Bank of America (NYSE:BAC) Price Target Raised to $70.00 at Keefe, Bruyette & Woods

Bank of America (NYSE:BAC) had its price objective raised by research analysts at Keefe, Bruyette & Woods from $67.00 to $70.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 15.44% from the company’s previous close.

A number of other equities analysts have also weighed in on BAC. Wells Fargo & Company increased their price target on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Royal Bank Of Canada restated an “outperform” rating and set a $59.00 price target on shares of Bank of America in a report on Thursday, April 16th. HSBC lifted their price objective on shares of 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, JPMorgan Chase & Co. upped their price target on Bank of America from $57.50 to $62.50 and gave the company an “overweight” rating in a research report on Monday, July 6th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $62.98.

Bank of America Price Performance

NYSE BAC opened at $60.64 on Wednesday. Bank of America has a 1 year low of $44.75 and a 1 year high of $61.21. The business’s fifty day moving average is $54.77 and its two-hundred day moving average is $53.01. The stock has a market capitalization of $430.32 billion, a P/E ratio of 15.01, a P/E/G ratio of 0.99 and a beta of 1.17. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $30.78 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The company’s revenue was up 19.6% compared to the same quarter last year. During the same period last year, the company posted $0.89 EPS. On average, research analysts forecast that Bank of America will post 4.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently made changes to their positions in BAC. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% during the 4th 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 last quarter. Sivia Capital Partners LLC boosted its holdings in Bank of America by 40.5% in 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 in the last quarter. Jump Financial LLC boosted its holdings in Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock worth $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC acquired a new position in Bank of America during the second quarter worth $1,396,000. Finally, Vivaldi Capital Management LP increased its position in Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock worth $417,000 after buying an additional 355 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America News Summary

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

• Positive Sentiment: Bank of America beat Q2 expectations, with EPS of $1.21 topping estimates and revenue rising sharply, driven by stronger trading, investment banking and net interest income. Bank of America Q2 Earnings Beat on NII, Trading & IB Strength
• Positive Sentiment: Management highlighted durable growth drivers such as rising NII, loan and deposit gains, operating leverage, and AI-enabled productivity, reinforcing the view that the earnings beat is not a one-quarter event. Bank of America Q2 Earnings Call Points to Durable Growth Drivers
• Positive Sentiment: Analyst commentary and earnings-call coverage point to broad-based strength, with consumer banking, wealth management, and capital markets all contributing to better results. Bank of America Earnings Call Signals Broad-Based Strength
• Neutral Sentiment: Bank of America also announced redemptions of certain senior notes, a routine balance-sheet move that is unlikely to materially change the investment thesis on its own. Bank of America Announces Redemptions of Senior Notes
• Neutral Sentiment: The stock is also benefiting from broader bullish sentiment across big banks after JPMorgan, Goldman Sachs and Citigroup posted strong results, which has helped BAC trade near its 52-week high. Why Did Banking Stocks GS, JPM, BAC Surge To 52-Week Highs Today?
• Negative Sentiment: Some headlines note that BAC shares initially slipped or saw mixed post-earnings trading despite the beat, suggesting investors may be weighing valuation and margin details even after the strong report. Bank of America stock falls despite earnings beat

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.