Wells Fargo & Company Increases Bank of America (NYSE:BAC) Price Target to $67.00

Key Points

• Wells Fargo raised its price target on Bank of America to $67 from $65 and kept an overweight rating, implying about 14.2% upside from the prior close.
• Other analysts have also been broadly positive, with recent target increases from firms including Goldman Sachs and a consensus rating of Moderate Buy across the Street.
• Bank of America recently posted better-than-expected earnings, reporting $1.11 EPS versus $1.00 expected and revenue of $30.27 billion, while shares were trading near the top of their 52-week range.

Bank of America (NYSE:BAC) had its price target increased by research analysts at Wells Fargo & Company from $65.00 to $67.00 in a report issued on Monday, MarketBeat.com reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Wells Fargo & Company's price target indicates a potential upside of 14.20% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Weiss Ratings restated a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. The Goldman Sachs Group boosted 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 report on Thursday, April 16th. Piper Sandler raised their price objective on Bank of America from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Autonomous Res decreased their target price on Bank of America from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Monday, April 6th. Finally, Robert W. Baird upped their target price on Bank of America from $56.00 to $58.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Twenty-one analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.69.

Bank of America Trading Down 0.1%

Shares of NYSE BAC opened at $58.67 on Monday. Bank of America has a fifty-two week low of $44.75 and a fifty-two week high of $59.19. 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 company 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 business'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 posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company had revenue of $30.27 billion during the quarter, compared to analysts' expectations of $29.72 billion. During the same quarter in the previous year, the business earned $0.90 EPS. Bank of America's revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that Bank of America will post 4.49 earnings per share for the current year.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares of the company's stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Bank of America

Hedge funds and other institutional investors have recently bought and sold shares of the company. DecisionMap Wealth Management LLC lifted its holdings in shares of Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider's stock valued at $223,000 after purchasing an additional 182 shares during the last quarter. Money Concepts Capital Corp increased its position in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider's stock valued at $273,000 after buying an additional 182 shares in the last quarter. Holistic Financial Partners raised its stake in Bank of America by 2.4% in the fourth quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider's stock valued at $434,000 after buying an additional 183 shares during the last quarter. Operose Advisors LLC raised its stake in Bank of America by 0.9% in the fourth quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider's stock valued at $1,123,000 after buying an additional 185 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. boosted its holdings in Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider's stock worth $1,092,000 after acquiring an additional 187 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

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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