BAC Stock Forecast: Bank of America Corp trades sideways as social media boycott looms
- NYSE:BAC sheds 0.40% alongside a fifth consecutive positive day in the markets.
- Bank of America is under fire for releasing customer information to the FBI following the US Capitol attack.
- Bank of America has emerged as one of the better banking industry bargains and one prominent investor agrees.
NYSE:BAC has struggled to return to pre-COVID price levels as the banking industry continues to get beaten down by low interest rates and unfavourable market conditions. Over the past 52-weeks, Bank of America has returned a loss to investors in the amount of 6.10%, which lags the benchmark S&P 500 index by over 22%. On Friday, shares fell by 0.40% despite the broader markets rallying for a fifth consecutive day as Wall Street begins to recover from the r/WallStreetBets saga from a week ago.
On the media front, Bank of America is under some serious fire on social media as customers are boycotting the bank. The reason? It was revealed that the Bank of America released customer information for people in connection to the US Capitol attack in January. At the request of the FBI, the Bank of America released information on several hundred of its clients, which has sparked the online boycott. The timing is not great for Bank of America in a time where personal data sensitivity is at an all-time high.
BAC stock price forecast
Warren Buffett seems to have no problem continuing to add to his Bank of America position as it was reported recently that the Oracle of Omaha has over 1 billion shares, or just under 12% of a stake. This makes Bank of America his largest bank sector holding and perhaps even more impressively, he added to BAC while selling off his positions in other banks such as Wells Fargo (NYSE:WFC).
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Stocks Reporter
FXStreet
