Bank of America (NYSE:BAC) Price Target Raised to $61.00

Bank of America (NYSE:BAC) had its target price hoisted by analysts at Evercore from $55.00 to $61.00 in a research report issued on Thursday,MarketScreener reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Evercore’s target price would indicate a potential upside of 12.32% from the stock’s current price.

Several other research analysts also recently commented on the stock. Wolfe Research downgraded shares of Bank of America from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 7th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Wednesday, April 1st. Piper Sandler reissued a “neutral” rating on shares of Bank of America in a research note on Thursday. Wells Fargo & Company lifted their price objective on Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Finally, Autonomous Res decreased their target price on Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.65.

Bank of America Trading Up 1.8%

Shares of BAC stock opened at $54.31 on Thursday. The stock has a market capitalization of $388.08 billion, a PE ratio of 14.18, a P/E/G ratio of 0.93 and a beta of 1.23. Bank of America has a 1-year low of $36.49 and a 1-year high of $57.55. The business has a 50-day moving average of $50.53 and a 200 day moving average of $52.23. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America will post 3.7 earnings per share for the current year.

Insider Activity at Bank of America

In related news, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. The trade was a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 227,832 shares of company stock worth $11,094,960. 0.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BAC. Brighton Jones LLC lifted its position in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC raised its stake in Bank of America by 40.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 6,174 shares during the period. Jump Financial LLC lifted its holdings in Bank of America by 38.4% in the 2nd quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC bought a new position in Bank of America in the 2nd quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP grew its holdings in Bank of America by 4.2% during the 2nd quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after buying an additional 355 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Q1 beat: EPS $1.11 and revenue ~$30.3B topped estimates, driven by a 30% jump in equities revenue, higher NII and strong wealth/investment-banking fees — the core reason shares are rising. Bank of America profit rises as trading shines
• Positive Sentiment: AI rollout for advisors: BofA introduced a new AI tool for its ~18,000 financial advisors, which could improve client servicing, productivity and AUM growth at Merrill/wealth units over time. Bank of America’s 18,000 financial advisors just got a new AI tool as the company posts a record quarter
• Positive Sentiment: Analyst upgrade: Keefe, Bruyette & Woods raised its price target to $64 and kept an outperform rating — a visible vote of confidence that supports further upside. Keefe, Bruyette & Woods price target raise (Benzinga)
• Positive Sentiment: Consumer and payments resilience: Card volumes grew ~7% and consumer flows topped $1T for the quarter, supporting fee income and NII potential if rates stay elevated. BofA’s Q1 Shows the US Consumer Won’t Flinch, Card Volumes Up 7%
• Neutral Sentiment: Debt management: BofA will redeem €1.5B of senior notes due 2027 on May 4 — a liability management move that’s routine but uses cash/capital. Bank of America Announces Redemption of €1,500,000,000 1.776% Fixed/Floating Rate Senior Notes, due May 4, 2027
• Neutral Sentiment: Corporate giving/PR: BofA announced a $5M founding sponsorship for the Theodore Roosevelt Presidential Library — positive for brand but not material to earnings. Commemorating America 250, BofA Announces $5M Founding Sponsorship
• Negative Sentiment: Fixed-income weakness and macro risks: Fixed-income trading underperformed and management flagged evolving economic/geopolitical risks that could pressure trading and credit trends. Monitor next-quarter NII and trading mix. Bank of America beats profit estimates as trading, wealth income drive growth
• Negative Sentiment: Investor sentiment downgrade: A BofA survey noted a sharp cut to global growth expectations — a reminder macro shocks can reverse the current tailwind for banks. Investors slash growth views by most in 4 years: BofA

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.