income Margin (%) | 26.7% | 27.3% | 2.2% |
| P/E Multiple | 11.7 | 14.2 | 21.2% |
| Shares Outstanding (Mil) | 7,364 | 7,256 | 1.5% |
| Cumulative Contribution | 27.9% |
Market Drivers
3/31/2026 to 7/25/2026| Return | Correlation | |
|---|---|---|
| BAC | 27.9% | |
| Market (SPY) | 13.6% | 25.2% |
| Sector (XLF) | 14.1% | 77.7% |
Fundamental Drivers
The 14.0% change in BAC stock from 12/31/2025 to 7/25/2026 was primarily driven by a 4.0% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.41 | 62.05 | 14.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 112,114 | 116,003 | 3.5% |
| Net Income Margin (%) | 26.3% | 27.3% | 4.0% |
| P/E Multiple | 13.8 | 14.2 | 3.0% |
| Shares Outstanding (Mil) | 7,466 | 7,256 | 2.9% |
| Cumulative Contribution | 14.0% |
Market Drivers
12/31/2025 to 7/25/2026| Return | Correlation | |
|---|---|---|
| BAC | 14.0% | |
| Market (SPY) | 8.7% | 42.0% |
| Sector (XLF) | 3.3% | 80.7% |
Fundamental Drivers
The 34.0% change in BAC stock from 6/30/2025 to 7/25/2026 was primarily driven by a 10.5% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.31 | 62.05 | 34.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 108,285 | 116,003 | 7.1% |
| Net Income Margin (%) | 25.5% | 27.3% | 7.0% |
| P/E Multiple | 12.9 | 14.2 | 10.5% |
| Shares Outstanding (Mil) | 7,678 | 7,256 | 5.8% |
| Cumulative Contribution | 34.0% |
Market Drivers
6/30/2025 to 7/25/2026| Return | Correlation | |
|---|---|---|
| BAC | 34.0% | |
| Market (SPY) | 20.6% | 44.9% |
| Sector (XLF) | 8.8% | 78.6% |
Fundamental Drivers
The 133.1% change in BAC stock from 6/30/2023 to 7/25/2026 was primarily driven by a 89.4% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.61 | 62.05 | 133.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 97,980 | 116,003 | 18.4% |
| Net Income Margin (%) | 29.2% | 27.3% | -6.5% |
| P/E Multiple | 7.5 | 14.2 | 89.4% |
| Shares Outstanding (Mil) | 8,066 | 7,256 | 11.2% |
| Cumulative Contribution | 133.1% |
Market Drivers
6/30/2023 to 7/25/2026| Return | Correlation | |
|---|---|---|
| BAC | 133.1% | |
| Market (SPY) | 72.6% | 56.8% |
| Sector (XLF) | 74.5% | 80.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BAC Return | 50% | -24% | 5% | 34% | 28% | 13% | 131% |
| Peers Return | 37% | -13% | 20% | 45% | 49% | 13% | 249% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| BAC Win Rate | 67% | 42% | 50% | 75% | 67% | 43% | |
| Peers Win Rate | 63% | 43% | 53% | 62% | 72% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| BAC Max Drawdown | -15% | -39% | -30% | -17% | -28% | -18% | |
| Peers Max Drawdown | -15% | -35% | -23% | -13% | -28% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JPM, WFC, C, MS, GS. See BAC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/24/2026 (YTD)
How Low Can It Go
| Event | BAC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.8% | -18.8% |
| % Gain to Breakeven | 32.9% | 23.1% |
| Time to Breakeven | 77 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.2% | -7.8% |
| % Gain to Breakeven | 13.9% | 8.5% |
| Time to Breakeven | 67 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.1% | -9.5% |
| % Gain to Breakeven | 26.7% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.9% | -6.7% |
| % Gain to Breakeven | 31.3% | 7.1% |
| Time to Breakeven | 313 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.4% | -24.5% |
| % Gain to Breakeven | 52.5% | 32.4% |
| Time to Breakeven | 644 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.6% | -33.7% |
| % Gain to Breakeven | 90.8% | 50.9% |
| Time to Breakeven | 297 days | 140 days |
In The Past
Bank of America's stock fell -24.8% during the 2025 US Tariff Shock. Such a loss loss requires a 32.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | BAC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.8% | -18.8% |
| % Gain to Breakeven | 32.9% | 23.1% |
| Time to Breakeven | 77 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.1% | -9.5% |
| % Gain to Breakeven | 26.7% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.9% | -6.7% |
| % Gain to Breakeven | 31.3% | 7.1% |
| Time to Breakeven | 313 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.4% | -24.5% |
| % Gain to Breakeven | 52.5% | 32.4% |
| Time to Breakeven | 644 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.6% | -33.7% |
| % Gain to Breakeven | 90.8% | 50.9% |
| Time to Breakeven | 297 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.3% | 23.8% |
| Time to Breakeven | 84 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -36.8% | -12.2% |
| % Gain to Breakeven | 58.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -29.4% | -6.8% |
| % Gain to Breakeven | 41.6% | 7.3% |
| Time to Breakeven | 197 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -45.3% | -17.9% |
| % Gain to Breakeven | 83.0% | 21.8% |
| Time to Breakeven | 429 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.9% | -15.4% |
| % Gain to Breakeven | 35.0% | 18.2% |
| Time to Breakeven | 1338 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -91.5% | -53.4% |
| % Gain to Breakeven | 1079.1% | 114.4% |
| Time to Breakeven | 3916 days | 1085 days |
In The Past
