Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, non-interest and interest-bearing checking accounts, and investment accounts and products; credit and debit cards; residential mortgages, and home equity loans; and direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans. The GWIM segment provides investment management, brokerage, banking, and trust and retirement products and services; wealth management solutions; and customized solutions, including specialty asset management services. The Global Banking segment offers lending products and services, including commercial loans, leases, commitment facilities, trade finance, and commercial real estate and asset-based lending; treasury solutions, such as treasury management, foreign exchange, short-term investing options, and merchant services; working capital management solutions; debt and equity underwriting and distribution, and merger-related and other advisory services; and fixed-income and equity research, and certain market-based services. The Global Markets segment provides market-making, financing, securities clearing, settlement, and custody services; securities and derivative products; and risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income, and mortgage-related products. Bank of America Corporation was founded in 1784 and is based in Charlotte, North Carolina.

Bank of America looks like a large and profitable bank with stable revenue and a strong capital base, but without a clear reason for an aggressive upward revision in valuation. The P/E of 12.09, P/S of 1.94, and especially P/FCF of 3.95 are below the industry median, which points to a relatively moderate valuation and supports the investment case. At the same time, the P/B of 1.18 is close to the market average, so there is no significant discount to book value here. Return on capital looks acceptable: ROE of 10.19% and return on tangible equity of 13.23% are close to industry benchmarks, but ROA of 0.89% and ROI of 4.89% are noticeably weaker than the median, which limits re-rating potential. Margins are also not a strong driver: net profit margin of 15.88% and operating margin of 21.52% are below industry medians, although a gradual improvement from lower levels is visible over the years. Revenue and gross profit remain at a high and fairly stable level, while net income and operating income remain substantial, confirming the scale of the business and its ability to generate profits. However, earnings momentum does not look accelerating: TTM net income is lower than at some previous quarterly points, which reduces confidence in a rapid valuation increase. Debt burden is one of the main limiting factors: debt/equity of 1.07 is significantly above the industry median, and long-term debt and total liabilities remain very large, increasing sensitivity to interest rates and the credit cycle. Liquidity is also not ideal: the quick ratio is zero, and the current ratio of 0.83 is below one, which is not critical for a bank by itself, but does not add a valuation premium. Dividend yield is absent in the current TTM, and the historical trend shows a decline, so the dividend factor is not supporting upside at the moment. Overall, the fundamentals are more solid than outstanding: the company has profitability, scale, and relatively inexpensive multiples, but ROA, ROI, liquidity, and leverage look weaker than the industry. Therefore, a moderately conservative downward revision of the target price is appropriate rather than an upward one, since the current forecast already implies meaningful upside and requires stronger fundamental acceleration than the data show.

Bank of America Corporation

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Слабый индекс, значительно вырос. Рынок не поддерживает быков.

Weak index, significantly up. The market does not support the bulls.

Средний индекс, незначительно вырос. Отток средств из лонгов на высоком уровне.

Medium index, slightly up. Outflow of funds from longs at a high level.

BAC looks inexpensive on P/E and P/FCF, but it is weaker than the industry in ROA, ROI, and liquidity; high debt burden and the absence of dividend support constrain the valuation.

