Bank of America (NYSE:BAC) Price Target Raised to $72.00

Key Points

• Barclays raised its price target on Bank of America to $72 from $71 and kept an overweight rating, implying about 18.7% upside from the prior close.
• Bank of America reported Q2 EPS of $1.21, beating estimates of $1.13, while revenue rose 19.6% year over year. The company also highlighted strength in trading, investment banking, and net interest income.
• Analyst sentiment remains broadly positive: 21 analysts rate the stock a Buy, with a consensus Moderate Buy rating and an average price target of $62.73.

Bank of America (NYSE:BAC) had its target price raised by stock analysts at Barclays from $71.00 to $72.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Barclays's target price would suggest a potential upside of 18.74% from the company's previous close.

A number of other equities research analysts have also commented on BAC. Autonomous Res dropped their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Monday, April 6th. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $63.00 to $64.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Truist Financial boosted their target price on shares of Bank of America from $61.00 to $64.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Finally, JPMorgan Chase & Co. increased their price target on Bank of America from $57.50 to $62.50 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $62.73.

Bank of America Stock Performance

Shares of BAC opened at $60.64 on Wednesday. The stock has a 50-day moving average of $54.77 and a two-hundred day moving average of $53.01. Bank of America has a one year low of $44.75 and a one year high of $61.21. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $430.32 billion, a P/E ratio of 15.01, a P/E/G ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $8.08 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the prior year, the company earned $0.89 earnings per share. The company's revenue was up 19.6% on a year-over-year basis. As a group, research analysts predict that Bank of America will post 4.51 EPS for the current year.

Insider Buying and Selling

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.27% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ballast Inc. raised its position in shares of Bank of America by 65.6% in the second quarter. Ballast Inc. now owns 14,875 shares of the financial services provider's stock valued at $848,000 after buying an additional 5,894 shares during the last quarter. Regent Peak Wealth Advisors LLC raised its holdings in Bank of America by 4.2% in the 2nd quarter. Regent Peak Wealth Advisors LLC now owns 14,073 shares of the financial services provider's stock valued at $802,000 after acquiring an additional 564 shares during the last quarter. Tema ETFs LLC lifted its stake in Bank of America by 10.7% in the 2nd quarter. Tema ETFs LLC now owns 136,391 shares of the financial services provider's stock worth $7,772,000 after purchasing an additional 13,195 shares in the last quarter. GenWealth Group Inc. acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $206,000. Finally, Dagco Inc. increased its holdings in shares of Bank of America by 337.2% in the second quarter. Dagco Inc. now owns 9,330 shares of the financial services provider's stock valued at $532,000 after purchasing an additional 7,196 shares during the last quarter. Hedge funds and other 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: Bank of America beat Q2 expectations, with EPS of $1.21 topping estimates and revenue rising sharply, driven by stronger trading, investment banking and net interest income. Bank of America Q2 Earnings Beat on NII, Trading & IB Strength
• Positive Sentiment: Management highlighted durable growth drivers such as rising NII, loan and deposit gains, operating leverage, and AI-enabled productivity, reinforcing the view that the earnings beat is not a one-quarter event. Bank of America Q2 Earnings Call Points to Durable Growth Drivers
• Positive Sentiment: Analyst commentary and earnings-call coverage point to broad-based strength, with consumer banking, wealth management, and capital markets all contributing to better results. Bank of America Earnings Call Signals Broad-Based Strength
• Neutral Sentiment: Bank of America also announced redemptions of certain senior notes, a routine balance-sheet move that is unlikely to materially change the investment thesis on its own. Bank of America Announces Redemptions of Senior Notes
• Neutral Sentiment: The stock is also benefiting from broader bullish sentiment across big banks after JPMorgan, Goldman Sachs and Citigroup posted strong results, which has helped BAC trade near its 52-week high. Why Did Banking Stocks GS, JPM, BAC Surge To 52-Week Highs Today?
• Negative Sentiment: Some headlines note that BAC shares initially slipped or saw mixed post-earnings trading despite the beat, suggesting investors may be weighing valuation and margin details even after the strong report. Bank of America stock falls despite earnings beat

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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