Bank of America's stock fell -24.8% during the 2025 US Tariff Shock. Such a loss loss requires a 32.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bank of America (BAC)
Bank of America Corporation (BAC) is a leading global financial institution that provides a comprehensive range of banking and financial products and services. It serves an extensive client base, including individual consumers, small and middle-market businesses, large corporations, institutional investors, and governments worldwide. Essentially, the company functions as a universal bank, delivering essential financial services across diverse client needs and market segments.
The company's offerings span several key areas. Its Consumer Banking segment provides everyday financial products such as savings and checking accounts, credit and debit cards, residential mortgages, and various consumer loans. For high-net-worth individuals and families, the Global Wealth & Investment Management segment delivers specialized investment management, brokerage, trust, and wealth management solutions. Furthermore, the Global Banking segment caters to businesses and corporations with commercial lending, treasury management services, and advisory services, including debt and equity underwriting.
Beyond traditional banking, Bank of America's Global Markets segment engages in sophisticated financial market activities. This includes market-making, financing, securities clearing, and risk management products utilizing derivatives, foreign exchange, fixed-income, and mortgage-related instruments. This allows the bank to serve institutional clients and facilitate capital markets transactions globally. With a vast network of physical locations and a strong digital presence, Bank of America maintains significant reach and scale across domestic and international markets.
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The Amazon of financial services.
A financial Walmart.
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Bank of America (BAC) Major Products and Services
- Consumer Deposit Accounts: Offers a range of accounts including checking, savings, money market, Certificates of Deposit (CDs), and IRAs for individual consumers.
- Consumer Lending: Provides various loans and credit products such as credit cards, debit cards, residential mortgages, home equity loans, and personal loans (e.g., automotive, recreational vehicle).
- Wealth Management & Investment Services: Delivers investment management, brokerage, trust, retirement planning, and customized wealth solutions to high-net-worth individuals and institutions.
- Commercial Lending: Offers lending products and services including commercial loans, leases, commitment facilities, trade finance, and commercial real estate lending to businesses and governments.
- Treasury & Payment Solutions: Provides treasury management, foreign exchange, short-term investing, working capital management, and merchant services for businesses.
- Investment Banking: Facilitates debt and equity underwriting and distribution, along with merger-related and other financial advisory services.
- Global Markets & Trading: Offers market-making, financing, securities clearing, settlement, custody services, and risk management products across various asset classes like interest rates, equities, and currencies.
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Major Customers of Bank of America (BAC)
Bank of America serves a broad range of clients. Based on the description, particularly the mention of "approximately 67 million consumer and small business clients," the company primarily serves individuals and smaller business entities. Its major customer categories include:
- Individual Consumers: This category encompasses a vast number of clients who utilize traditional and money market savings accounts, checking accounts, credit and debit cards, residential mortgages, home equity loans, and various consumer personal loans.
- High-Net-Worth Individuals and Families: Served through its Global Wealth & Investment Management segment, these clients receive specialized investment management, brokerage, banking, trust, and retirement products and services, including customized wealth management solutions.
- Small and Middle-Market Businesses: While technically companies, Bank of America groups these clients with consumers in its large client count. These businesses receive services such as commercial loans, leases, treasury solutions, working capital management, and other banking products tailored to their operational needs.
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Brian T. Moynihan, Chairman and Chief Executive Officer
Brian Moynihan became CEO of Bank of America in 2010 and was named Chairman in 2010. He joined FleetBoston Financial in 1993, managing its brokerage and wealth management division from 1999 to 2004. Following Bank of America's merger with FleetBoston Financial in 2004, he joined Bank of America. He was named CEO of Merrill Lynch after its acquisition by Bank of America in September 2008. Before his banking career, Moynihan began as an attorney at Edwards & Angell LLP.
