Bank of America (NYSE:BAC) Stock Price Expected to Rise, Barclays Analyst Says

Bank of America (NYSE:BAC) had its target price increased by research analysts at Barclays from $71.00 to $72.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target would suggest a potential upside of 18.74% from the company’s previous close.

Several other research analysts have also weighed in on the company. HSBC increased their price objective on Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Truist Financial upped their price target on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods increased their price target on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Citigroup raised their price objective on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Finally, Robert W. Baird upped their target price on shares of Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.73.

Bank of America Stock Performance

NYSE:BAC opened at $60.64 on Wednesday. The company’s 50-day moving average is $54.77 and its two-hundred day moving average is $53.01. Bank of America has a 1-year low of $44.75 and a 1-year high of $61.21. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $430.32 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The business’s revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.89 EPS. Analysts forecast that Bank of America will post 4.51 EPS for the current year.

Insiders Place Their Bets

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on 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 owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Handelsbanken Fonder AB raised its stake in shares of Bank of America by 53.0% in the fourth quarter. Handelsbanken Fonder AB now owns 4,629,553 shares of the financial services provider’s stock valued at $254,625,000 after purchasing an additional 1,603,080 shares in the last quarter. Legal & General Group Plc boosted its stake in Bank of America by 3.4% during the fourth quarter. Legal & General Group Plc now owns 45,411,913 shares of the financial services provider’s stock worth $2,497,655,000 after buying an additional 1,487,809 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Bank of America by 2.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,905,348 shares of the financial services provider’s stock valued at $159,794,000 after buying an additional 71,307 shares during the period. International Assets Investment Management LLC increased its holdings in Bank of America by 217.4% in the 4th quarter. International Assets Investment Management LLC now owns 327,949 shares of the financial services provider’s stock valued at $18,037,000 after buying an additional 224,627 shares during the period. Finally, Ritholtz Wealth Management raised its stake in shares of Bank of America by 9.9% in the 4th quarter. Ritholtz Wealth Management now owns 231,018 shares of the financial services provider’s stock valued at $12,706,000 after buying an additional 20,819 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Key Bank of America News

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

• Positive Sentiment: Bank of America beat Q2 expectations, with EPS of $1.21 topping estimates and revenue rising sharply, driven by stronger trading, investment banking and net interest income. Bank of America Q2 Earnings Beat on NII, Trading & IB Strength
• Positive Sentiment: Management highlighted durable growth drivers such as rising NII, loan and deposit gains, operating leverage, and AI-enabled productivity, reinforcing the view that the earnings beat is not a one-quarter event. Bank of America Q2 Earnings Call Points to Durable Growth Drivers
• Positive Sentiment: Analyst commentary and earnings-call coverage point to broad-based strength, with consumer banking, wealth management, and capital markets all contributing to better results. Bank of America Earnings Call Signals Broad-Based Strength
• Neutral Sentiment: Bank of America also announced redemptions of certain senior notes, a routine balance-sheet move that is unlikely to materially change the investment thesis on its own. Bank of America Announces Redemptions of Senior Notes
• Neutral Sentiment: The stock is also benefiting from broader bullish sentiment across big banks after JPMorgan, Goldman Sachs and Citigroup posted strong results, which has helped BAC trade near its 52-week high. Why Did Banking Stocks GS, JPM, BAC Surge To 52-Week Highs Today?
• Negative Sentiment: Some headlines note that BAC shares initially slipped or saw mixed post-earnings trading despite the beat, suggesting investors may be weighing valuation and margin details even after the strong report. Bank of America stock falls despite earnings beat

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.