Key Points
Nuclear energy is experiencing a global revival, driven by energy security, decarbonization efforts, and soaring electricity demand.
Uranium supplies are struggling to keep pace as inventories shrink and utilities compete to secure long-term fuel contracts.
Uranium prices could remain near $100 per pound, benefiting producers such as Cameco and Uranium Energy.
The nuclear revival is gaining momentum. Governments worldwide are turning to nuclear energy to strengthen energy security. Meanwhile, hyperscalers need reliable, around-the-clock power to support surging electricity demand. Nuclear energy stands out for its emission-free, 24/7 baseload power, unlike intermittent renewables.
That combination is strengthening the outlook for nuclear energy and its essential fuel, benefiting uranium miners like Cameco (NYSE: CCJ) and Uranium Energy (NYSEMKT: UEC). With spot prices near $90 per pound and approaching historic highs, investors are asking a crucial question: Where does uranium go from here? Here's what I predict will happen to uranium next.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
New nuclear reactors are coming online at a rapid rate
In the mid-2000s, nuclear energy was enjoying a resurgence. However, economic shifts, project delays, and the 2011 Fukushima disaster derailed this momentum and delivered a final blow to the industry for a decade.
However, things have shifted recently. At COP28 in 2023, over 20 nations, including the U.S., U.K., Japan, Canada, South Korea, and France, pledged to triple global nuclear energy capacity by 2050. The driving force behind this pledge was net-zero carbon-emission goals, which would be nearly impossible without nuclear energy.
China is leading the charge, with 38 commercial reactors under construction. The country aims to approve 10 to 15 gigawatts (GW) of new capacity annually and hopes to surpass the U.S. in nuclear generation by the end of the decade. In Japan, reactor restarts are working through regulatory approval. Meanwhile, in the U.S., power purchase agreements are bringing decommissioned plants, such as Three Mile Island Unit 1 and Palisades, back online.
In addition, President Donald Trump's administration wants to quadruple nuclear energy capacity by 2050. As part of this, policymakers want to have 10 new large-scale commercial nuclear reactors under construction by 2030. The Department of Energy is also fast-tracking testing of advanced nuclear reactors through its Reactor Pilot Program.
Uranium faces structural shortages as demand surges
Nuclear fuel procurement differs from oil and gas. Nuclear fuel accounts for no more than 10% of a plant's operating expense, so utility fuel buyers are price-insensitive and lock in long-term supplies. After Fukushima, utilities could secure cheap secondary supplies and rely on the spot market for uranium. However, buyers are now looking to secure fuel commitments for the next decade.
Uranium markets are reaching an inflection point. Inventories have dwindled, so buyers must rely on the primary mine supply. The market is facing bottlenecks. For example, in Kazakhstan, which accounts for 40% of global output, in situ recovery (ISR) mining operations have been hampered by shortages of sulfuric acid.
On top of that, energy demand is booming. Rising artificial intelligence (AI) workloads and growing data center infrastructure are driving incredibly strong demand for power. Total data center power consumption is projected to double by 2030, while total U.S. electricity demand is estimated to expand 25% by 2030.
Technology companies are making deals left and right to secure energy. Constellation Energy (NASDAQ: CEG), which owns and operates the largest nuclear energy fleet in the U.S., has signed long-term power purchase agreements with Alphabet, Amazon, Microsoft, and Walmart.
As part of this, Constellation, Vistra, and other power providers are using power uprates to extend the life of their nuclear plants and bring decommissioned plants back online.
What's next for uranium prices
Uranium prices are around $90 per pound, but supplies are likely to remain tight over the next decade. Utilities face a widening uncommitted supply gap, with cumulative uncommitted uranium requirements estimated to exceed 800 million pounds of triuranium octoxide, also called yellowcake, through 2035.
Spot uranium prices will likely remain elevated around $100 per pound for the next few years, as demand surges amid the deficit, with some experts arguing this is necessary to justify the investments needed to finance the next generation of underground and open-pit mines. Bank of America projects uranium could jump to $130 per pound by next year, a nearly 44% increase over today's spot price.
Global energy demand is growing, and nuclear energy is poised to play a crucial role in filling those gaps, benefiting uranium miners. Cameco uses long-term contracts and has agreements to deliver 28 million pounds of yellowcake annually over the next five years. Meanwhile, Uranium Energy is completely unhedged, giving investors exposure to rising spot prices but also adding volatility if spot prices decline meaningfully.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. If you’d invested $5,000 then, you’d be sitting on $2,885,382 today.*
Now, for the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. It’s a key player in the $1.8 trillion space race, and with the stock recently sitting 20% off its highs, the window to get in early is closing fast.
*Stock Advisor returns as of October 22, 2026.
Courtney Carlsen has positions in Alphabet, Cameco, Constellation Energy, Microsoft, and Vistra. The Motley Fool has positions in and recommends Alphabet, Amazon, Cameco, Constellation Energy, Microsoft, Vistra, and Walmart. The Motley Fool has a disclosure policy.

Uranium Is Near $90 a Pound. Here's My Prediction for What's Ahead for the Fuel.