Alastair Borthwick, Executive Vice President and Chief Financial Officer
Alastair Borthwick was appointed Chief Financial Officer of Bank of America in 2021. Prior to this, he served as President of Global Commercial Banking for Bank of America from 2012 to 2021. Borthwick also held positions as Managing Director and Co-Head of Global Capital Markets, and Head of Global Investment Grade Debt Capital Markets at Bank of America. He joined Bank of America in 2005, having spent the preceding 12 years at Goldman Sachs.
Dean Athanasia, Co-President
Dean Athanasia was named Co-President of Bank of America in September 2025. He jointly oversees all lines of business across the company's four segments and is responsible for driving company-wide strategic initiatives. He served as Executive Vice President and Chief Operating Officer from 2021 to 2024.
Jim DeMare, Co-President
Jim DeMare was appointed Co-President of Bank of America in September 2025, sharing oversight of all lines of business and strategic initiatives. He possesses over three decades of experience in the financial services industry. Most recently, he led Global Markets for Bank of America. Before joining Bank of America in 2008, he held various management and senior trading positions in fixed income at other financial institutions.
Tom Scrivener, Chief Operations Executive
Tom Scrivener is the chief operations executive for Bank of America, responsible for delivering integrated operations solutions across all business lines. He joined the company in 2002. His previous roles at Bank of America include leading the Paycheck Protection Program (PPP) Forgiveness program and serving as head of Operations for the Consumer, Small Business & Wealth Management businesses. Prior to Bank of America, Scrivener held leadership roles at Balboa Insurance Group, as well as in public accounting and market risk consulting.
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Bank of America (BAC) faces several key risks to its business, primarily stemming from credit quality deterioration, interest rate fluctuations, and heightened regulatory scrutiny.
1. Credit Risk
A significant risk for Bank of America is the potential deterioration in credit quality, particularly concerning its commercial real estate (CRE) and consumer loan portfolios. The commercial real estate market, especially office properties, is experiencing weakness due to high interest rates, softening property values, and challenges in refinancing maturing loans. An estimated 20% of outstanding commercial mortgages are projected to mature in 2025, which could exacerbate these issues. Furthermore, Bank of America itself has noted subtle warning signs in consumer health, with spending growth slowing and early-stage credit card delinquencies showing increases. Concerns also exist regarding emerging credit risks from booming prediction markets and sports gambling, which Bank of America Global Research indicates could lead to overextension of credit and rising loan defaults, particularly impacting young men and low-income consumers.
2. Interest Rate Risk
Interest rate fluctuations pose a notable risk, impacting Bank of America's profitability through its net interest margin (NIM) and the value of its securities portfolio. While higher interest rates can increase deposit costs and squeeze bank margins, the bank also faces concerns related to elevated levels of unrealized losses on its held-to-maturity (HTM) bond portfolio. As of late 2025, Bank of America had substantial unrealized losses in its HTM bond portfolio, accounting for a significant portion of its CET1 capital. A combination of higher deposit costs, lower policy rates, and constrained loan potential could adversely impact banks' ability to generate strong net interest margins in the future.
3. Regulatory and Compliance Risk
Increased regulatory scrutiny and the necessity for robust compliance programs present a considerable risk. Bank of America has recently faced direct regulatory action, including a cease-and-desist order issued by the Office of the Comptroller of the Currency (OCC) in December 2024. This order cited deficiencies in the bank's Bank Secrecy Act (BSA) and sanctions compliance programs, specifically noting failures in identifying, evaluating, and reporting suspicious activity, as well as shortcomings in its Customer Due Diligence (CDD) processes. Addressing these compliance deficiencies requires comprehensive corrective actions and significant investment, which can lead to increased operational expenses.
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Emerging Threats for Bank of America (BAC):
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Digital-first banking challengers (Fintechs and Neobanks): These agile, technology-driven companies offer seamless digital experiences, often with lower fees and more specialized services for checking, savings, and payments. They are directly competing for Bank of America's vast consumer and small business client base, particularly among younger and digitally native demographics, potentially eroding market share from its Consumer Banking segment.
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Alternative credit and payment models (e.g., Buy Now, Pay Later - BNPL): The rapid growth of BNPL services is fundamentally shifting consumer payment habits. These services provide point-of-sale financing that competes directly with traditional credit cards and consumer loans offered by Bank of America, potentially reducing demand for its conventional credit products and impacting revenue streams within its Consumer Banking segment.
