Jefferies Financial Group Forecasts Strong Price Appreciation for Bank of America (NYSE:BAC) Stock

Bank of America (NYSE:BAC) had its price objective lifted by investment analysts at Jefferies Financial Group from $60.00 to $65.00 in a report released on Thursday,MarketScreener reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 19.69% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Erste Group Bank lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Daiwa Securities Group lowered their target price on Bank of America from $62.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, January 27th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research report on Thursday. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $60.65.

Bank of America Trading Up 1.8%

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

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The business had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. Bank of America’s revenue for the quarter was up 10.7% compared to the same quarter last year. Equities analysts anticipate that Bank of America will post 3.7 EPS for the current year.

Insider Transactions at Bank of America

In related news, insider Bernard A. Mensah sold 94,000 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the completion of the sale, the insider directly owned 170,184 shares of the company’s stock, valued at $7,988,436.96. The trade was a 35.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider James P. Demare sold 83,832 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the sale, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. The trade was a 21.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 227,832 shares of company stock worth $11,094,960 in the last quarter. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Abound Financial LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $26,000. Legacy Bridge LLC grew its holdings in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock worth $28,000 after buying an additional 330 shares in the last quarter. Wiser Advisor Group LLC acquired a new stake in Bank of America in the 3rd quarter valued at approximately $27,000. CrossGen Wealth LLC bought a new stake in Bank of America in the 4th quarter valued at approximately $30,000. Finally, Collier Financial acquired a new position in Bank of America during the 3rd quarter worth approximately $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting 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

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.