Key Points
Rising electricity demand and growing government support are fueling a nuclear energy resurgence.
Centrus Energy aims to become a domestic producer of specialized nuclear fuel and is undergoing a capital-intensive build-out to do so.
BWX Technologies is the exclusive supplier of nuclear fuel for the U.S. Naval Propulsion Program.
After the 2011 Fukushima nuclear disaster, the industry stalled for years as plants closed and new projects stalled. Now, surging electricity demand from AI data centers, robotics, and advanced manufacturing is changing the equation. Add ambitious carbon-reduction targets, and reliable, emissions-free nuclear energy looks increasingly appealing.
Centrus Energy (NYSE: LEU) and BWX Technologies (NYSE: BWXT) occupy critical positions in the U.S. nuclear supply chain. Both stocks soared with the nuclear revival narrative last year but have since declined 54% and 22%, respectively, in 2026. With shares down significantly, which nuclear supply chain stock is the better buy right now?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Nuclear energy will be crucial in helping address growing energy needs
Energy demand is projected to grow faster. According to the Bank of America Institute, U.S. electricity demand is projected to grow 5 times faster over the next decade than it did over the last. Power-hungry data centers drive this growth, as they require significantly more power and cooling. Electrifying the power grid (think electric vehicles) and reshoring industrial operations also contribute to rising electricity demand.
Other factors are also at play. For example, the U.S. Department of Energy is taking steps to accelerate the construction of new nuclear power plants and to develop next-generation reactors and fuels. Small modular reactors (SMRs) could change the game for nuclear energy, and many require specialized fuel that the U.S. doesn't yet manufacture at scale.
Centrus Energy supplies nuclear fuel for traditional and next-gen nuclear plants
This is where Centrus Energy has an opportunity. Centrus has operated as a nuclear fuel supplier for power plants, sourcing low-enriched uranium (LEU) through long-term supply agreements from international enrichers. However, the company is pivoting to become a domestic producer of enriched uranium as the U.S. looks to onshore production of these critical fuels.
With the Prohibiting Russian Uranium Imports Act set to take full effect in 2028, the U.S. is scrambling to secure enriched uranium. Centrus is currently the only U.S. company licensed by the Nuclear Regulatory Commission with ready-to-deploy gas centrifuge technology to enrich uranium to LEU and to high-assay, low-enriched uranium (HALEU) for advanced microreactors.
Over the past few months, Centrus has announced several fuel supply agreements with nuclear developers, including Oklo, X-energy, Radiant, and Antares. Centrus plans to deliver fuel to these developers by the end of the decade. Because nine out of 10 reactor designs under the DOE's Advanced Reactor Demonstration Program require HALEU, these deals show Centrus as the primary domestic supplier.
BWX Technologies' exclusive arrangement with the Navy provides stability
While Centrus aims to manufacture fuel for nuclear reactors, BWX Technologies has done so for the U.S. Navy for the past five decades. BWXT is the only manufacturer of naval nuclear reactors and nuclear fuel for the Naval Nuclear Propulsion Program.
Its exclusive status with the Navy stems from the sensitive nature of the nuclear fuel it uses. While Centrus looks to manufacture HALEU nuclear fuel, which contains 5% to 25% uranium-235 (U-235), BWXT manufactures weapons-grade, highly enriched uranium containing 93% U-235.
Because of the highly sensitive nature of developing weapons-grade nuclear fuel, regulatory oversight is incredibly stringent, and employees need special security clearance. This highly exclusive position gives BWXT a strong competitive moat and high barriers to entry, and its importance to defense gives it visibility into earnings for years to come.
In May 2026, the company secured U.S. Naval Nuclear Propulsion Program contracts totaling $1.4 billion. The company is also leveraging its expertise to manufacture heavy equipment needed for nuclear reactors.
BWXT fabricates the reactor pressure vessel for GE Vernova's BWRX-300 small modular reactor and also supports next-generation developers by engineering specialized hardware, such as the intermediate heat exchanger for TerraPower's Natrium design.
Centrus Energy or BWX Technologies: Which stock is right for you?
Centrus Energy and BWXT have seen their stocks fall significantly over the past year. Centrus is pivoting from sourcing nuclear fuel to manufacturing it in the U.S. As a result, the company is in a capital-intensive phase, expanding its manufacturing footprint to become a domestic producer, a move that will weigh on earnings over the next couple of years.
If you want upside from the nuclear build-out, next-generation reactors, and the fuel they require, and you don't mind the volatility over the next several years, Centrus could be for you. However, if you want more stability from an exclusive relationship with the U.S. Navy and long-term contracts that extend years into the future, BWX Technologies is the nuclear stock for you.
Should you buy stock in BWX Technologies right now?
Before you buy stock in BWX Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BWX Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $370,440!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,330,110!*
Now, it’s worth noting Stock Advisor’s total average return is 924% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 21, 2026.
Bank of America is an advertising partner of Motley Fool Money. Courtney Carlsen has positions in Centrus Energy, GE Vernova, and Oklo. The Motley Fool has positions in and recommends BWX Technologies and GE Vernova. The Motley Fool has a disclosure policy.

Centrus vs. BWX Technologies: Which Nuclear Supply Chain Stock Is the Better Buy After the Sell-Off?

Key Points
Bank of America bought back more than $19 billion worth of stock so far in 2026.
Even including the dividend, shares in the leading bank have slightly lagged the S&P 500 index in the past 10 years.
The valuation multiple has compressed, making now potentially a good time to buy.
With $3.4 trillion in total assets, Bank of America (NYSE: BAC) is the second-largest financial services institution in the U.S. That scale, paired with strong industry positions in various end markets, partly explains why the business has been consistently profitable. Over the last 10 years, Bank of America has posted an average quarterly net margin of 20.5%. This helps fund its capital allocation policy.
That includes returning money to investors in the form of buybacks. This bank stock has reduced its outstanding share count by nearly a third in the past decade. If you invested $10,000 in Bank of America back then, you'd have about $40,000 today.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Capital returns are a key part of the story
During the third quarter, which ended on Sept. 30, Bank of America bought back $6 billion of stock. That brings its total in 2026 to $19.2 billion. That amounts to 5.2% of the company's entire market cap.
The outstanding share count now sits at 6.9 million. That's down 32% from exactly 10 years ago. This contributed to diluted earnings per share rising 122% during that time.
The company also paid $2.2 billion in dividends during the quarter. That supports a healthy dividend yield of 2.45%. Compared to the 1.05% yield of the S&P 500 index, this is quite attractive. Additionally, Bank of America's quarterly dividend went from $0.075 in Q3 2016 to $0.32 in the most recent quarter, translating to a notable 327% increase.
In the past decade, the stock produced a total return of 304% (as of Oct. 16). That would've grown a $10,000 starting sum into $40,400 today. This is a respectable showing, to be sure. However, it falls just short of the overall stock market's 328% total return that would've turned that same $10,000 into $42,800.
Should you buy Bank of America stock right now?
There's no downplaying just how critical a leadership team's capital allocation policy is. Besides reinvesting in the business to maintain or grow operations, engaging in mergers and acquisitions, or paying down debt, management can return capital to investors via buybacks and dividends. As we've seen with Bank of America, this has a meaningful effect on the return profile.
This is a high-quality business that's endorsed by Warren Buffett and Berkshire Hathaway, as the conglomerate owns 6.9% of the bank. With the stock trading 19% off its peak, the valuation multiple has compressed. Investors can buy shares at a price-to-earnings ratio of 12.5, which is below the trailing 10-year average of 13.1.
Should you buy stock in Bank of America right now?
Before you buy stock in Bank of America, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bank of America wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $380,363!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,315,732!*
Now, it’s worth noting Stock Advisor’s total average return is 919% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 19, 2026.
Bank of America is an advertising partner of Motley Fool Money. Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.