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Technology-driven disruption in wealth management (e.g., Robo-advisors and Commission-free trading platforms): Robo-advisors offer automated, low-cost investment management, challenging traditional human advisory services. Concurrently, commission-free trading platforms have democratized access to investing, attracting a large base of retail investors with zero-cost models. Both trends exert pressure on the fee structures and client acquisition strategies of Bank of America's Global Wealth & Investment Management segment.
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Bank of America (BAC) operates in several large financial markets across the globe. The estimated addressable market sizes for its main products and services are as follows:
- Retail Banking: The U.S. retail banking market generated a revenue of approximately USD 1.28 trillion in 2025.
- Credit Cards: The total value of the U.S. credit card market reached approximately USD 461 billion in 2023.
- Residential Mortgages and Home Loans: The US home loan market size is projected to reach approximately USD 2.42 trillion in 2026.
- Auto Loans: Americans owed approximately USD 1.655 trillion in auto loan debt as of Q3 2025.
- Wealth Management: The global wealth management market size was valued at approximately USD 1.83 trillion in 2024. North America dominated this market in 2023.
- Commercial Lending: The global commercial lending market size was approximately USD 16.44 trillion in 2024.
- Investment Banking (including Debt & Equity Underwriting and M&A Advisory): The global investment banking market size was valued at approximately USD 111.0 billion in 2024. The U.S. investment banking market is expected to reach approximately USD 54.74 billion in 2025.
- Foreign Exchange: The global foreign exchange market size is estimated at approximately USD 1.02 trillion in 2025.
- Derivatives: The notional value of outstanding global Over-The-Counter (OTC) derivatives rose to approximately USD 846 trillion at June 2025.
For Treasury Solutions and Merchant Services, specific addressable market sizes were not readily available in the provided information.
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Expected Drivers of Future Revenue Growth for Bank of America (BAC) over the Next 2-3 Years
Bank of America anticipates several key drivers to fuel its revenue growth over the next two to three years, stemming from its diversified business model and strategic investments. These include sustained net interest income expansion, robust loan and deposit growth, increased activity in investment banking and global markets, advancements in digital transformation and artificial intelligence, and strategic expansion within its consumer banking segment.
- Net Interest Income (NII) Expansion: Bank of America projects net interest income growth of 5-7% Compound Annual Growth Rate (CAGR) in the medium term and at least 7% in the first quarter of 2026. This growth is expected to be driven by strong lending activity, the repricing of fixed-rate assets into higher-yielding investments, and effective management of deposit costs, especially with anticipated gradual interest rate cuts.
- Growth in Lending and Deposits: The company targets GDP-plus deposit growth of 4% or higher and loan growth of 5% or higher. For instance, average loans grew 8% and average deposits grew 3% year-over-year in Q4 2025, with commercial loans rising 12%. Continued expansion in both commercial and consumer loan portfolios, alongside an increase in mobile banking deposits, is crucial for revenue generation.
- Increased Investment Banking and Global Markets Activity: Bank of America expects rising activity in investment banking and global markets to boost performance. Investment banking fees are projected to increase by around 10%, and global markets revenue is expected to grow by a low double-digit percentage in Q1 2026, marking potentially the 16th consecutive quarter of year-over-year growth for the global markets division. This is supported by increased trading activity and market volatility.
- Digital Transformation and AI Integration: The bank is heavily investing in technology and artificial intelligence (AI), including its "Erica" platform, to enhance customer experience, improve operational efficiency, and drive profitable growth. These digital innovations have already led to record client interactions and are central to the bank's "high-tech, high-touch" delivery strategy in its consumer segment.
- Strategic Expansion and Product Innovation in Consumer Banking: Bank of America is focused on investments in payments capabilities, credit card features, and expanding its market presence to drive consumer growth. The strategy centers on holding clients' core operating accounts and expanding into credit and investment solutions as client needs evolve, including growth opportunities with family banking, student banking, and employee banking and investing programs.
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Share Repurchases
- Bank of America authorized a new $40 billion common stock repurchase program, effective August 1, 2025, to replace the previous program. This program intends to repurchase approximately $4.5 billion worth of shares each quarter in the near term.
- In 2025, Bank of America's annual share buybacks amounted to $21.433 billion.
- Over the 12-month period ending September 2025, the company conducted $18.658 billion in share buybacks.
Share Issuance
- Bank of America has primarily focused on share repurchases, leading to a reduction in its outstanding shares. For instance, shares outstanding decreased from 7.87 billion to 7.56 billion in the year leading up to August 2025.
- As of Q4 2025, the number of shares outstanding was 7.21 billion, marking a 1.2% decrease from the prior quarter.
