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

Bank of America (NYSE:BAC) had its target price lifted by investment analysts at Argus from $59.00 to $62.00 in a report released on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Argus’ price objective points to a potential upside of 14.16% from the company’s previous close.

BAC has been the subject of several other reports. Jefferies Financial Group assumed coverage on Bank of America in a research note on Thursday, March 26th. They issued a “buy” rating and a $60.00 target price for the company. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Wednesday, April 1st. Truist Financial lowered their target price on shares of Bank of America from $62.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Wolfe Research cut shares of Bank of America from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, January 27th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $60.65.

Bank of America Price Performance

NYSE:BAC opened at $54.31 on Thursday. Bank of America has a 12-month low of $36.49 and a 12-month high of $57.55. The firm has a market cap of $388.08 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 0.93 and a beta of 1.23. The company’s 50-day moving average is $50.53 and its two-hundred day moving average is $52.23. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.90 earnings per share. Research analysts expect that Bank of America will post 3.7 EPS for the current year.

Insider Buying and Selling

In other news, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider directly owned 307,240 shares of the company’s stock, valued at approximately $15,362,000. This represents a 21.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction on 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 completion of the sale, the insider directly owned 170,184 shares in the company, valued at $7,988,436.96. This represents a 35.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 227,832 shares of company stock valued at $11,094,960 over the last 90 days. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nations Financial Group Inc. IA ADV increased its position in shares of Bank of America by 3.3% in the first quarter. Nations Financial Group Inc. IA ADV now owns 27,266 shares of the financial services provider’s stock worth $1,329,000 after acquiring an additional 874 shares in the last quarter. Aspen Investment Management Inc lifted its position in shares of Bank of America by 8.7% in the 1st quarter. Aspen Investment Management Inc now owns 34,653 shares of the financial services provider’s stock valued at $1,689,000 after acquiring an additional 2,781 shares in the last quarter. J. Derek Lewis & Associates Inc. acquired a new position in Bank of America in the 4th quarter worth approximately $1,298,000. Purpose Unlimited Inc. purchased a new position in Bank of America during the 4th quarter worth approximately $65,000. Finally, Cornerstone Planning LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at $4,250,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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

• Positive Sentiment: Q1 beat: EPS $1.11 and revenue ~$30.3B topped estimates, driven by a 30% jump in equities revenue, higher NII and strong wealth/investment-banking fees — the core reason shares are rising. Bank of America profit rises as trading shines
• Positive Sentiment: AI rollout for advisors: BofA introduced a new AI tool for its ~18,000 financial advisors, which could improve client servicing, productivity and AUM growth at Merrill/wealth units over time. Bank of America’s 18,000 financial advisors just got a new AI tool as the company posts a record quarter
• Positive Sentiment: Analyst upgrade: Keefe, Bruyette & Woods raised its price target to $64 and kept an outperform rating — a visible vote of confidence that supports further upside. Keefe, Bruyette & Woods price target raise (Benzinga)
• Positive Sentiment: Consumer and payments resilience: Card volumes grew ~7% and consumer flows topped $1T for the quarter, supporting fee income and NII potential if rates stay elevated. BofA’s Q1 Shows the US Consumer Won’t Flinch, Card Volumes Up 7%
• Neutral Sentiment: Debt management: BofA will redeem €1.5B of senior notes due 2027 on May 4 — a liability management move that’s routine but uses cash/capital. Bank of America Announces Redemption of €1,500,000,000 1.776% Fixed/Floating Rate Senior Notes, due May 4, 2027
• Neutral Sentiment: Corporate giving/PR: BofA announced a $5M founding sponsorship for the Theodore Roosevelt Presidential Library — positive for brand but not material to earnings. Commemorating America 250, BofA Announces $5M Founding Sponsorship
• Negative Sentiment: Fixed-income weakness and macro risks: Fixed-income trading underperformed and management flagged evolving economic/geopolitical risks that could pressure trading and credit trends. Monitor next-quarter NII and trading mix. Bank of America beats profit estimates as trading, wealth income drive growth
• Negative Sentiment: Investor sentiment downgrade: A BofA survey noted a sharp cut to global growth expectations — a reminder macro shocks can reverse the current tailwind for banks. Investors slash growth views by most in 4 years: BofA

About Bank of America

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.