Wells Fargo & Company Boosts Bank of America (NYSE:BAC) Price Target to $69.00

Bank of America (NYSE:BAC) had its price target raised by Wells Fargo & Company from $67.00 to $69.00 in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 12.23% from the stock’s previous close.

BAC has been the subject of a number of other reports. Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Argus increased 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. JPMorgan Chase & Co. lifted their price target on Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. HSBC lifted their price target 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. Finally, Citigroup upped their price objective on Bank of America from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.77.

Bank of America Price Performance

Shares of Bank of America stock opened at $61.48 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.81 and a debt-to-equity ratio of 1.23. Bank of America has a 12 month low of $44.75 and a 12 month high of $62.03. The stock has a 50 day moving average of $55.11 and a 200 day moving average of $53.09. The firm has a market cap of $436.30 billion, a PE ratio of 14.10, a PEG ratio of 1.00 and a beta of 1.17.

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

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction dated 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 transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company’s stock.

Institutional Trading of Bank of America

Several institutional investors have recently added to or reduced their stakes in BAC. Brighton Jones LLC increased its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares during the period. Sivia Capital Partners LLC lifted its position in shares of Bank of America by 40.5% during the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock worth $1,013,000 after purchasing an additional 6,174 shares during the last quarter. Jump Financial LLC boosted its stake in shares of Bank of America by 38.4% during the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after purchasing an additional 18,227 shares during the period. Nebula Research & Development LLC bought a new position in shares of Bank of America in the second quarter worth about $1,396,000. Finally, Vivaldi Capital Management LP grew its holdings in shares of Bank of America by 4.2% in the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 355 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Trending Headlines about Bank of America

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.