Outbound Investments
- In April 2021, Bank of America acquired AxiaMed, a payment gateway for hospitals and healthcare professionals.
- Bank of America made a strategic investment in iCapital in July 2022, a global fintech platform focused on alternative investing.
Capital Expenditures
- Bank of America did not report meaningful capital expenditures for the twelve months ending December 31, 2025.
- For the three months ended September 2025, the company reported $0 million in cash flow for capital expenditures.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 173.33 |
| Mkt Cap | 328.6 |
| Rev LTM | 86,416 |
| Op Inc LTM | - |
| FCF LTM | -20,582 |
| FCF 3Y Avg | -29,294 |
| CFO LTM | -15,904 |
| CFO 3Y Avg | -26,587 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | 7.4% |
| Rev Chg Q | 12.1% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | -18.2% |
| CFO/Rev 3Y Avg | -40.2% |
| FCF/Rev LTM | -24.0% |
| FCF/Rev 3Y Avg | -43.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 328.6 |
| P/S | 4.4 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 15.3 |
| P/CFO | -7.8 |
| Total Yield | 8.6% |
| Dividend Yield | 2.0% |
| FCF Yield 3Y Avg | -10.6% |
| D/E | 1.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.7% |
| 3M Rtn | 14.8% |
| 6M Rtn | 18.7% |
| 12M Rtn | 35.8% |
| 3Y Rtn | 145.7% |
| 1M Excs Rtn | -0.3% |
| 3M Excs Rtn | 9.8% |
| 6M Excs Rtn | 9.2% |
| 12M Excs Rtn | 19.7% |
| 3Y Excs Rtn | 86.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer Banking | 43,673 | 41,436 | 42,031 | 38,635 | 34,005 |
| Global Wealth & Investment Management | 24,883 | 22,929 | 21,105 | 21,748 | 20,748 |
| Global Banking | 24,108 | 23,748 | 24,796 | 22,229 | 20,875 |
| Global Markets | 24,096 | 21,812 | 19,527 | 18,138 | 19,255 |
| Tax-exempt securities | -609 | -619 | -567 | -438 | -427 |
| All Other | -3,054 | -3,450 | -8,311 | -5,362 | -5,343 |
| Total | 113,097 | 105,856 | 98,581 | 94,950 | 89,113 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Consumer Banking | 10,609 | ||||
| Global Banking | 8,346 | 8,581 | 7,854 | 17,231 | |
| Global Wealth and Investment Management | 4,107 | 4,743 | 4,696 | 15,837 | 16,540 |
| Global Markets | 3,658 | 4,238 | 3,905 | 13,452 | |
| Legacy Assets & Servicing | -1,165 | ||||
| All Other | -2,492 | -2,618 | -2,545 | -3,491 | 8,894 |
| Consumer & Business Banking | 11,318 | 10,403 | 24,456 | ||
| Consumer Real Estate Services | -18,538 | -8,141 | -9,989 | -7,689 | |
| Deposits | 12,362 | ||||
| Global Banking & Markets | 23,798 | ||||
| Global Card Services | 14,472 | ||||
| Global Commercial Banking | 11,130 | ||||
| Total | 23,063 | 7,724 | 16,172 | 57,496 | 79,507 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer Banking | 12,245 | 10,759 | 11,593 | 12,516 | 11,891 |
| Global Banking | 7,793 | 7,984 | 10,248 | 7,807 | 9,814 |
| Global Markets | 6,111 | 5,622 | 4,678 | 4,182 | 4,557 |
| Global Wealth & Investment Management | 4,670 | 4,263 | 3,947 | 4,675 | 4,327 |
| All Other | -310 | -1,655 | -3,951 | -1,652 | 1,389 |
| Total | 30,509 | 26,973 | 26,515 | 27,528 | 31,978 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer Banking | 1,039,346 | 1,034,370 | 1,049,830 | 1,126,453 | 1,131,142 |
| Global Markets | 1,032,858 | 876,548 | 817,588 | 812,489 | 747,794 |
| Global Banking | 734,710 | 670,505 | 621,751 | 588,466 | 638,131 |
