The Goldman Sachs Group Raises Bank of America (NYSE:BAC) Price Target to $63.00

Key Points

• Goldman Sachs raised its price target on Bank of America to $63 from $58 and kept a buy rating, implying about a 16% upside from the prior close.
• Bank of America posted a strong Q1 beat — $1.11 EPS vs. $1.00 expected and $30.27B revenue — driven by a ~30% jump in equities revenue, higher NII, card volume growth and a new AI tool for ~18,000 advisors.
• Analysts collectively rate BAC a Moderate Buy (average target $60.65: 22 Buys, 5 Holds), while insiders have trimmed positions recently even as institutional investors own roughly 70.7% of the stock.

Bank of America (NYSE:BAC) had its target price raised by stock analysts at The Goldman Sachs Group from $58.00 to $63.00 in a note issued to investors on Thursday,MarketScreener reports. The firm presently has a "buy" rating on the financial services provider's stock. The Goldman Sachs Group's target price indicates a potential upside of 16.00% from the stock's previous close.

A number of other brokerages also recently issued reports on BAC. JPMorgan Chase & Co. cut their target price on Bank of America from $61.50 to $57.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Wolfe Research downgraded Bank of America from an "outperform" rating to a "peer perform" rating in a report on Wednesday, January 7th. Autonomous Res cut their price target on shares of Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Monday, April 6th. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a report on Thursday. Finally, Piper Sandler restated a "neutral" rating on shares of Bank of America in a report on Thursday. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $60.65.

Bank of America Stock Up 1.8%

Shares of NYSE:BAC opened at $54.31 on Thursday. Bank of America has a fifty-two week low of $36.49 and a fifty-two week high of $57.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm's 50-day simple moving average is $50.53 and its 200-day simple moving average is $52.23. The company has a market cap of $388.08 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 0.93 and a beta of 1.23.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts' consensus estimates 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 firm's revenue was up 10.7% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America will post 3.7 earnings per share for the current year.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of Bank of America stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. The trade was a 35.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas M. Scrivener sold 50,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider directly owned 227,973 shares in the company, valued at approximately $11,357,614.86. This represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 227,832 shares of company stock valued at $11,094,960 over the last 90 days. 0.27% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of America

Several large investors have recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV boosted its holdings in Bank of America by 3.3% in the first quarter. Nations Financial Group Inc. IA ADV now owns 27,266 shares of the financial services provider's stock worth $1,329,000 after purchasing an additional 874 shares during the period. Aspen Investment Management Inc raised its position in shares of Bank of America by 8.7% during the 1st quarter. Aspen Investment Management Inc now owns 34,653 shares of the financial services provider's stock worth $1,689,000 after purchasing an additional 2,781 shares during the period. J. Derek Lewis & Associates Inc. acquired a new stake in shares of Bank of America in the 4th quarter worth about $1,298,000. Purpose Unlimited Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $65,000. Finally, Cornerstone Planning LLC acquired a new position in shares of Bank of America during the fourth quarter worth approximately $4,250,000. 70.71% of the stock is currently owned by institutional investors.

Key Headlines 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

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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