Bank of America Has Cut Its Share Count by Nearly a Third in 10 Years. $10,000 Invested Then Is Worth About $40,000 Now.

Key Points
Pershing Square stock has surged roughly 87% since its IPO in April.
Two Wall Street firms recently downgraded the stock to sell.
Both cited its high valuation.
Pershing Square Inc. (NYSE: PS), the investment firm founded and run by Bill Ackman, went public in April, and the stock has soared since then.
It opened at $24 per share on April 29 as part of a combined initial public offering with the firm's Pershing Square USA fund. Since then, PS stock skyrocketed to a high of $60 per share on Oct. 7 -- a 150% gain at its peak.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
But shares have plummeted over the past week, down some 25% from their Oct. 7 peak to $45 per share. The catalyst is two recent Wall Street downgrades.
Citi and BofA downgrade PS
Last week, analysts at Citi slapped it with a sell rating, down from neutral, but maintained its $45-per-share price target. Citi cited its high valuation, trading at 54 times forward earnings expectations.
Citi lowered its earnings projections for Pershing Square in 2027 to $0.89 per share from $1.01 per share in 2027. The reduced earnings estimates are tied to tepid investment performance of Pershing Square's funds, including its two largest, Pershing Square Holdings and Pershing Square USA. And given the uncertain market ahead, Citi expects modest returns over the next year.
Still, even with the reduced expectations, the $0.89 in earnings per share would be a significant increase over the estimated $0.51 per share adjusted earnings that analysts project for 2026. So it's really more about the high valuation, as the stock came charging out of the gates in April.
This week, BofA followed suit, downgrading Pershing Square stock to underperform, from neutral, and lowering its price target from $54 per share to $38 per share.
The $38-per-share target would suggest a 15% decline over the next 12 months for the stock.
Analysts at BofA largely expressed the same concerns -- the high valuation in the face of modest or negative returns. Pershing Square generates a significant amount of revenue from investment management fees, so when asset levels drop, fees decline as well.
Should you buy or sell?
Pershing Square stock has had a great run since its IPO, but it appears to be a victim of its own success. The stock looks overvalued, and investors likely took some profits when it peaked at 60.
Looking ahead, it plans to launch a new fund, Pershing Square Ventures, a private equity fund that will offer investors access to pre-IPO stocks, by the end of 2026. This could help balance out the firm's revenue stream.
Also, Pershing Square owns a controlling stake in real estate developer Howard Hughes Holdings. The company just acquired specialty insurer Vantage Group Holdings. With this addition, Ackman said in his Q2 letter to shareholders that this positions Howard Hughes Holdings to be a "modern-day Berkshire Hathaway" -- referencing the float model where the company could use the cash to invest in other assets.
Citi cited this business as a potential upside catalyst.
While Pershing Square does have solid growth expectations, it's just a bit too overvalued right now. But investors may want to keep it on their radar and look for a better entry point.
Should you buy stock in Pershing Square right now?
Before you buy stock in Pershing Square, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Pershing Square wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $380,363!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,315,732!*
Now, it’s worth noting Stock Advisor’s total average return is 919% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 17, 2026.
Bank of America is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway and Howard Hughes. The Motley Fool has a disclosure policy.

Citi Just Downgraded Bill Ackman's Pershing Square Stock to Sell, Citing a $45 Price Target Versus Its $60 Peak. Is PS Stock Overvalued After Its April IPO Rally?