| Global Wealth & Investment Management | 335,495 | 338,367 | 344,626 | 368,893 | 438,275 |
| All Other | 269,329 | 341,509 | 346,356 | 155,074 | 214,153 |
| Total | 3,411,738 | 3,261,299 | 3,180,151 | 3,051,375 | 3,169,495 |
Price Behavior
| Market Price | $62.05 | |
| Market Cap ($ Bil) | 450.2 | |
| First Trading Date | 05/29/1986 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $55.99 | $52.82 |
| DMA Trend | up | up |
| Distance from DMA | 10.8% | 17.5% |
| 3M | 1YR | |
| Volatility | 20.4% | 21.8% |
| Downside Capture | 0.82 | 72.22 |
| Upside Capture | 85.89 | 90.72 |
| Correlation (SPY) | 14.7% | 45.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.02 | 0.04 | 0.40 | 0.69 | 0.77 | 0.92 |
| Up Beta | -0.54 | -0.17 | 0.66 | 0.73 | 0.73 | 0.78 |
| Down Beta | 0.42 | -0.03 | -0.05 | 0.55 | 0.68 | 1.09 |
| Up Capture | 68% | 33% | 61% | 65% | 79% | 92% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 21 | 36 | 68 | 140 | 400 |
| Down Capture | -53% | -10% | 5% | 78% | 84% | 96% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 19 | 25 | 55 | 108 | 344 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAC | |
|---|---|---|---|---|
| BAC | 31.8% | 21.7% | 1.18 | - |
| Sector ETF (XLF) | 7.3% | 14.6% | 0.27 | 79.1% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 45.2% |
| Gold (GLD) | 19.2% | 28.1% | 0.61 | 9.8% |
| Commodities (DBC) | 34.7% | 19.1% | 1.42 | -10.0% |
| Real Estate (VNQ) | 13.8% | 14.1% | 0.69 | 34.7% |
| Bitcoin (BTCUSD) | -46.2% | 42.9% | -1.32 | 23.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAC | |
|---|---|---|---|---|
| BAC | 13.1% | 26.7% | 0.46 | - |
| Sector ETF (XLF) | 11.1% | 18.5% | 0.46 | 84.9% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 61.7% |
| Gold (GLD) | 17.0% | 18.4% | 0.75 | 1.6% |
| Commodities (DBC) | 9.6% | 19.5% | 0.38 | 15.4% |
| Real Estate (VNQ) | 3.0% | 18.9% | 0.06 | 49.9% |
| Bitcoin (BTCUSD) | 15.3% | 53.4% | 0.47 | 24.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAC | |
|---|---|---|---|---|
| BAC | 19.0% | 30.4% | 0.63 | - |
| Sector ETF (XLF) | 13.4% | 22.0% | 0.56 | 90.4% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 68.6% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | -6.0% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 25.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 53.6% |
| Bitcoin (BTCUSD) | 58.1% | 66.2% | 0.98 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/14/2026 | 1.9% | 1.5% | |
| 4/15/2026 | 1.8% | 0.2% | -6.6% |
| 1/14/2026 | -3.8% | -4.5% | -3.7% |
| 10/15/2025 | 4.4% | 2.9% | 8.0% |
| 7/16/2025 | -0.3% | 3.5% | 2.4% |
| 4/15/2025 | 3.6% | 4.5% | 22.0% |
| 1/16/2025 | -1.0% | -1.5% | -0.3% |
| 10/15/2024 | 0.5% | -0.4% | 9.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 18 |
| # Negative | 10 | 14 | 6 |
| Median Positive | 2.3% | 3.7% | 7.1% |
| Median Negative | -2.6% | -2.4% | -7.0% |
| Max Positive | 6.1% | 11.1% | 22.0% |
| Max Negative | -5.3% | -5.6% | -9.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/14/2026 | 1.9% | 1.5% | |
| 4/15/2026 | 1.8% | 0.2% | -6.6% |
| 1/14/2026 | -3.8% | -4.5% | -3.7% |
| 10/15/2025 | 4.4% | 2.9% | 8.0% |
| 7/16/2025 | -0.3% | 3.5% | 2.4% |
| 4/15/2025 | 3.6% | 4.5% | 22.0% |
| 1/16/2025 | -1.0% | -1.5% | -0.3% |
| 10/15/2024 | 0.5% | -0.4% | 9.4% |
| 7/16/2024 | 5.3% | 1.0% | -8.2% |
| 4/16/2024 | -3.5% | 5.0% | 7.1% |
| 1/12/2024 | -1.1% | -2.8% | 1.4% |
| 10/17/2023 | 2.3% | -5.3% | 8.3% |
