Bank of America (NYSE:BAC) Price Target Raised to $61.00 at JPMorgan Chase & Co.

Bank of America (NYSE:BAC) had its price objective hoisted by JPMorgan Chase & Co. from $58.00 to $61.00 in a research report issued on Tuesday,MarketScreener reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 6.79% from the stock’s previous close.

BAC has been the subject of a number of other research reports. Wells Fargo & Company increased their target price on shares of Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday. The Goldman Sachs Group reiterated a “buy” rating and set a $64.00 price objective on shares of Bank of America in a research note on Tuesday. Seaport Global Securities upped their target price on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Finally, Daiwa Capital Markets upped their price objective on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $59.68.

Bank of America Stock Performance

Shares of BAC stock opened at $57.12 on Tuesday. Bank of America has a 12-month low of $33.06 and a 12-month high of $57.55. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market capitalization of $417.13 billion, a price-to-earnings ratio of 15.58 and a beta of 1.29. The business has a 50 day simple moving average of $53.88 and a 200 day simple moving average of $50.76.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 EPS. On average, equities research analysts anticipate that Bank of America will post 3.7 EPS for the current year.

Institutional Trading of Bank of America

Large investors have recently added to or reduced their stakes in the company. Riverview Capital Advisers LLC lifted its stake in shares of Bank of America by 4.2% in the third quarter. Riverview Capital Advisers LLC now owns 4,686 shares of the financial services provider’s stock worth $242,000 after buying an additional 188 shares in the last quarter. Shepherd Financial Partners LLC boosted its stake in Bank of America by 0.3% during the third quarter. Shepherd Financial Partners LLC now owns 60,279 shares of the financial services provider’s stock worth $3,110,000 after buying an additional 189 shares during the period. William B. Walkup & Associates Inc. increased its position in shares of Bank of America by 1.4% during the third quarter. William B. Walkup & Associates Inc. now owns 14,020 shares of the financial services provider’s stock valued at $723,000 after acquiring an additional 192 shares during the last quarter. Albion Financial Group UT lifted its holdings in shares of Bank of America by 1.6% in the 3rd quarter. Albion Financial Group UT now owns 13,031 shares of the financial services provider’s stock worth $672,000 after acquiring an additional 205 shares during the last quarter. Finally, Motive Wealth Advisors boosted its position in shares of Bank of America by 3.6% during the 3rd quarter. Motive Wealth Advisors now owns 5,910 shares of the financial services provider’s stock worth $305,000 after purchasing an additional 205 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

More Bank of America News

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

• Positive Sentiment: Wells Fargo raised its price target on BAC to $65 and kept an Overweight rating, signaling analyst conviction and supporting bullish investor sentiment. This upgrade can attract buyers and frame upside potential for the stock. Wells Fargo adjusts price target on Bank of America to $65
• Positive Sentiment: Bank of America announced it will allow its advisers to recommend Bitcoin ETFs to clients — a product/policy shift that can boost trading volumes, advisory fees and AUM tied to crypto products, and positions BAC competitively in wealth management. Bank of America Opens the Door for Advisers to Recommend Bitcoin ETFs
• Positive Sentiment: Supporting the crypto push, Bank of America strategists recommended a 4% Bitcoin allocation for investors — messaging that may drive client interest in crypto allocations and related products that generate fees. Investors Should Hold 4% Bitcoin in Portfolio, Says Bank of America
• Positive Sentiment: Market flows and sentiment pieces show moderately bullish activity in BAC (coverage noted shares rising), which can amplify momentum as algos and funds follow price/flow signals. Moderately bullish activity in Bank of America with shares up 2.73%
• Neutral Sentiment: Valuation checks: recent write-ups assess BAC’s valuation after share-price momentum — useful for medium-term investors but not an immediate catalyst. Watch earnings, margins and net interest income for follow-through. Assessing Bank of America (BAC) Valuation
• Neutral Sentiment: Operational note: CEO said the bank hired ~2,000 recent Gen Z grads from a large applicant pool — positive for talent pipeline and digital focus, but not an immediate earnings driver. Bank of America CEO says he hired 2,000 recent Gen Z grads
• Neutral Sentiment: Broader market commentary (Zacks Analyst Blog) includes Bank of America among daily coverage items — useful context but not a direct BAC-specific catalyst. The Zacks Analyst Blog Meta, Bank of America, The Procter & Gamble, Espey and NeurAxis

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.