Key Points
Berkshire's investment strategy was made famous under the leadership of Warren Buffett.
Buffett has retired, but Berkshire continues to follow his playbook.
Even after June's spending, Berkshire ended June with more than $359 billion in cash and short-term investments.
When Warren Buffett stepped down as CEO of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB), there were a lot of eyes on his successor, Greg Abel. Would Buffett's replacement follow the Oracle of Omaha's approach to buying stocks?
Less than a year into Abel's tenure, we're getting an answer. Berkshire went on a buying spree during the second quarter, adding to its positions in Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) and Delta Air Lines (NYSE: DAL). And another purchase stood out -- $4.5 billion of Berkshire Hathaway's own stock.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Here's what that means for investors.
Berkshire is putting its cash to work
For years, Buffett accumulated an enormous cash reserve at Berkshire Hathaway, preferring to wait for attractive investment opportunities rather than overpay for stocks.
That approach helped Berkshire build a reputation for finding companies with strong competitive advantages and buying their shares when they traded below their intrinsic value -- what the underlying business is actually worth.
Abel appears to be following that philosophy, although he's becoming more aggressive about putting Berkshire's money to work.
During the second quarter, Berkshire increased its Alphabet holdings substantially, adding millions of shares of the Google parent company. It also bought an additional 17.5 million shares of Delta, increasing its stake by 44%. Berkshire opened a position in Delta during the first quarter -- Abel's first as CEO -- and now has more than 57 million shares of Delta stock.
Berkshire ended June with approximately $359.2 billion in cash and short-term investments. Even after its recent purchases, Abel has plenty of money available for additional investments.
Why Berkshire's buybacks matter
Berkshire Hathaway spent approximately $235 million buying back shares during the first quarter, then increased that amount to $4.5 billion in the second quarter.
Berkshire has a specific rule governing repurchases. According to its second-quarter regulatory filing, the company can buy back shares only when its CEO determines that the price is below Berkshire's conservatively estimated intrinsic value. So, Abel isn't buying Berkshire shares simply because the company has money available. He's buying because he believes the stock offers value.
Berkshire purchased Class B shares at an average price of $476.01 in May and $487.98 in June. Those figures give investors something useful -- actual prices at which Berkshire's leadership was willing to invest billions of dollars in its own business.
Should you buy Berkshire Hathaway stock, too?
One of Berkshire Hathaway's strengths is that it's a conglomerate -- the company owns dozens of businesses, including insurance companies, consumer goods such as Duracell, and iconic brands like Dairy Queen. It also has a huge investment portfolio, with large stakes in blue chip companies like Apple and Bank of America. That means it has exposure to several different parts of the economy.
For investors considering Berkshire Hathaway, the company's recent repurchases provide a useful starting point for evaluating the stock.
After all, when Berkshire's own management is willing to spend billions buying its shares, that's worth a closer look.
Should you buy stock in Berkshire Hathaway right now?
Before you buy stock in Berkshire Hathaway, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Berkshire Hathaway wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $380,363!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,315,732!*
Now, it’s worth noting Stock Advisor’s total average return is 919% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 17, 2026.
Bank of America is an advertising partner of Motley Fool Money. Patrick Sanders has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, and Berkshire Hathaway. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

Greg Abel Made Major Additions to Alphabet and Delta Last Quarter While Berkshire Bought Back $4.4 Billion of Its Own Stock. Is This a Buying Signal Investors Should Watch?

Key Points
Net interest income guidance for 2027 increased to 8% or more.
Bank of America added 200,000 net new consumer checking accounts.
A $1.2 billion regulatory settlement reduced third-quarter net income.
On its third-quarter 2026earnings call held on Oct. 14, 2026, Bank of America (NYSE:BAC) announced adjusted net income of $8.1 billion. A $1.2 billion regulatory settlement charge reduced reported net income to $6.9 billion. Rising loan yields continue driving core earnings higher. Three things management said stand out.
1. Net Interest Income Growth Will Exceed 8% in 2027
Net interest income, or NII -- the difference between what a bank earns on loans and pays on deposits -- is accelerating as fixed-rate assets reprice into higher yields. Management raised its guidance above original targets.
For 2027, we currently expect full-year growth of NII to be 8% or more, higher than 2026, and again, higher than our original 5%-7% range.
-- Alastair Borthwick, Executive Vice President and Chief Financial Officer
2. Regulatory Settlement Costs Are Already Baked Into Expenses
A $1.2 billion non-tax-deductible regulatory settlement charge for failure to adhere to anti-money laundering compliance lowered reported earnings. Management already built the ongoing technology and staffing costs directly into its standard operating expense base.
Third, we have committed the resources, and the ongoing cost remediation is embedded in our company's expense base.
-- Brian Moynihan, Chair and Chief Executive Officer
3. Low Loan-to-Deposit Ratios Protect Margins From Price Wars
Total deposits reached $2 trillion, funding $1.25 trillion in loans. Because the bank holds substantial excess liquidity, it doesn't need to offer high interest rates to retain customer deposits.
Our focus on operating deposits and our low loan-to-deposit ratio allow us to compete on capabilities rather than price.
-- Alastair Borthwick, Executive Vice President and Chief Financial Officer
Looking Ahead
Commercial borrowing and account growth show no signs of slowing down. Management expects operating leverage -- growing revenue faster than operating expenses -- to resume in the fourth quarter. Fixed-rate loans continue repricing into higher yields, while artificial intelligence tools trim routine technology costs.
What our clients are actually doing is continuing to point to a resilient and growing economy in the U.S.
-- Brian Moynihan, Chair and Chief Executive Officer
Core organic growth in consumer checking accounts and commercial relationships provides a durable moat against market volatility. Broad business diversity insulates total earnings when investment banking and trading activity cool down.
Our balance sheet and capital remain strong, and we continue to invest in technology and develop AI capabilities to support long-term growth. This quarter demonstrates the strength of our franchise and the value of our diversified business model.
-- Brian Moynihan, Chair and Chief Executive Officer
Should you buy stock in Bank of America right now?
Before you buy stock in Bank of America, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bank of America wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
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Bank of America: 3 Key Takeaways for Long-Term Investors

