Bank of America Corporation (NYSE:BAC) Stock Has Consensus Target Price of $63.88

Bank of America Corporation (NYSE:BAC) has been given a consensus rating of “Moderate Buy” by the twenty-six brokerages that are presently covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and twenty have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $63.91.

BAC has been the subject of a number of recent research reports. Robert W. Baird increased their price objective on Bank of America from $58.00 to $62.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Evercore set a $62.00 target price on Bank of America in a report on Thursday. Keefe, Bruyette & Woods lifted their price target on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Argus set a $70.00 target price on shares of Bank of America in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. First Citizens Financial Corp increased its position in Bank of America by 25.3% in the 3rd quarter. First Citizens Financial Corp now owns 17,392 shares of the financial services provider’s stock worth $947,000 after purchasing an additional 3,516 shares during the last quarter. Polaris Financial Partners acquired a new stake in Bank of America in the third quarter valued at approximately $68,000. Boltwood Capital Management lifted its stake in shares of Bank of America by 28.6% in the 3rd quarter. Boltwood Capital Management now owns 4,835 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 1,075 shares during the last quarter. First Financial Bank Trust Division boosted its holdings in Bank of America by 14.7% in the third quarter. First Financial Bank Trust Division now owns 231,099 shares of the financial services provider’s stock worth $12,579,000 after purchasing an additional 29,681 shares in the last quarter. Finally, Burkett Financial Services LLC increased its position in Bank of America by 1.6% during the third quarter. Burkett Financial Services LLC now owns 16,864 shares of the financial services provider’s stock worth $918,000 after buying an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $53.78 on Monday. Bank of America has a twelve month low of $46.12 and a twelve month high of $65.22. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The firm has a 50-day moving average of $60.89 and a two-hundred day moving average of $56.28. The company has a market capitalization of $376.04 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $31.56 billion for the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 EPS. As a group, analysts expect that Bank of America will post 4.66 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were paid a dividend of $0.32 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.4%. Bank of America’s dividend payout ratio (DPR) is presently 29.36%.

Bank of America News Roundup

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

• Positive Sentiment: RBC Capital reaffirmed its Buy rating on Bank of America, signaling continued confidence in the bank’s earnings outlook and valuation. RBC Capital Reaffirms Their Buy Rating on Bank of America
• Positive Sentiment: JPMorgan maintained an Overweight rating and Truist kept a Buy rating, although both firms lowered their price targets to $62. The targets still imply roughly 15% upside from the referenced share price, offering some support despite more cautious valuation assumptions.
• Positive Sentiment: Bank of America’s Personal Retirement Strategy surpassed $100 billion in assets, while Merrill Managed exceeded $10 billion. The milestones point to growing demand for fee-generating retirement and wealth-management services. Bank of America Personal Retirement Strategy Surpasses $100 Billion
• Neutral Sentiment: Bank of America strategists warned that a risk-off market could persist until the dollar’s rally peaks. The commentary may pressure market sentiment, but it is primarily a macro outlook rather than a change to BAC’s fundamentals. BofA’s Hartnett Sees Risk-Off Mood Lasting Until Dollar Peaks
• Neutral Sentiment: The Federal Reserve’s proposed stress-test changes could reduce volatility in banks’ capital requirements and improve planning visibility, though the ultimate impact on BAC’s capital returns remains uncertain. Fed Revamps Bank Stress Tests
• Negative Sentiment: Bank stocks have extended their recent decline as Treasury yields rose sharply. Higher rates can increase funding costs, pressure bond portfolios and reduce investor appetite for financial shares. Bank Stocks Extend Second-Half Slump
• Negative Sentiment: Merrill Lynch agreed to pay $39 million to settle claims that customers received below-market interest on idle cash in retirement accounts. The settlement is manageable relative to BAC’s size but adds legal and reputational pressure. Bank of America to Pay $39 Million Settlement

About Bank of America

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.