Brokerages Set Bank of America Corporation (NYSE:BAC) PT at $61.02

Shares of Bank of America Corporation (NYSE:BAC) have earned a consensus recommendation of “Moderate Buy” from the twenty-seven brokerages that are presently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $61.0625.

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada reissued an “outperform” rating and issued a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. The Goldman Sachs Group upped their price target on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Oppenheimer upped their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Argus upped their price target on shares of Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, CICC Research initiated coverage on shares of Bank of America in a research note on Wednesday, January 14th. They set an “outperform” rating and a $62.00 price objective for the company.

Bank of America Stock Down 1.7%

Bank of America stock opened at $52.71 on Friday. The firm has a market capitalization of $374.04 billion, a P/E ratio of 13.05, a P/E/G ratio of 0.91 and a beta of 1.21. The company has a 50-day simple moving average of $50.44 and a 200-day simple moving average of $52.51. Bank of America has a one year low of $41.25 and a one year high of $57.55. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 earnings per share. As a group, equities analysts expect that Bank of America will post 4.46 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.72%.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Street support: UBS raised its price target on BAC, and several banks (Jefferies, Truist) have recently lifted targets — reinforcing upside expectations from analysts. UBS Raises PT
• Positive Sentiment: Earnings and shareholder returns: BofA beat Q1 earnings estimates and pays a regular dividend, providing a baseline of earnings resilience and cash return to investors. Company Data & Q1 Results
• Positive Sentiment: Deal flow and lending pipeline: BofA acted as lead lender on a $1.8B refinance of 9 West 57th and is expanding defense/GovCon financing (drone/robotics) — both generate fees and lend-to-deposit opportunities. 9 West Refinance Defense Financing
• Neutral Sentiment: Annual meeting outcomes: Shareholders backed existing leadership/governance at the May meeting — reduces near‑term proxy uncertainty but is unlikely to move fundamentals. Shareholder Vote
• Neutral Sentiment: Macro backdrop mixed: rising U.S. Treasury yields and volatility around global reserve flows (e.g., Japan intervention reports) create conflicting impacts — higher rates can boost net interest income but pressure securities portfolios and mortgage/refinance activity. Global Flows & Yields
• Negative Sentiment: Insider selling: Geoffrey Greener sold ~126,756 shares (~$6.7M) in early May, trimming his stake — visible insider sales can weigh on sentiment even if not tied to fundamentals. Insider Sale Filing
• Negative Sentiment: Major-holder trimming: Reports show Berkshire Hathaway’s successor, Greg Abel, continued to trim BAC for a seventh straight quarter — reduces a key source of longstanding demand. Greg Abel Sells
• Negative Sentiment: Consumer spending puzzler: BofA flagged an unexplained slump in its credit/debit card spending data — if broader, this could signal softer consumer activity and pressure fees/loan performance. Spending Slump

Insider Activity

In other Bank of America 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 completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the transaction, the insider owned 307,240 shares of the company’s stock, 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. In the last three months, insiders have sold 354,588 shares of company stock valued at $17,814,296. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Bank of America

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Bank of America by 3.7% in 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. Capital World Investors lifted its position in shares of 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 worth $7,448,816,000 after purchasing an additional 14,275,810 shares in the last quarter. Norges Bank bought a new position in Bank of America during the fourth quarter valued at approximately $4,774,210,000. Bank of New York Mellon Corp raised its position in Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after acquiring an additional 2,929,779 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in Bank of America by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock valued at $2,958,110,000 after acquiring an additional 1,105,833 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.