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
Total Q3 earnings for the 32 S&P 500 members that have reported results already are up +52.5% from the same period last year on +15.8% higher revenues, with 81.3% beating EPS estimates and 71.9% beating revenue estimates.
The EPS and revenue beats percentages at this admittedly early stage in the Q3 reporting cycle are tracking modestly below what we had seen from this same group of companies in other recent periods. The reported earnings and revenue growth rates have been boosted by outsized gains at Micron, with the Q3 growth comparisons tracking modestly unfavorably with other recent periods when the Micron numbers are excluded.
The relatively underwhelming start to the Q3 reporting cycle notwithstanding, the overall setup remains favorable, with earnings growth expected to be in the double digits for the 8th consecutive quarter. The growth momentum is broad-based, with 14 of the 16 Zacks sectors expected to enjoy positive earnings growth and the outlook steadily improving.
Excluding the Tech sector’s substantial contribution, Q3 earnings for the rest of the S&P 500 index would be up +14.6% (vs. +24.6% otherwise). Excluding the Energy sector, the aggregate growth rate would decline to +20.3%.
What’s Weighing on Bank Stocks After Strong Q3 Results?
Despite headline earnings misses by JPMorgan and Bank of America, Q3 results from these banks and their peers have been very strong, with robust equity trading volumes and accelerating investment banking activities, particularly in equity underwriting and M&A.
Net interest income was up at each of the money-center banks – JPMorgan JPM, Citigroup C, Bank of America BAC and Wells Fargo – with NII at JPMorgan up +6% (excluding markets) relative to the same period last year, up +7% at Citigroup, +8% at Bank of America and +5% at Wells Fargo. Other than JPMorgan, whose Q3 NII was modestly down sequentially, the other three banks enjoyed gains relative to the preceding period.
On the trading side, the gains were entirely from the equities markets, while revenues from the fixed income, currencies, and commodities (FICC) business were down across all the banks. Citigroup was the sole exception on the FICC side, with the bank enjoying its best Q3 trading performance in many years.
These results failed to change the banks’ negative stock market momentum ahead of these results. You can see this in the performance chart below that shows the performance of JPMorgan, Wells Fargo, Bank of America, and Citigroup shares relative to the S&P 500 index since the end of June.
Market participants are likely weighing future headwinds rather than backward-looking Q3 results in pushing these stocks lower. At the core of their concerns is interest rate volatility, which obscures NII visibility, alongside a potential deceleration in trading revenue from recent cyclical highs. Because NII and capital markets activity drove outsized bank profits over the last four quarters, a plateau in these activities is likely fueling investor caution.
For the Finance sector’s Q3 scorecard, we now have results from 33% of the sector’s market capitalization in the S&P 500 index. Total earnings for these banks are up +10% from the same period last year on +12.7% higher revenues, with 77.8% beating EPS estimates and 66.7% beating revenue estimates.
For Q3 as a whole, combining actual results with estimates for the remaining stocks, total Finance sector earnings are expected to increase +7.2% from the same period last year, on +7.5% higher revenues.
Image Source: Zacks Investment Research
The Earnings Big Picture
The chart below shows S&P 500 expectations for 2026 Q3, comparing what was achieved in the preceding four periods with what is currently expected for the following three quarters.
Image Source: Zacks Investment Research
We have been showing here how Q3 estimates moved higher since the quarter got underway. Below, we show how estimates for the last quarter of the year have evolved in recent weeks.
Image Source: Zacks Investment Research
The chart below shows the overall earnings picture for the S&P 500 index on an annual basis.
Image Source: Zacks Investment Research
As is the case with estimates for 2026 Q4, estimates for full-year 2027 are also moving higher, as the chart below shows.
Image Source: Zacks Investment Research
Since the beginning of July, estimates for 2027 have increased for 10 of the 16 Zacks sectors, with Tech, Energy, Finance and Industrials leading the way.
We will see how this revisions trend evolves as companies report Q3 results and share updates on developments in their businesses.
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Broad-Based Growth Meets Bank Caution: The Evolving Q3 Earnings Picture

