Barclays Increases Bank of America (NYSE:BAC) Price Target to $72.00

Bank of America (NYSE:BAC) had its price objective increased by analysts at Barclays from $71.00 to $72.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price suggests a potential upside of 17.11% from the company’s previous close.

Other equities analysts have also issued reports about the company. Robert W. Baird lifted their price objective on Bank of America from $56.00 to $58.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Friday, April 24th. Piper Sandler raised their price target on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Wells Fargo & Company lifted their price target on shares of Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Autonomous Res decreased 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. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $63.77.

Bank of America Trading Down 0.2%

Shares of BAC opened at $61.48 on Wednesday. Bank of America has a twelve month low of $44.75 and a twelve month high of $62.03. The firm has a market capitalization of $436.30 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 1.00 and a beta of 1.17. The company has a current ratio of 0.83, a quick ratio of 0.81 and a debt-to-equity ratio of 1.23. The stock’s fifty day simple moving average is $55.11 and its 200 day simple moving average is $53.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 earnings per share. On average, equities research analysts forecast that Bank of America will post 4.64 earnings per share for the current year.

Insider Activity at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the sale, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.27% of the company’s stock.

Institutional Trading of Bank of America

Several large investors have recently bought and sold shares of BAC. Abound Financial LLC acquired a new position in shares of Bank of America during the fourth quarter worth $26,000. Legacy Bridge LLC boosted its stake in shares of 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. Wiser Advisor Group LLC acquired a new stake in Bank of America during the 3rd quarter valued at $27,000. CrossGen Wealth LLC acquired a new stake in Bank of America during the 4th quarter valued at $30,000. Finally, Joseph Group Capital Management purchased a new stake in Bank of America during the 4th quarter worth $32,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Key Bank of America News

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

• Positive Sentiment: Several firms raised their price targets on BAC after Q2 results, with Barclays, Wells Fargo, KBW, and Truist all seeing further upside on stronger earnings and better growth prospects.
• Positive Sentiment: Bank of America’s earnings call highlighted durable growth drivers including rising net interest income, loan and deposit gains, operating leverage, and AI-enabled productivity, which should support profitability. Bank of America Q2 Earnings Call Points to Durable Growth Drivers
• Positive Sentiment: Coverage following the quarter noted that Bank of America rode market volatility to trading records, while deal activity remained a bright spot, reinforcing the strength of its capital markets businesses. BofA rides market whiplash to trading records, deal activity shines
• Positive Sentiment: Commentary after the Q2 report said Bank of America’s consumer unit earned nearly $3.3 billion as spending held up, suggesting its retail banking franchise remains resilient.
• Neutral Sentiment: CEO Brian Moynihan also warned about AI security risks, but this appears more like an industry-wide caution than a direct business setback for BAC.
• Negative Sentiment: An article questioning whether Bank of America is overvalued could temper some enthusiasm if investors worry the post-earnings rally has already priced in much of the good news. Is Bank of America Corporation (BAC) Overvalued?

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.