| 7/18/2023 | 4.4% | 11.1% | 1.8% |
| 4/18/2023 | 0.6% | -2.0% | -9.9% |
| 1/13/2023 | 2.2% | -1.8% | 3.4% |
| 10/17/2022 | 6.1% | 10.3% | 19.1% |
| 7/18/2022 | 0.0% | 3.7% | 12.4% |
| 4/18/2022 | 3.4% | -0.0% | -7.3% |
| 1/19/2022 | 0.4% | -1.8% | 3.1% |
| 10/14/2021 | 4.5% | 9.2% | 10.1% |
| 7/14/2021 | -2.5% | -5.4% | 5.2% |
| 4/15/2021 | -2.9% | -2.9% | 4.9% |
| 1/19/2021 | -0.7% | -5.6% | 4.2% |
| 10/14/2020 | -5.3% | -3.2% | 9.6% |
| 7/16/2020 | -2.7% | -1.2% | 7.1% |
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 18 |
| # Negative | 10 | 14 | 6 |
| Median Positive | 2.3% | 3.7% | 7.1% |
| Median Negative | -2.6% | -2.4% | -7.0% |
| Max Positive | 6.1% | 11.1% | 22.0% |
| Max Negative | -5.3% | -5.6% | -9.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
| 06/30/2019 | 07/29/2019 | 10-Q |
Insider Activity
Updated 7/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Greener, Geoffrey S | Chief Risk Officer | Revocable Trust | Sell | 5072026 | 53.01 | 126,756 | 6,718,702 | 72,796,908 | Form |
| 2 | Mensah, Bernard A | President, International | Direct | Sell | 3132026 | 46.94 | 94,000 | 4,412,642 | 7,988,948 | Form |
| 3 | Athanasia, Dean C | Co-President | Direct | Sell | 3052026 | 50.21 | 136,558 | 6,856,168 | 28,042,668 | Form |
| 4 | Borthwick, Alastair M | Executive Vice President & CFO | Direct | Sell | 3032026 | 50.24 | 68,000 | 3,416,320 | 16,470,832 | Form |
| 5 | Demare, James P | President, Global Markets | Revocable Trust | Sell | 8012025 | 45.57 | 148,391 | 6,761,733 | 10,179,987 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Greener, Geoffrey S | Chief Risk Officer | Revocable Trust | Sell | 5072026 | 53.01 | 126,756 | 6,718,702 | 72,796,908 | Form |
| 2 | Mensah, Bernard A | President, International | Direct | Sell | 3132026 | 46.94 | 94,000 | 4,412,642 | 7,988,948 | Form |
| 3 | Athanasia, Dean C | Co-President | Direct | Sell | 3052026 | 50.21 | 136,558 | 6,856,168 | 28,042,668 | Form |
| 4 | Borthwick, Alastair M | Executive Vice President & CFO | Direct | Sell | 3032026 | 50.24 | 68,000 | 3,416,320 | 16,470,832 | Form |
| 5 | Demare, James P | President, Global Markets | Revocable Trust | Sell | 8012025 | 45.57 | 148,391 | 6,761,733 | 10,179,987 | Form |
Investor Activity (13F)
Updated Jul 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Spectrum Financial Alliance Ltd LLC | $58.8 Mil | 11.3% | 32 | ADD +6.2% | 13F |
| MFF Capital Investments Ltd | $138.5 Mil | 9.1% | 19 | Hold | 13F |
| GoodHaven Capital Management, LLC | $20.6 Mil | 7.2% | 24 | Hold | 13F |
| Himalaya Capital Management LLC | $146.2 Mil | 4.6% | 14 | TRIM -71.3% | 13F |
| Redwood Grove Capital, LLC | $12.1 Mil | 3.9% | 22 | Hold | 13F |
| Teewinot Capital Advisers, L.L.C. | $45.5 Mil | 3.6% | 33 | Hold | 13F |
| Concord Investment Counsel Inc. | $10.2 Mil | 3.4% | 41 | Hold | 13F |
| Sound Shore Management Inc /CT/ | $100.7 Mil | 3.4% | 40 | ADD +30.9% | 13F |
| Shapiro Capital Management LLC | $52.9 Mil | 3.3% | 50 | TRIM -5.6% | 13F |
| General Pension Society PZU Joint Stock Co | $21.2 Mil | 3.2% | 15 | Hold | 13F |
| Cambridge Financial Group, Inc. | $8.5 Mil | 3.2% | 33 | Hold | 13F |
| Smead Capital Management, Inc. | $134.5 Mil | 2.9% | 32 | TRIM -12.9% | 13F |
| Harbor Island Capital LLC | $7.1 Mil | 2.6% | 16 | Hold | 13F |
| Sanders Capital, LLC | $2.2 Bil | 2.6% | 44 | Hold | 13F |
