Bank of America (NYSE:BAC) Upgraded to Outperform at Robert W. Baird

Bank of America (NYSE:BAC) was upgraded by research analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm presently has a $62.00 target price on the financial services provider’s stock. Robert W. Baird’s price objective would indicate a potential upside of 19.85% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. UBS Group cut their target price on shares of Bank of America from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Royal Bank Of Canada dropped their price objective on shares of Bank of America from $65.00 to $60.00 and set an “outperform” rating on the stock in a research note on Thursday. Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. TD Cowen assumed coverage on Bank of America in a report on Thursday, October 8th. They issued a “hold” rating and a $60.00 price target for the company. Finally, Keefe, Bruyette & Woods increased their price objective on Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Twenty investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $62.52.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.03 during midday trading on Thursday, reaching $51.73. 22,396,425 shares of the company’s stock traded hands, compared to its average volume of 37,560,309. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. The company has a fifty day simple moving average of $59.29 and a two-hundred day simple moving average of $56.72. The company has a market cap of $361.74 billion, a P/E ratio of 12.30, a PEG ratio of 0.83 and a beta of 1.21. Bank of America has a 1 year low of $46.12 and a 1 year high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The company had revenue of $29.96 billion for the quarter, compared to analysts’ expectations of $30.58 billion. During the same period in the previous year, the business earned $1.06 earnings per share. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities analysts predict that Bank of America will post 4.60 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of America

Institutional investors have recently bought and sold shares of the stock. Howard Capital Management LLC raised its holdings in shares of Bank of America by 27.5% in the 3rd quarter. Howard Capital Management LLC now owns 61,338 shares of the financial services provider’s stock worth $3,339,000 after purchasing an additional 13,230 shares in the last quarter. Goelzer Investment Management Inc. raised its position in shares of Bank of America by 11.4% during the third quarter. Goelzer Investment Management Inc. now owns 246,926 shares of the financial services provider’s stock worth $13,440,000 after purchasing an additional 25,362 shares during the period. Newport Capital Group LLC purchased a new stake in shares of Bank of America during the third quarter valued at $513,000. Baugh & Associates LLC lifted its holdings in shares of Bank of America by 7.7% during the third quarter. Baugh & Associates LLC now owns 128,396 shares of the financial services provider’s stock valued at $6,989,000 after purchasing an additional 9,178 shares during the last quarter. Finally, Annex Advisory Services LLC boosted its position in shares of Bank of America by 28.8% in the 3rd quarter. Annex Advisory Services LLC now owns 948,578 shares of the financial services provider’s stock valued at $51,631,000 after purchasing an additional 212,157 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Trending Headlines about Bank of America

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

• Positive Sentiment: Regulatory remediation is progressing. Bank of America said it has completed substantial work related to its consent order, potentially reducing uncertainty over future compliance costs and supervisory action. Bank of America says it has completed a lot of work on consent order
• Positive Sentiment: Some analysts see significant upside. Baird upgraded BAC to Outperform with a $62 target, while other firms retained Buy or Outperform ratings despite reducing price targets. Analysts cited the bank’s diversified business and improving interest income. Baird Upgrades Bank of America Stock Despite a Soft Quarter
• Positive Sentiment: Net interest income remains a longer-term support. Management is targeting at least 8% net interest income growth in 2027, supported by loan and deposit expansion. CEO Brian Moynihan also described the U.S. economy as resilient and growing. BAC Q3 Earnings Call Highlights NII Growth and Trading Pressure
• Neutral Sentiment: Broader market caution could limit a rebound. Bank of America strategists recommend remaining risk-off until after the next Federal Reserve meeting and the U.S. midterm elections, citing interest-rate volatility, political uncertainty and risks surrounding the AI investment trade. A stock-market sell signal has been silenced
• Negative Sentiment: Compliance costs and the quarterly miss remain the primary overhangs. Third-quarter EPS of $1.08 and revenue of $29.96 billion missed consensus estimates. A roughly $1.2 billion anti-money-laundering penalty, weaker trading and investment-banking revenue, rising expenses and reports of larger unrealized bond losses have intensified concerns about profitability. Multiple law firms have also announced shareholder investigations. BAC Q3 Earnings Miss, Stock Dips on Regulatory Fine, Trading and Investment Banking Woes

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.