Bank of America (NYSE:BAC) Given New $61.00 Price Target at Evercore

Key Points

• Evercore raised its price target on Bank of America to $61 (from $55) and kept an "outperform" rating, implying ~12.3% upside; the analyst consensus is a "Moderate Buy" with an average target near $60.65 (22 Buys, 5 Holds).
• Bank of America beat Q1 estimates with EPS $1.11 (vs. $1.00) and revenue $30.27B (vs. $29.72B), powered by stronger trading/equities revenue and resilient consumer/payment activity, which has prompted multiple target upgrades and lifted the stock.

Bank of America (NYSE:BAC) had its target price increased by equities researchers at Evercore from $55.00 to $61.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The firm presently has an "outperform" rating on the financial services provider's stock. Evercore's target price points to a potential upside of 12.32% from the stock's previous close.

BAC has been the topic of a number of other research reports. Piper Sandler reiterated a "neutral" rating on shares of Bank of America in a research report on Thursday. Wells Fargo & Company upped their target price on Bank of America from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, January 5th. Jefferies Financial Group initiated coverage on shares of Bank of America in a report on Thursday, March 26th. They set a "buy" rating and a $60.00 price target for the company. TD Cowen decreased their price objective on shares of Bank of America from $66.00 to $64.00 and set a "buy" rating for the company in a research report on Thursday, January 15th. Finally, Barclays boosted their target price on shares of Bank of America from $59.00 to $71.00 and gave the company an "overweight" rating in a report on Monday, January 5th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $60.65.

Bank of America Stock Up 1.8%

NYSE:BAC opened at $54.31 on Thursday. Bank of America has a one year low of $36.49 and a one year high of $57.55. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $388.08 billion, a PE ratio of 14.18, a P/E/G ratio of 0.93 and a beta of 1.23. The firm's 50 day simple moving average is $50.53 and its 200 day simple moving average is $52.23.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The firm had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The company's revenue for the quarter was up 10.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America will post 3.7 earnings per share for the current year.

Insider Activity at Bank of America

In other Bank of America news, insider James P. Demare sold 83,832 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider directly owned 307,240 shares of the company's stock, valued at $15,362,000. This represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the sale, the insider directly owned 227,973 shares in the company, valued at $11,357,614.86. The trade was a 17.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 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

Institutional investors have recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Sivia Capital Partners LLC increased its position in shares of Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider's stock worth $1,013,000 after purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC raised its stake in Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider's stock valued at $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $1,396,000. Finally, Vivaldi Capital Management LP raised its position in shares of 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.

More Bank of America News

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

Bank of America Company Profile

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.

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