| Stanley Capital Management, LLC | $15.7 Mil | 2.6% | 40 | Hold | 13F |
| BSN CAPITAL PARTNERS Ltd | $54.6 Mil | 2.6% | 41 | New | 13F |
| Crake Asset Management LLP | $72.0 Mil | 2.5% | 20 | ADD +17.8% | 13F |
| Unisphere Establishment | $232.7 Mil | 2.0% | 50 | TRIM -15.3% | 13F |
| Cander Asset Management LP | $10.9 Mil | 2.0% | 43 | TRIM -41.6% | 13F |
| First Washington CORP | $6.8 Mil | 1.9% | 50 | Hold | 13F |
| California First Leasing Corp | $5.7 Mil | 1.8% | 39 | Hold | 13F |
| Allen Holding Inc /Ny | $14.6 Mil | 1.5% | 9 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Avantyr Capital Partners, LP | $88.4 Mil | 5.3% | 25 | Exited | Dec 31, 2025 | 13F |
| MKP Capital Management, L.L.C. | $60.5 Mil | 2.2% | 22 | Exited | Dec 31, 2025 | 13F |
| Exane Asset Management | $53.6 Mil | 11.3% | 34 | Exited | Dec 31, 2025 | 13F |
| Bornite Capital Management LP | $27.5 Mil | 2.7% | 28 | Exited | Dec 31, 2025 | 13F |
| Agave Capital Management Ltd | $11.1 Mil | 1.8% | 23 | Exited | Dec 31, 2025 | 13F |
| Himalaya Capital Management LLC | $146.2 Mil | 4.6% | 14 | TRIM -71.3% | Mar 31, 2026 | 13F |
| Cander Asset Management LP | $10.9 Mil | 2.0% | 43 | TRIM -41.6% | Mar 31, 2026 | 13F |
| Unisphere Establishment | $232.7 Mil | 2.0% | 50 | TRIM -15.3% | Mar 31, 2026 | 13F |
| Smead Capital Management, Inc. | $134.5 Mil | 2.9% | 32 | TRIM -12.9% | Mar 31, 2026 | 13F |
| Shapiro Capital Management LLC | $52.9 Mil | 3.3% | 50 | TRIM -5.6% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sanders Capital, LLC | $2.2 Bil | 2.6% | 44 | Hold | 13F |
| Unisphere Establishment | $232.7 Mil | 2.0% | 50 | TRIM -15.3% | 13F |
| Himalaya Capital Management LLC | $146.2 Mil | 4.6% | 14 | TRIM -71.3% | 13F |
| MFF Capital Investments Ltd | $138.5 Mil | 9.1% | 19 | Hold | 13F |
| Smead Capital Management, Inc. | $134.5 Mil | 2.9% | 32 | TRIM -12.9% | 13F |
| Sound Shore Management Inc /CT/ | $100.7 Mil | 3.4% | 40 | ADD +30.9% | 13F |
| Crake Asset Management LLP | $72.0 Mil | 2.5% | 20 | ADD +17.8% | 13F |
| Spectrum Financial Alliance Ltd LLC | $58.8 Mil | 11.3% | 32 | ADD +6.2% | 13F |
| BSN CAPITAL PARTNERS Ltd | $54.6 Mil | 2.6% | 41 | New | 13F |
| Shapiro Capital Management LLC | $52.9 Mil | 3.3% | 50 | TRIM -5.6% | 13F |
| Teewinot Capital Advisers, L.L.C. | $45.5 Mil | 3.6% | 33 | Hold | 13F |
| General Pension Society PZU Joint Stock Co | $21.2 Mil | 3.2% | 15 | Hold | 13F |
| GoodHaven Capital Management, LLC | $20.6 Mil | 7.2% | 24 | Hold | 13F |
| Stanley Capital Management, LLC | $15.7 Mil | 2.6% | 40 | Hold | 13F |
| Allen Holding Inc /Ny | $14.6 Mil | 1.5% | 9 | Hold | 13F |
| Redwood Grove Capital, LLC | $12.1 Mil | 3.9% | 22 | Hold | 13F |
| Cander Asset Management LP | $10.9 Mil | 2.0% | 43 | TRIM -41.6% | 13F |
| Concord Investment Counsel Inc. | $10.2 Mil | 3.4% | 41 | Hold | 13F |
| Cambridge Financial Group, Inc. | $8.5 Mil | 3.2% | 33 | Hold | 13F |
| Harbor Island Capital LLC | $7.1 Mil | 2.6% | 16 | Hold | 13F |
| First Washington CORP | $6.8 Mil | 1.9% | 50 | Hold | 13F |
| California First Leasing Corp | $5.7 Mil | 1.8% | 39 | Hold | 13F |
Bank of America — Investor Video Playlist
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Banks Resources |
| Retail Banker International |
| International Banker |
| Global Finance Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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