Bank of America (NYSE:BAC) Stock Keeps "Hold" Rating at TD Cowen

Key Points

• TD Cowen reiterated a “Hold” rating on Bank of America and set a $60 price target, implying approximately 12% upside from the reported share price.
• Analyst sentiment is somewhat more positive overall: 19 analysts rate BAC a Buy and seven rate it Hold, producing a consensus “Moderate Buy” rating and an average target price of $64.22.
• Bank of America recently exceeded quarterly expectations, reporting $1.21 in earnings per share and $31.56 billion in revenue, up 19.6% year over year; institutional investors own about 70.7% of its shares.

Bank of America (NYSE:BAC)'s stock had its "hold" rating restated by research analysts at TD Cowen in a note issued to investors on Thursday, Benzinga reports. They currently have a $60.00 price target on the financial services provider's stock. TD Cowen's target price would suggest a potential upside of 12.02% from the stock's current price.

Other equities research analysts have also issued research reports about the company. Robert W. Baird boosted their target price on Bank of America from $58.00 to $62.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Morgan Stanley restated an "overweight" rating on shares of Bank of America in a research report on Tuesday, September 15th. Truist Financial decreased their price target on Bank of America from $65.00 to $62.00 and set a "buy" rating on the stock in a research note on Thursday, October 1st. Barclays boosted their price objective on Bank of America from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Tuesday, July 21st. Nineteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.22.

Bank of America Price Performance

BAC stock opened at $53.56 on Thursday. The firm has a market cap of $374.53 billion, a P/E ratio of 12.28, a P/E/G ratio of 0.87 and a beta of 1.21. The firm's fifty day moving average is $60.41 and its 200 day moving average is $56.49. Bank of America has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. Research analysts predict that Bank of America will post 4.61 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc purchased a new position in shares of Bank of America during the second quarter valued at about $2,571,060,000. Deutsche Bank AG purchased a new position in Bank of America during the second quarter valued at $2,359,172,000. Bank of New York Mellon Corp bought a new stake in shares of Bank of America during the 2nd quarter valued at $2,313,953,000. Amundi grew its position in shares of Bank of America by 12.5% in the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock worth $2,066,274,000 after buying an additional 4,721,969 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Bank of America by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider's stock worth $1,517,599,000 after acquiring an additional 561,413 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

More Bank of America News

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

• Positive Sentiment: A Seeking Alpha analysis upgraded Bank of America, arguing that a shift in Federal Reserve policy could create upside for net interest income. Lower funding pressure or a more favorable rate environment could support the bank’s earnings outlook. Bank of America: Fed Policy Shift Creates NII Upside
• Positive Sentiment: UBS maintained its Buy rating on BAC, providing continued sell-side support. UBS Keeps Their Buy Rating on Bank of America
• Positive Sentiment: Bank of America is deploying artificial intelligence to personalize customer interactions and improve its banking experience. The initiative could support efficiency, client retention and longer-term competitiveness, although the near-term financial benefit is uncertain. How Bank of America is using AI to reinvent the customer experience
• Neutral Sentiment: BAC is expected to report quarterly earnings soon. Its previous report beat consensus estimates, with $1.21 in EPS and $31.56 billion in revenue, but investors are likely focused on loan growth, deposit costs, credit quality and management’s rate outlook in the next release. Bank of America Expected to Announce Earnings
• Neutral Sentiment: Bank of America’s commentary on strong potential demand for large technology IPOs could benefit its investment-banking pipeline, but the opportunity remains prospective rather than a current earnings driver. BofA Sees Strong Demand for OpenAI and Anthropic IPOs
• Negative Sentiment: Bank of America agreed to pay $39 million to settle allegations related to Merrill’s cash sweep program. The financial cost is manageable relative to BAC’s size, but the settlement adds legal, regulatory and reputational risk. Bank of America Agrees $39 Million Merrill Cash Sweep Settlement
• Negative Sentiment: A separate analysis urged caution ahead of earnings because of evolving credit, interest-rate and broader market risks. Those concerns may limit the impact of bullish NII expectations until BAC provides updated guidance. Bank of America: As Q3 Earnings Near, Cautious of Evolving Risks

Bank of America Company Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.

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