Evercore Cuts Bank of America (NYSE:BAC) Price Target to $61.00

Bank of America (NYSE:BAC) had its price target decreased by investment analysts at Evercore from $70.00 to $61.00 in a research note issued to investors on Friday,MarketScreener reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Evercore’s price objective points to a potential upside of 22.38% from the stock’s current price.

BAC has been the topic of several other reports. Jefferies Financial Group upped their price objective on shares of Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Oppenheimer raised their price objective on Bank of America from $58.00 to $61.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Piper Sandler upped their target price on Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Finally, HSBC upped their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $61.06.

Bank of America Trading Down 0.0%

Shares of Bank of America stock opened at $49.85 on Friday. Bank of America has a 52-week low of $42.35 and a 52-week high of $57.55. The stock’s 50-day simple moving average is $50.42 and its 200 day simple moving average is $52.46. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $353.74 billion, a P/E ratio of 12.34, a P/E/G ratio of 0.84 and a beta of 1.21.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 EPS. As a group, research analysts anticipate that Bank of America will post 4.46 EPS for the current year.

Insiders Place Their Bets

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the company’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 value of $4,412,360.00. Following the transaction, the insider owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 354,588 shares of company stock worth $17,814,296 in the last quarter. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Abound Financial LLC bought a new position in Bank of America in the fourth quarter worth $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $27,000. Legacy Bridge LLC boosted its holdings in shares of Bank of America by 182.3% during the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after buying an additional 330 shares in the last quarter. Collier Financial purchased a new stake in shares of Bank of America in the 3rd quarter worth about $30,000. Finally, CrossGen Wealth LLC bought a new position in shares of Bank of America in the 4th quarter worth about $30,000. Institutional investors own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Investors are rotating back into bank stocks because a longer period of higher rates could boost Bank of America’s earnings power through improved interest margins. Higher-for-longer rate outlook puts bank stocks back on watch
• Positive Sentiment: Traders are also watching a possible “Warsh Fed trade,” with rising yields and a steeper curve seen as favorable for large banks like Bank of America if rate-cut expectations keep getting pushed out. Prediction. The Warsh Fed Trade Is Just Getting Started and These 3 Bank Stocks Under $55 Have the Most to Gain
• Neutral Sentiment: Bank of America’s digital banking leadership was reinforced after a Keynova survey tied it for first place in retail banking experience, supporting the company’s competitive positioning but not likely moving shares immediately. Banks Give Customers Online Controls for Privacy & Marketing Preferences, Streamline Account Opening and Renew Omnichannel Banking Focus
• Neutral Sentiment: Several articles discussed Bank of America analyst calls on other companies such as Nvidia, Akamai and Micron, which highlight the firm’s active research coverage but do not directly change BAC’s fundamentals. BofA Hikes Nvidia Price Target to $320 — Calls It Top Sector Pick
• Negative Sentiment: There is still some caution around banks broadly because the Fed’s message that rate cuts are off the table for 2026 can also raise concerns about loan demand, credit quality and sector volatility if higher rates persist too long. Franklin BSP Realty Trust and Coastal Financial Stocks Trade Down, What You Need To Know

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.