Wells Fargo & Company Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price objective upped by Wells Fargo & Company from $65.00 to $67.00 in a report issued on Monday morning, Marketbeat Ratings reports. They currently have an overweight rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the stock. HSBC boosted their price target on shares of Bank of America from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Jefferies Financial Group raised their price objective on shares of Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. UBS Group boosted their price objective on shares of Bank of America from $62.00 to $63.00 in a research report on Wednesday, May 6th. Daiwa Securities Group increased their target price on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Finally, Truist Financial lifted their price target on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Twenty-one research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.98.

Bank of America Stock Up 1.2%

Shares of NYSE BAC opened at $60.61 on Monday. The stock has a market cap of $430.15 billion, a P/E ratio of 14.99, a PEG ratio of 0.99 and a beta of 1.17. The business’s fifty day simple moving average is $53.82 and its 200-day simple moving average is $52.80. Bank of America has a 12-month low of $44.75 and a 12-month high of $60.83. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.Bank of America’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 EPS. As a group, equities analysts predict that Bank of America will post 4.49 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.

Insider Buying and Selling

In related news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Hobart Private Capital LLC boosted its stake in shares of Bank of America by 13.3% during the second quarter. Hobart Private Capital LLC now owns 9,575 shares of the financial services provider’s stock worth $546,000 after buying an additional 1,126 shares during the period. Dogwood Wealth Management LLC increased its position in Bank of America by 27.0% in the 2nd quarter. Dogwood Wealth Management LLC now owns 1,862 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 396 shares during the period. Boltwood Capital Management purchased a new stake in Bank of America during the 2nd quarter valued at approximately $214,000. Trilogy Capital Inc. raised its stake in Bank of America by 35.6% during the 2nd quarter. Trilogy Capital Inc. now owns 19,684 shares of the financial services provider’s stock valued at $1,122,000 after acquiring an additional 5,166 shares during the last quarter. Finally, Hilltop National Bank lifted its position in Bank of America by 2.3% during the 2nd quarter. Hilltop National Bank now owns 26,916 shares of the financial services provider’s stock worth $1,534,000 after acquiring an additional 602 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Bank of America

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

• Positive Sentiment: Bank of America shares have been boosted by a sector-wide bank rally, with investors positioning for solid trading and core banking results in the upcoming earnings season. The stock recently touched a record high, reflecting continued optimism about profitability in a higher-rate environment.
• Positive Sentiment: JPMorgan Chase and Wells Fargo both raised their price targets on Bank of America and kept overweight ratings, signaling that Wall Street still sees upside from current levels.
• Positive Sentiment: Reuters reported that U.S. banks, including Bank of America, are expected to benefit from a surge in trading activity and advisory fees, helped in part by the SpaceX IPO and a pickup in capital markets activity.
• Neutral Sentiment: Recent articles questioning BAC’s valuation and calling it one of Jim Cramer’s weaker picks may temper enthusiasm, but they do not appear to have changed the broader bullish trend.
• Neutral Sentiment: Separately, reports that Bank of America and other big banks are exploring a possible deal for Fiserv’s debit payments network could be strategically interesting, but no transaction has been announced yet.

About Bank of America

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.