Bank of America (NYSE:BAC) Trading 2% Higher Following Analyst Upgrade

Bank of America Corporation (NYSE:BAC)’s stock price shot up 2% during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $57.50 to $62.50. JPMorgan Chase & Co. currently has an overweight rating on the stock. Bank of America traded as high as $59.94 and last traded at $59.90. Approximately 34,261,495 shares changed hands during trading, a decline of 13% from the average session volume of 39,176,141 shares. The stock had previously closed at $58.73.

A number of other equities analysts have also recently weighed in on the stock. 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. Piper Sandler lifted their target price on shares of Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Morgan Stanley boosted their target price on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Evercore reduced their price target on shares of Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday, May 15th. Finally, The Goldman Sachs Group raised their price target on shares of Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $61.98.

Insider Activity at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction dated Tuesday, May 5th. The shares were 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 directly owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.27% of the stock is owned by company insiders.

Bank of America News Summary

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

• Positive Sentiment: JPMorgan and Wells Fargo both raised their price targets on Bank of America (BAC) and kept overweight-style ratings, reinforcing a constructive view on the stock’s earnings power and valuation.
• Positive Sentiment: BofA’s own market strategists continue to highlight opportunities in select stocks tied to AI, semiconductors, telecom and industrial demand, which supports the firm’s broader investment-banking and research franchise.
• Positive Sentiment: The company’s recent earnings beat also remains a tailwind, with stronger-than-expected EPS and revenue helping justify the recent move up in the share price.
• Neutral Sentiment: BofA issued a more cautious macro outlook, warning the Fed is deviating from a basic anti-inflation rule and forecasting downside for the S&P 500. This reflects a risk-off market view, but it is not specific to BAC’s fundamentals. The Fed is ‘meaningfully deviating’ from one of the most basic rules for fighting inflation, BofA warns
• Neutral Sentiment: News that BofA slightly trimmed an instrument-based stake in CA Immo appears to be a routine portfolio adjustment rather than a meaningful catalyst for the bank’s stock. Bank of America slightly trims instrument-based stake in CA Immo
• Neutral Sentiment: Several articles focused on BofA’s stock calls for other companies, including Micron, T-Mobile, Corning and Astera Labs, which highlights the bank’s research activity but does not directly affect BAC’s earnings outlook. Micron (MU) Stock Has 54% Upside, Says BofA – Here’s Why
• Negative Sentiment: BofA’s bearish S&P 500 and consumer-demand commentary signals broader caution on the market backdrop, which could temper sentiment if investors rotate away from cyclical financials.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. DecisionMap Wealth Management LLC increased its position in shares of Bank of America by 4.7% during the fourth quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 182 shares during the last quarter. Money Concepts Capital Corp boosted its position in shares of Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 182 shares during the period. Holistic Financial Partners boosted its position in shares of Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 183 shares during the period. Operose Advisors LLC increased its holdings in Bank of America by 0.9% in the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock valued at $1,123,000 after purchasing an additional 185 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. raised its position in Bank of America by 1.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock valued at $1,092,000 after purchasing an additional 187 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 2.0%

The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The business has a 50-day simple moving average of $53.82 and a 200-day simple moving average of $52.80. The company has a market cap of $425.09 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate 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 return on equity of 11.49% and a net margin of 16.78%.The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. On average, analysts predict that Bank of America Corporation will post 4.49 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, June 5th. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Bank of America’s dividend payout ratio is 27.72%.

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.