Bank of America (NYSE:BAC) Given New $61.00 Price Target at Evercore

Bank of America (NYSE:BAC) had its price objective hoisted by Evercore from $55.00 to $61.00 in a research report sent to investors on Thursday morning,MarketScreener reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

BAC has been the subject of several other research reports. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday. Daiwa Securities Group lowered their target price on shares of Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Jefferies Financial Group began coverage on shares of Bank of America in a research note on Thursday, March 26th. They issued a “buy” rating and a $60.00 price target on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, January 27th. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Twenty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $60.90.

Bank of America Price Performance

Shares of NYSE BAC opened at $53.53 on Thursday. The stock has a market capitalization of $382.54 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 0.95 and a beta of 1.23. Bank of America has a 52 week low of $36.49 and a 52 week high of $57.55. The firm has a 50-day simple moving average of $50.50 and a 200-day simple moving average of $52.24. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. Bank of America’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 EPS. On average, equities analysts predict that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 6th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, March 6th. Bank of America’s dividend payout ratio (DPR) is currently 27.72%.

Insider Activity

In other Bank of America news, insider Bernard A. Mensah sold 94,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $46.94, for a total value of $4,412,360.00. Following the sale, the insider owned 170,184 shares of the company’s stock, valued at $7,988,436.96. This trade represents a 35.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas M. Scrivener sold 50,000 shares of Bank of America stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the completion of the transaction, the insider owned 227,973 shares of the company’s stock, valued at $11,357,614.86. The trade was a 17.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 227,832 shares of company stock worth $11,094,960. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Bank of America

A number of large investors have recently made changes to their positions in the company. Abound Financial LLC acquired a new position in Bank of America during the 4th quarter worth approximately $26,000. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at $27,000. Legacy Bridge LLC raised its holdings in shares of Bank of America by 182.3% in the 4th 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 in the last quarter. Marquette Asset Management LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth $30,000. Finally, Collier Financial purchased a new stake in shares of Bank of America during the 3rd quarter worth $30,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Bank of America

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

• Positive Sentiment: Record Q1 results — BAC posted EPS $1.11 and roughly $30.3B revenue, driven by a jump in equities trading, stronger net interest income and $8.6B net income; management highlighted resilient consumer activity and strong wealth flows. Bank of America Posts Monster Quarter, Best in Nearly Two Decades
• Positive Sentiment: Analyst re-ratings and price target increases — Multiple brokerages (Goldman, Jefferies, Evercore, Keefe, Argus, HSBC, RBC, Baird) raised price targets or reiterated outperform/buy calls after the beat, signaling upside revision to consensus. Goldman Sachs Raises Price Target on BAC
• Positive Sentiment: Street sees re‑rating potential — UBS and other analysts called the quarter “clean” and suggested BAC’s results and momentum could support multiple expansion. Bank of America’s Q1 Results Could Support Re-Rating, UBS Says
• Positive Sentiment: Operational/strategic tailwinds — BofA rolled out an AI tool for its ~18,000 financial advisors and emphasized tech investments that could lift fee income and client retention. Bank of America’s 18,000 financial advisors just got a new AI tool
• Neutral Sentiment: Debt action — BofA announced redemption of €1.5B of senior notes due May 4, 2027; a straightforward liability management move with limited immediate credit impact but uses cash/ISS liquidity. Redemption of €1.5B Senior Notes
• Neutral Sentiment: Sector context — RBC and others noted strong capital‑markets performance industrywide in Q1, which helped BAC’s trading and IB fees but also concentrates earnings on volatile revenue streams. Big Banks Delivered Strong Capital Markets Performance in First Quarter, RBC Says
• Negative Sentiment: Macro/growth concerns — Recent BofA surveys show investors trimming growth expectations, a backdrop that can cap bank multiples if broader growth or risk appetite weakens. Investors slash growth views — BofA survey
• Negative Sentiment: Market reaction and volume — Despite the strong quarter and several price‑target raises, the stock decreased today, likely due to short‑term profit‑taking, lower-than-average volume and broader market/geopolitical noise that temporarily weighed on financials.

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.