Bank of America (NYSE:BAC) Given New $68.00 Price Target at UBS Group

Bank of America (NYSE:BAC) had its price target raised by equities researchers at UBS Group from $63.00 to $68.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. UBS Group’s target price indicates a potential upside of 12.26% from the company’s current price.

Several other research firms have also recently issued reports on BAC. Oppenheimer cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Truist Financial boosted their price objective on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Friday, June 26th. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a report on Monday. Evercore set a $63.00 target price on shares of Bank of America and gave the company an “outperform” rating in a research note on Monday. Finally, Citigroup raised their price target on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $62.19.

Bank of America Stock Up 1.1%

Shares of NYSE:BAC opened at $60.57 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a fifty day simple moving average of $53.82 and a two-hundred day simple moving average of $52.80. Bank of America has a 12-month low of $44.75 and a 12-month high of $60.83. The stock has a market capitalization of $429.85 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted its quarterly 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 net margin of 16.78% and a return on equity of 11.49%. The firm had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America will post 4.49 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in Bank of America in the 4th quarter worth $4,774,210,000. Capital International Investors bought a new position in shares of Bank of America in the fourth quarter worth about $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after purchasing an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock valued at $35,809,225,000 after buying an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. lifted its stake in Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock worth $1,380,239,000 after purchasing an additional 22,621,546 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about 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.

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.