Shares of Bank of America Corporation (NYSE:BAC) rose 2% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $57.50 to $62.50. JPMorgan Chase & Co. currently has an overweight rating on the stock. Bank of America traded as high as $59.94 and last traded at $59.90. 34,261,495 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 39,176,141 shares. The stock had previously closed at $58.73.
A number of other research analysts also recently commented on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a research report on Friday, April 24th. Keefe, Bruyette & Woods increased their price objective 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. Evercore cut their price objective on shares of Bank of America from $70.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, May 15th. UBS Group boosted their price objective on shares of Bank of America from $62.00 to $63.00 in a research note on Wednesday, May 6th. Finally, The Goldman Sachs Group upped their target price on Bank of America from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.98.
Read Our Latest Stock Analysis on BAC
Insider Buying and Selling at Bank of America
In other news, insider Geoffrey S. Greener sold 126,756 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.27% of the company's stock.
Trending Headlines about Bank of America
Here are the key news stories impacting Bank of America this week:
- Positive Sentiment: JPMorgan and Wells Fargo both raised their price targets on Bank of America (BAC) and kept overweight-style ratings, reinforcing a constructive view on the stock’s earnings power and valuation.
- Positive Sentiment: BofA’s own market strategists continue to highlight opportunities in select stocks tied to AI, semiconductors, telecom and industrial demand, which supports the firm’s broader investment-banking and research franchise.
- Positive Sentiment: The company’s recent earnings beat also remains a tailwind, with stronger-than-expected EPS and revenue helping justify the recent move up in the share price.
- Neutral Sentiment: BofA issued a more cautious macro outlook, warning the Fed is deviating from a basic anti-inflation rule and forecasting downside for the S&P 500. This reflects a risk-off market view, but it is not specific to BAC’s fundamentals. The Fed is ‘meaningfully deviating’ from one of the most basic rules for fighting inflation, BofA warns
- Neutral Sentiment: News that BofA slightly trimmed an instrument-based stake in CA Immo appears to be a routine portfolio adjustment rather than a meaningful catalyst for the bank’s stock. Bank of America slightly trims instrument-based stake in CA Immo
- Neutral Sentiment: Several articles focused on BofA’s stock calls for other companies, including Micron, T-Mobile, Corning and Astera Labs, which highlights the bank’s research activity but does not directly affect BAC’s earnings outlook. Micron (MU) Stock Has 54% Upside, Says BofA – Here’s Why
- Negative Sentiment: BofA’s bearish S&P 500 and consumer-demand commentary signals broader caution on the market backdrop, which could temper sentiment if investors rotate away from cyclical financials.
Hedge Funds Weigh In On Bank of America
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares during the period. Capital World Investors increased its holdings in Bank of America by 11.0% in the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider's stock valued at $7,448,816,000 after buying an additional 14,275,810 shares in the last quarter. Norges Bank purchased a new position in Bank of America in the fourth quarter valued at $4,774,210,000. Bank of New York Mellon Corp raised its position in shares of Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider's stock worth $3,169,062,000 after acquiring an additional 2,929,779 shares during the period. Finally, Fisher Asset Management LLC raised its position in shares of Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider's stock worth $2,958,110,000 after acquiring an additional 1,105,833 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.
Bank of America Stock Performance
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 firm has a market capitalization of $425.09 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The firm's 50 day moving average price is $53.82 and its 200-day moving average price is $52.80.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 EPS. On average, research analysts expect that Bank of America Corporation will post 4.49 EPS for the current year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America's dividend payout ratio is presently 27.72%.
About Bank of America
(
Get Free Report)
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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