Bank of America (NYSE:BAC) Stock Price Expected to Rise, UBS Group Analyst Says

Bank of America (NYSE:BAC) had its price objective raised by stock analysts at UBS Group from $63.00 to $68.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. UBS Group’s price target would indicate a potential upside of 12.26% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley raised their target price on shares of Bank of America from $61.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Jefferies Financial Group increased their price objective on shares of Bank of America from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Robert W. Baird raised their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. The Goldman Sachs Group upped their target price on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Twenty-one investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $62.19.

Bank of America Stock Performance

NYSE BAC opened at $60.57 on Tuesday. The business’s 50 day moving average price is $53.82 and its 200-day moving average price is $52.80. Bank of America has a fifty-two week low of $44.75 and a fifty-two week high of $60.83. The company has a market cap of $429.85 billion, a P/E ratio of 15.01, a P/E/G ratio of 0.99 and a beta of 1.17. 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 (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping 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 company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. During the same period last year, the company earned $0.90 earnings per share. Bank of America’s revenue was up 10.7% on a year-over-year basis. Sell-side analysts predict that Bank of America will post 4.49 earnings per share for the current year.

Insider Buying and Selling

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in Bank of America during the fourth quarter worth $4,774,210,000. Capital International Investors purchased a new position in shares of Bank of America in the 4th quarter valued at $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Bank of America by 640.5% during the 3rd 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 during the last quarter. Vanguard Group Inc. lifted its stake in shares of Bank of America by 3.7% during 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 purchasing an additional 23,351,183 shares during the last quarter. Finally, Cardano Risk Management B.V. boosted its position in Bank of America by 914.5% during the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $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.

Bank of America News Summary

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.