Bank of America (NYSE:BAC) Price Target Raised to $65.00

Key Points

• Jefferies raised its price target to $65 (from $60), implying roughly a 19.7% upside; several other firms also lifted targets and the consensus rating is a "Moderate Buy" with a $60.65 consensus target.
• Q1 beat: Bank of America reported EPS of $1.11 and revenue of $30.27B, topping estimates, driven by a ~30% jump in equities revenue and strength in net interest income and wealth/investment-banking fees.
• Insiders have sold 227,832 shares (about $11.1M) in the past 90 days, while institutional investors own roughly 70.7% of the company.

Bank of America (NYSE:BAC) had its price objective hoisted by equities researchers at Jefferies Financial Group from $60.00 to $65.00 in a report released on Thursday,MarketScreener reports. The firm presently has a "buy" rating on the financial services provider's stock. Jefferies Financial Group's target price would indicate a potential upside of 19.69% from the company's previous close.

Several other research firms have also recently issued reports on BAC. Evercore increased their price target on shares of Bank of America from $55.00 to $61.00 and gave the stock an "outperform" rating in a report on Thursday. Wall Street Zen raised Bank of America from a "sell" rating to a "hold" rating in a report on Saturday, February 14th. Robert W. Baird boosted their target price on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a research report on Thursday. The Goldman Sachs Group raised their price target on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday. Finally, Erste Group Bank downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.65.

Bank of America Price Performance

Shares of BAC opened at $54.31 on Thursday. The firm has a market capitalization of $388.08 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 0.93 and a beta of 1.23. The firm's fifty day simple moving average is $50.53 and its 200-day simple moving average is $52.23. Bank of America has a twelve month low of $36.49 and a twelve month high of $57.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

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

Insider Buying and Selling

In other news, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction that occurred 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 owned 227,973 shares in the company, valued at $11,357,614.86. This trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James P. Demare sold 83,832 shares of the business's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 227,832 shares of company stock valued at $11,094,960. Corporate insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Bank of America

Hedge funds have recently made changes to their positions in the business. Abound Financial LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $26,000. Wiser Advisor Group LLC bought a new position in shares of Bank of America in the third quarter valued at approximately $27,000. Legacy Bridge LLC raised its holdings in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider's stock worth $28,000 after purchasing an additional 330 shares in the last quarter. Marquette Asset Management LLC acquired a new stake in Bank of America in the third quarter worth approximately $30,000. Finally, Collier Financial bought a new position in Bank of America during the 3rd quarter valued at $30,000. Institutional investors own 70.71% of the company's stock.

Key Stories 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.

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