Bank of America (NYSE:BAC) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase raised its price target on Bank of America to $62.50 from $57.50 and kept an overweight rating, implying about 6.5% upside from the prior close.
• Other analysts have also turned more positive, including Goldman Sachs, HSBC, Truist, and Keefe, Bruyette & Woods, while Oppenheimer downgraded the stock. Overall, Bank of America now has a Moderate Buy consensus and an average target price of $61.90.
• Bank of America’s recent results beat expectations, with quarterly EPS of $1.11 versus the expected $1.00 and revenue of $30.27 billion topping estimates. Shares opened at $58.67, near the 12-month high of $59.19.

Bank of America (NYSE:BAC) had its target price hoisted by JPMorgan Chase & Co. from $57.50 to $62.50 in a research report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 6.53% from the stock's previous close.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group boosted their price objective on Bank of America from $58.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, April 16th. HSBC upped their price objective on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Truist Financial lifted their target price on shares of Bank of America from $61.00 to $64.00 and gave the company a "buy" rating in a report on Friday, June 26th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $63.00 to $64.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Finally, Oppenheimer cut shares of Bank of America from an "outperform" rating to a "market perform" rating in a research note on Tuesday, June 30th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $61.90.

Bank of America Stock Performance

Shares of NYSE BAC opened at $58.67 on Monday. The company has a 50 day simple moving average of $53.82 and a two-hundred day simple moving average of $52.80. The stock has a market cap of $416.35 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 0.99 and a beta of 1.17. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. Bank of America has a 12 month low of $44.75 and a 12 month high of $59.19.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.11. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The business's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, analysts predict that Bank of America will post 4.49 earnings per share for the current year.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the company'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 transaction of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares of the company's stock, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of America

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Norges Bank acquired a new stake in Bank of America in the 4th quarter worth about $4,774,210,000. Capital International Investors acquired a new stake in shares of Bank of America in the fourth quarter worth approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider's stock worth $2,399,798,000 after purchasing an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. raised its stake in Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider's stock valued at $1,380,239,000 after purchasing an additional 22,621,546 shares during the last quarter. Hedge funds and other 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: Wells Fargo lifted its price target on Bank of America (BAC) to $67 and reiterated an Overweight rating, signaling confidence in the bank’s earnings and valuation. Wells Fargo raises Bank of America price target to $67
• Neutral Sentiment: Bank of America’s research team remained active in the market commentary cycle, including a cautious call that the S&P 500 may decline amid high AI spending and elevated tech valuations. BofA forecasts 8.5% decline in S&P 500
• Neutral Sentiment: BofA also reiterated a year-end S&P 500 target of 7,100, reinforcing its view that market speculation may be due for a snapback, though this is more of a macro call than a direct driver for BAC shares. BofA warns of stock market snapback

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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