JPMorgan Chase & Co. Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $57.50 to $62.50 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 6.53% from the company’s current price.

BAC has been the subject of several other research reports. UBS Group increased their price target on Bank of America from $62.00 to $63.00 in a report on Wednesday, May 6th. Argus boosted their price objective on Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. HSBC upped their target price on Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Wells Fargo & Company raised their target price on Bank of America from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Truist Financial lifted their price target on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $61.90.

Bank of America Stock Down 0.1%

Shares of NYSE BAC opened at $58.67 on Monday. Bank of America has a 12-month low of $44.75 and a 12-month high of $59.19. The stock has a market cap of $416.35 billion, a PE ratio of 14.52, a P/E/G ratio of 0.99 and a beta of 1.17. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average of $53.82 and a 200 day moving average of $52.80.

Bank of America (NYSE:BAC) last released 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 16.78% and a return on equity of 11.49%. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. Bank of America’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America will post 4.49 EPS for the current fiscal year.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by corporate insiders.

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently bought and sold shares of the stock. Abound Financial LLC purchased a new position in Bank of America during the fourth quarter worth about $26,000. Wiser Advisor Group LLC acquired a new stake in Bank of America in the 3rd quarter valued at approximately $27,000. Legacy Bridge LLC raised its position 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 purchasing an additional 330 shares during the period. CrossGen Wealth LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $30,000. Finally, Joseph Group Capital Management acquired a new position in Bank of America during the fourth quarter worth $32,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Bank of America

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

• Positive Sentiment: Wells Fargo lifted its price target on Bank of America (BAC) to $67 and reiterated an Overweight rating, signaling confidence in the bank’s earnings and valuation. Wells Fargo raises Bank of America price target to $67
• Neutral Sentiment: Bank of America’s research team remained active in the market commentary cycle, including a cautious call that the S&P 500 may decline amid high AI spending and elevated tech valuations. BofA forecasts 8.5% decline in S&P 500
• Neutral Sentiment: BofA also reiterated a year-end S&P 500 target of 7,100, reinforcing its view that market speculation may be due for a snapback, though this is more of a macro call than a direct driver for BAC shares. BofA warns of stock market snapback

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.