The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company. It is headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. Formed by the merger of NationsBank and Bank of America in 1998, it is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization, following JPMorgan Chase. Bank of America is one of the Big Four banking institutions in the United States, serving approximately 10.73% of all American bank deposits. It competes directly with JPMorgan Chase, Citigroup, and Wells Fargo, offering primary financial services such as commercial banking, wealth management, and investment banking.
| Website | bankofamerica.com |
|---|
Historical Background
Bank of America’s history can be traced back to 1784 with the chartering of Massachusetts Bank, the first federally chartered joint-stock bank in the United States. Another significant part of its history begins with the U.S.-based Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which offered banking services to Italian immigrants facing discrimination. Originally headquartered in San Francisco, California, Giannini acquired Banca d’America e d’Italia (Bank of America and Italy) in 1922. The bank experienced rapid growth in the 1950s due to landmark federal banking legislation. In 1998, after suffering a significant loss due to the Russian bond default, BankAmerica was acquired by Charlotte-based NationsBank for $62 billion, forming the Bank of America Corporation. Through subsequent mergers and acquisitions, it established Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking (now known as BofA Securities).
Market Capitalization
- As of May 2024: $306.71 billion
- This market cap makes Bank of America the world’s 30th most valuable company.
- Market capitalization is the total market value of a company’s outstanding shares and is commonly used to gauge its worth.
Revenue
- Trailing Twelve Months (TTM) Revenue in 2023: $98.14 billion
- Revenue in 2022: $94.95 billion
- Revenue in 2021: $89.11 billion
Revenue represents the total income generated from the sale of goods or services without subtracting expenses.
Earnings
- Trailing Twelve Months (TTM) Earnings in 2023: $26.51 billion
- Earnings in 2022: $30.96 billion
- Earnings in 2021: $33.97 billion
Earnings displayed are the company’s pretax income.
Stock Price History
- Highest End of Day Price: $54.90 USD on November 16, 2006
- Lowest End of Day Price: $0.83 USD on December 20, 1974
P/E Ratio
- P/E Ratio as of May 2024 (TTM): 10.9
- At the end of 2022, the P/E ratio was 10.3.
- The price-to-earnings (P/E) ratio measures the company’s current share price relative to its per-share earnings.
P/S Ratio
- P/S Ratio as of May 2024 (TTM): 3.13
- At the end of 2023, the P/S ratio was 2.70.
- The price-to-sales (P/S) ratio compares the company’s stock price to its revenue.
P/B Ratio
- P/B Ratio as of May 2024: 1.04
- The price-to-book (P/B) ratio measures the stock market’s valuation of a company compared to its book value.
EPS
- Earnings Per Share (EPS) in 2023 (TTM): $3.59
- In 2022, the EPS was $3.20.
- In 2021, the EPS was $3.59.
Total Assets
- As of March 2024: $3.273 trillion
- Total assets include all current and non-current assets, such as inventories, cash and cash equivalents, properties, and equipment.
Dividend History
- Total Dividend Payments: 152
- The sum of all dividends (adjusted for stock splits) is $27.45.
- Dividend Yield (TTM): 2.40%
Cash on Hand
- As of December 2022: $237.46 billion
- Cash on hand includes cash and cash equivalents, as well as short-term investments.
Number of Shares Outstanding
- As of May 2024: 933,000,000 shares
- The number of outstanding shares can be influenced by stock splits and share buybacks.
This comprehensive overview of Bank of America Corporation provides a detailed look at the company’s market position, financial performance, and historical background, making it useful for investors and financial analysts.
