If You Invested $1000 in Bank of America at the Market Bottom, It Would Now Be Worth $11,000
The S&P 500 has more than quadrupled since its bottom nearly nine years ago. So how does this stack up against Bank of America?
Now that volatility is back, timing the markets can be more difficult than ever. Over the past nine years, this was less of a problem because of the raging bull market. But note that it is particularly difficult calling the market bottom in the middle of a bear market. 24/7 Wall St. is taking a look back to when the S&P 500 bottomed back in March 2009 to see how some of the major blue chips have fared since then.
Back on March 6, 2009, the S&P 500 bottomed out at 666.79, and from there began perhaps the biggest bull market of the modern era. At the most recent close, the S&P 500 was at 2,732.22, more than quadrupling its bottom nearly nine years ago.
So how does Bank of America Corp. (NYSE: BAC) stack up against the markets?
On an adjusted close basis, Bank of America closed March 6, 2009, at $2.93 a share, or at $3.14 on an unadjusted basis. The stock closed Wednesday at $31.87 on an adjusted basis.
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Bank of America’s growth over the course of this bull market has been fairly impressive, but it is still outpaced by some of the tech giants. The bank saw its shares gain nearly 1,000% during these nine years — about 988% to be more precise.
So if you had invested $1,000 in Bank of America on March 6, 2009, you would have $10,877.13 as of Wednesday’s close.
Over the past 52 weeks, Bank of America has outperformed the broad markets, with its shares up about 29%. In 2018, the stock is up 8%.
Shares of Bank of America were last seen trading near $32, with a consensus analyst price target of $34.34 and a 52-week range of $22.07 to $32.67.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
