Bank of America (NYSE:BAC) Price Target Raised to $62.00
by Renee Jackson · The Cerbat GemBank of America (NYSE:BAC) had its target price increased by Argus from $59.00 to $62.00 in a research report sent to investors on Thursday,MarketScreener reports. They currently have a buy rating on the financial services provider’s stock.
Several other analysts also recently weighed in on BAC. CICC Research began coverage on shares of Bank of America in a research report on Wednesday, January 14th. They set an “outperform” rating and a $62.00 target price on the stock. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday. Autonomous Res lowered their price objective on shares of Bank of America from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. Wells Fargo & Company upped their target price on Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Finally, Jefferies Financial Group began coverage on Bank of America in a research report on Thursday, March 26th. They issued a “buy” rating and a $60.00 target price on the stock. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $60.90.
Check Out Our Latest Research Report on Bank of America
Bank of America Trading Up 0.8%
Bank of America stock opened at $53.92 on Thursday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a market cap of $385.31 billion, a PE ratio of 13.35, a price-to-earnings-growth ratio of 0.92 and a beta of 1.23. The stock has a 50-day moving average of $50.45 and a two-hundred day moving average of $52.26. Bank of America has a one year low of $36.49 and a one year high of $57.55.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results 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 return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The company’s revenue was up 10.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America will post 3.7 EPS for the current fiscal year.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 6th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, March 6th. Bank of America’s payout ratio is presently 27.72%.
Insider Activity
In related news, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares in the company, valued at $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares in the company, valued at approximately $15,362,000. The trade was a 21.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 227,832 shares of company stock valued at $11,094,960 in the last ninety days. Insiders own 0.27% of the company’s stock.
Institutional Trading of Bank of America
A number of hedge funds have recently modified their holdings of BAC. Abound Financial LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $26,000. Wiser Advisor Group LLC purchased a new position in Bank of America in the third quarter valued at $27,000. Legacy Bridge LLC increased its holdings in Bank of America by 182.3% in the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after buying an additional 330 shares in the last quarter. Marquette Asset Management LLC acquired a new position in shares of Bank of America in the third quarter worth about $30,000. Finally, Collier Financial acquired a new position in shares of Bank of America in the third quarter worth about $30,000. 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: Q1 results beat expectations: BAC reported a “monster” quarter with revenue up ~7% and adjusted EPS $1.11, above consensus, driven by broad-based growth and strong capital markets performance — the core reason investors bid the stock up. Bank of America Posts Monster Quarter
- Positive Sentiment: Multiple analysts raised price targets/ratings after the beat (Goldman, Jefferies, Evercore, Argus, Keefe Bruyette & Woods, HSBC, RBC and others), lifting sentiment and providing technical catalyst for further buying. Goldman Sachs raises price target
- Positive Sentiment: KBW reiterated/initiated a Buy (outperform) on BAC, adding institutional endorsement that can attract fund flows. KBW Buy on BAC
- Positive Sentiment: Strategic win: Bank of America rolled out an AI tool for its ~18,000 financial advisors — a sign management is investing in scalable, fee‑generating capabilities that can improve retention and cross‑sell over time. AI tool for advisers
- Neutral Sentiment: Capital/ liability management: BAC announced the redemption of €1.5B of senior notes due 2027 (to be redeemed May 4) — shows active maturity management but will use capital; impact depends on funding and rates. Redemption of senior notes
- Neutral Sentiment: Preferred dividends declared for multiple series with upcoming record/payment dates — routine corporate action that matters to preferred holders but is not a surprise for common equity investors. Preferred dividends declared
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.