The stock is continuing an advance it began this morning after the company announced it reached a settlement with the Justice Department regarding investigations into the sale of mortgage backed securities made before the 2008 financial crisis.
So far, 103.35 million shares of Bank of America exchanged hands as compared to its average daily volume of 63.40 million shares.
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Bank of America reached an agreement with the DOJ and other federal agencies in order to settle the litigations, the company agreed to pay $9.65 billion in cash and $7 billion in consumer relief.
The $16.5 billion settlement is primarily related to the sale of securities made by Merrill Lynch and Countrywide Financial before Bank of America's purchase of the two firms.
The company said it expects the settlement to reduce its 2014 third quarter pre-tax earnings by $5.3 billion, and negatively impact earnings per share by approximately 43 cents.
Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."