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

Bank of America (NYSE:BAC) had its target price upped by analysts at UBS Group from $62.00 to $63.00 in a report released on Wednesday,MarketScreener reports. UBS Group’s price objective indicates a potential upside of 17.71% from the stock’s current price.

Several other equities research analysts also recently commented on BAC. JPMorgan Chase & Co. decreased their price objective on Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Wolfe Research downgraded shares of Bank of America from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. Truist Financial boosted their price target on shares of Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Morgan Stanley dropped their price objective on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.06.

Bank of America Stock Down 0.1%

Shares of NYSE BAC traded down $0.08 during trading on Wednesday, hitting $53.52. 2,058,273 shares of the company traded hands, compared to its average volume of 39,354,512. The firm has a market capitalization of $379.83 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 0.90 and a beta of 1.21. The business’s fifty day moving average is $50.39 and its 200 day moving average is $52.50. 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 has a fifty-two week low of $41.25 and a fifty-two week high of $57.55.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. During the same period in the previous year, the company posted $0.90 EPS. The firm’s revenue was up 10.7% compared to the same quarter last year. Equities research analysts predict that Bank of America will post 4.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bank of America news, insider Thomas M. Scrivener sold 50,000 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the transaction, the insider directly owned 227,973 shares in the company, valued at $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard A. Mensah sold 94,000 shares of the 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 transaction, the insider directly owned 170,184 shares of the company’s stock, valued at $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 227,832 shares of company stock valued at $11,094,960. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Bank of America

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Bank of America by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after acquiring an additional 23,351,183 shares during the last quarter. Capital World Investors lifted its holdings in Bank of America by 11.0% during the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares during the last quarter. Norges Bank bought a new position in Bank of America during the fourth quarter worth about $4,774,210,000. Bank of New York Mellon Corp boosted its position in Bank of America by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock worth $3,169,062,000 after purchasing an additional 2,929,779 shares during the period. Finally, Fisher Asset Management LLC increased its stake in shares of Bank of America by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 53,783,821 shares of the financial services provider’s stock worth $2,958,110,000 after purchasing an additional 1,105,833 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Key Bank of America News

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

• Positive Sentiment: Zacks included BAC on a “sales growth” buy screen, highlighting investor interest from growth-oriented strategies that could lift demand for the stock. 3 Sales Growth Stocks to Buy Now as Markets Scale New Highs
• Positive Sentiment: Bank of America’s GovCon unit is supporting a strategic manufacturing initiative for defense drone/robotics production — a business development that can deepen corporate banking relationships with high?margin government contractors. Advanced Manufacturing and Strategic Financing Solutions for Defense Drone and Robotics Production
• Positive Sentiment: Shareholders backed Bank of America’s leadership and governance at the annual meeting — a stability signal that reduces governance risk and supports investor confidence. Bank of America Shareholders Back Leadership and Governance Status Quo
• Neutral Sentiment: Bank of America continues to showcase its institutional franchise (conferences, research calls, corporate partnerships and Merrill advisor rankings), which supports fee revenue but is gradual in its impact on near?term EPS. Bank of America Convenes Global Leaders in Asia Pacific for its Breakthrough Technology Dialogue
• Neutral Sentiment: Bloomberg reports record hybrid bond issuance as companies tap cheap capital — a favorable funding backdrop for corporate clients but only an indirect/gradual benefit for BAC’s underwriting and corporate banking businesses. Hybrid Bond Sales Reach Record as Companies Pounce on Low Costs
• Neutral Sentiment: Macro pieces — a weaker dollar (Bloomberg) and volatile oil/geo?political headlines — are driving market moves; these affect banks via rates, trading revenue and loan demand but don’t point to a clear directional impact on BAC today. Dollar Hits Lowest Since War Started on Report End Is Near
• Neutral Sentiment: Rising HELOC/home equity rates (Bankrate data) signal higher lending yields but could also damp consumer originations — a mixed read for net interest income and credit trends. HELOC, home equity rates spike higher
• Negative Sentiment: Notable headwind: Berkshire’s Greg Abel appears to have sold BAC for a 7th consecutive quarter, signaling a continued large shareholder reduction that can weigh on sentiment and shares given Berkshire’s size and influence. Warren Buffett’s Successor, Greg Abel, Appears to Have Sold Shares of Bank of America for a 7th Consecutive Quarter

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.