The S&P 500 Index ($SPX) (SPY) closed down by -1.11% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.02%. December E-mini S&P futures (ESZ26) fell -1.16%, and December E-mini Nasdaq futures (NQZ26) fell -2.10%.
Stock indexes sold off sharply on Wednesday, with the S&P 500 falling to a 1.5-week low and the Nasdaq 100 dropping to a 3.5-week low. Inflation woes dampened market sentiment and sparked stock liquidation on Wednesday after US September consumer prices rose more than expected, reinforcing speculation that the Fed will keep interest rates higher for longer amid sticky price pressures. The chance of a 25 bp Fed rate hike at this month’s FOMC meeting rose to 37% from 22% before the CPI report. Also, the rout in chipmakers continued Wednesday, weighing on the overall market.
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Wednesday’s broader market slump sparked defensive buying of health care and pharmaceutical stocks, limiting losses in the Dow Jones industrials.
US Sep CPI rose +3.7% y/y, stronger than expectations of +3.6% y/y. Sep core CPI rose +2.6% y/y, stronger than expectations of 2.5% y/y.
The Fed Beige Book was hawkish, noting that a majority of the twelve Fed districts in the six weeks through October 5 reported economic growth, and half saw robust or intensifying price pressures.
Stocks and bonds garnered some support Wednesday on comments from Fed Vice Chair Michelle Bowman, who signaled she favors keeping Fed policy steady at this month's FOMC meeting when she said, "We have some time to wait and see how financial conditions and the economy evolve before we decide that we need to take any more action" on interest rates.
US MBA mortgage applications fell -2.7% in the week ended October 9, with the purchase mortgage sub-index down -4.0% and the refinancing mortgage sub-index down -0.4%. The average 30-year fixed-rate mortgage rose +1 bp to a 2.75-year high of 7.50% from 7.49% the prior week.
China's trade news was better than expected, supporting global growth prospects. China's Sep exports rose +36.3% y/y, stronger than expectations of +25.7% y/y and the most in 7 months. Sep imports rose +31.0% y/y, stronger than expectations of +25.0% y/y.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%.
Nov WTI crude oil prices (CLX26) closed up more than +1% on Wednesday as Yemen's Houthi rebels launched multiple drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East.
Markets are discounting a 37% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed up +0.38%. China's Shanghai Composite closed down -0.89%. Japan's Nikkei-225 Stock Average closed down -0.05%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +4.5 ticks on Wednesday. The 10-year T-note yield fell -2.5 bp to 5.183%. T-note prices recovered from early losses on Wednesday and settled higher as a slump in equity markets fueled short-covering in T-notes. Also, dovish comments on Wednesday from Fed Vice Chair Bowman were bullish for T-notes when said she sees no urgent need for the Fed to raise interest rates.
T-notes initially retreated on Wednesday on the stronger-than-expected US Sep CPI report, which boosted the chance of a Fed rate hike later this month to 37% from 22% before the report. Also, Wednesday’s +1% increase in WTI crude oil has raised inflation expectations and is bearish for T-notes. In addition, the Fed Beige Book was negative for T-notes, noting intensifying price pressures in more than half of the Fed’s districts.
European government bond yields moved lower on Wednesday. The 10-year German bund yield fell -0.3 bp to 3.466%. The 10-year UK gilt yield fell -2.3 bp to 5.424%.
The German Sep wholesale price index rose +8.7% y/y from +6.8% y/y in Aug, the strongest pace of increase in nearly 3.5 years.
Markets are discounting a 12% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks sold off Wednesday, weighing on the overall market. The iShares Semiconductor ETF (SOXX) fell to a 3.5-week low and closed down more than -4%. CoreWeave closed down more than -15% to lead losers in the Nasdaq 100, and Lumentum Holdings (LITE) closed down more than -8%. Also, Marvell Technology (MRVL) closed down more than -7%, and ARM Holdings Plc (ARM) closed down more than -6%. In addition, Advanced Micro Devices (AMD) and SanDisk (SNDK) closed down more than -5%, and Lam Research (LRCX), Seagate Technology Holdings Plc (STX), Microchip Technology (MCHP), Intel (INTC), and Western Digital (WDC) closed down more than -4%.
The Magnificent Seven technology stocks fell on Wednesday, weighing on the broader market. Nvidia (NVDA) and Meta Platforms (META) closed down more than -3%, and Tesla (TSLA) closed down more than -2%. Also, Alphabet (GOOGL), Amazon.com (AMZN), and Microsoft (MSFT) closed down more than -1%. Bucking the trend, Apple (AAPL) closed up +0.50%.
Cybersecurity stocks weakened on Wednesday, weighing on the overall market. Cloudflare (NET) and Okta (OKTA) closed down more than -6%, and Palo Alto Networks (PANW) closed down more than -5%. Also, Crowdstrike Holdings (CRWD) and SentinelOne (S) closed down more than -4%, and Fortinet (FTNT) and Zscaler (ZS) closed down more than -3%.
Cryptocurrency-exposed stocks fell on Wednesday after Bitcoin (^BTCUSD) fell more than -1%. Iren Ltd (IREN) closed down more than -12%, and MARA Holdings (MARA) and Riot Platforms (RIOT) closed down more than -9%. Also, Galaxy Digital Holdings (GLXY) and Robinhood Markets (HOOD) closed down more than -8%, and Circle Internet Group (CRCL), BitMine Immersion Technologies (BMNR), and Strategy (MSTR) closed down more than -5%. On addition, Coinbase Global (COIN) and Bullish (BLSH) closed down more than -4%.
Health insurance stocks moved higher on Wednesday as a defensive play amid the broader market rout. UnitedHealth Group (UNH) closed up more than +4% to lead gainers in the S&P 500 and Dow Jones Industrials. Also, CVS Health Corp (CVS), Cardinal Health (CAH), and United Health Services (UHS) closed up more than +3%, and HCA Healthcare (HCA) and the Cigna Group (CI) closed up more than +2%. In addition, Centene (CNC) and Humana (HUM) closed up more than +1%.
Defensive pharmaceutical stocks rallied on Wednesday amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), Merck & Co (MRK), Pfizer (PFE), and Regeneron Pharmaceuticals (REGN) closed up more than +3%, and Vertex Pharmaceuticals (VRTX) closed up more than +2%.
Dell Technologies (DELL) closed down more than -11% to lead losers in the S&P 500 , Hewlett Packard Enterprise (HPE) closed down more than -8%, and NetApp (NTAP) closed down more than -6% after Barclays downgraded the stocks to equal weight from overweight.
Bank of America (BAC) closed down more than -4% after reporting Q3 equities trading revenue ex-DVA of $2.51 billion, weaker than the consensus of $2.63 billion.
State Street (STT) closed down more than -3% after reporting Q3 revenue of $4.00 billion, weaker than the consensus of $4.04 billion.
Progressive (PGR) closed down more than -3% after reporting Q3 net premiums written of $22.30 billion, below the consensus of $22.50 billion.
Liquidia (LQDA) closed up more than +27% after reaching a global settlement resolving all pending litigation with United Therapeutics.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Sharply Lower on Inflation Woes and Slumping Chipmakers

Key Points
American Express is the last remaining credit card stock in Berkshire's portfolio.
The New York Times Company is bucking the trend of the struggling newspaper industry.
DaVita specializes in treating kidney disease and providing dialysis services.
One of the secrets of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) and its success in the stock market has been its focus on value. Whether led by former Chief Executive Officer Warren Buffett or its current leader, Greg Abel, Berkshire has always focused on buying stocks when they are significantly below their intrinsic value.
On top of that, Berkshire's management team has sought companies that have significant advantages over their competitors -- an economic moat -- operating in a mature industry with reliable cash flow.
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That strategy has helped Berkshire Hathaway build an investment portfolio valued at about $350 billion -- and generate returns that averaged 19.7% during the past 60 years, nearly double the S&P 500's (SNPINDEX: ^GSPC) return.
In today's go-go market, which is focused so heavily on artificial intelligence, machine learning, and other technological advances, it's easy to forget that there are some great value stocks available -- and at comparatively dirt cheap prices. Three such stocks currently in Berkshire's portfolio are American Express (NYSE: AXP), The New York Times Company (NYSE: NYT), and DaVita (NYSE: DVA). Here's the case for buying and holding each of them right now.
Berkshire Hathaway stock No. 1: American Express
Berkshire Hathaway is deeply ingrained in the financial community. Its holdings include a significant stake in publicly traded companies such as Bank of America and Moody's, and it wholly owns several insurance companies, including GEICO. Until last year, it had stakes in American Express, Mastercard, and Visa.
But I've always believed that of the three, American Express is the superior stock. Apparently, Abel feels the same way, as he closed out Berkshire's positions in Mastercard and Visa in the first quarter.
I like American Express because of its market position -- it's geared toward more affluent customers with its gold and platinum card programs, both of which charge hefty annual fees. American Express increased its annual fee for its Platinum card to a whopping $895 earlier this year and offers perks valued at $3,500 to cardholders.
"Our platinum portfolio is now the fastest growing in our U.S. Consumer business; our best-in-class credit performance further strengthened; and we continued to attract a large number of new customers, particularly millennials and Gen Zs who represent greater lifetime value," CEO Stephen Squeri said.
Revenue in the second quarter was $19.6 billion, up 10% from a year ago, and net income of $3.11 billion was up 8%.
American Express is one of Berkshire's largest holdings, with 151.6 million shares, representing 13% of the company's portfolio. However, American Express stock is down 18% so far this year and currently sits 21% off its all-time high. But it's still my favorite financial stock in Berkshire's portfolio.
Berkshire Hathaway stock No. 2: The New York Times Company
We've all heard it: Newspapers are in trouble, and many have shut down -- about 3,500 in the U.S. alone, according to a Poynter study. The industry largely hasn't kept pace with the growth of digital media, losing both advertisers and subscribers.
But The New York Times has been able to buck that trend, embracing digital and capitalizing on its global brand. The company's newspaper had 13.35 million subscribers in the second quarter, with only 550,000 receiving printed copies.
Second-quarter revenue rose 11% from a year earlier to $762.5 million. And even though print advertising continued to decline, falling from $40 million to $35 million in a year, the company recorded a 21% gain in digital ads, bringing total ad revenue to $149 million, up from $134 million a year ago.
The company is a classic example of what Buffett and Abel appreciate: a well-run company with an economic moat that ensures long-term success. The shares are down 8% so far this year and 20% from their all-time highs.
Berkshire Hathaway stock No. 3: DaVita
Interestingly, Berkshire doesn't own many healthcare companies. It took a sizable share in UnitedHealth Group in the second quarter of 2025 before selling it less than a year later. And its Berkshire Hathaway Life company offers health reinsurance but not direct-to-consumer health coverage.
So DaVita holds a unique position in the Berkshire universe. The company focuses on kidney disease and chronic kidney failure, providing dialysis services and care, lab services, and research.
And that's an important field, particularly as the National Kidney Foundation estimates that 35.5 million U.S. adults have kidney disease, and one-third of adults are at risk from the disease.
Second quarter revenue rose to $3.55 billion, up from $3.20 billion a year ago. Net income was $343.2 million, up from $275.2 million in the second quarter of 2025, and diluted earnings per share were $4.02, up from $2.58 per share.
Unlike the other two companies on this list, DaVita is having a very good year, up 58%, but it's still 27% off its all-time highs.
Should you buy stock in American Express right now?
Before you buy stock in American Express, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and American Express wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $361,650!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,437,517!*
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*Stock Advisor returns as of October 6, 2026.
Bank of America is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Patrick Sanders has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends American Express, Berkshire Hathaway, Mastercard, Moody's, The New York Times Co., and Visa. The Motley Fool recommends UnitedHealth Group. The Motley Fool has a disclosure policy.

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