Bank of America (NYSE:BAC) Stock Rating Upgraded by Robert W. Baird

Bank of America (NYSE:BAC) was upgraded by equities research analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a $62.00 price objective on the financial services provider’s stock. Robert W. Baird’s target price would indicate a potential upside of 20.01% from the stock’s current price.

A number of other research firms have also commented on BAC. Argus set a $70.00 target price on Bank of America in a report on Wednesday, July 15th. JPMorgan Chase & Co. lowered their price target on Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, October 2nd. Wells Fargo & Company increased their price objective on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. UBS Group reduced their price objective on Bank of America from $70.00 to $67.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, Truist Financial decreased their target price on Bank of America from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, October 1st. Twenty analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.78.

Bank of America Stock Up 0.5%

Shares of NYSE BAC traded up $0.27 during midday trading on Thursday, hitting $51.66. The stock had a trading volume of 25,718,625 shares, compared to its average volume of 37,532,184. The business’s 50 day moving average is $59.51 and its 200-day moving average is $56.69. Bank of America has a 52 week low of $46.12 and a 52 week high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a market cap of $361.25 billion, a P/E ratio of 11.85, a PEG ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.02). The firm had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. Bank of America’s revenue was up 3.2% on a year-over-year basis. During the same period last year, the business earned $1.06 EPS. As a group, analysts predict that Bank of America will post 4.60 EPS for the current year.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently made changes to their positions in BAC. Turim 21 Investimentos Ltda. acquired a new stake in shares of Bank of America during the second quarter worth $25,000. Cherry Tree Wealth Management LLC boosted its position in shares of Bank of America by 167.6% during the second quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 300 shares in the last quarter. Principia Wealth Advisory LLC grew its stake in Bank of America by 69.9% in the second quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 218 shares during the period. Frazier Financial Advisors LLC bought a new stake in shares of Bank of America in the second quarter worth about $34,000. Finally, Vermillion Wealth Management Inc. grew its position in shares of Bank of America by 199.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 658 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 438 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Analyst support remains a partial tailwind. Robert W. Baird upgraded BAC to “outperform” with a $62 price target, while Keefe, Bruyette & Woods maintained an “outperform” rating with a $65 target. Several other analysts still see upside from current levels. Analyst ratings and price targets
• Positive Sentiment: Management highlighted stronger underlying banking trends, including 8% year-over-year net interest income growth, expanding loans and deposits, and a goal of at least 8% NII growth in 2027. Consumer banking and wealth management also helped offset weakness in trading and investment banking. Q3 earnings call highlights
• Positive Sentiment: BAC’s valuation and shareholder returns may attract long-term investors following the selloff. The bank returned $8.3 billion to shareholders through dividends and repurchases, while its relatively low earnings multiple could support a recovery if costs and compliance issues improve.
• Neutral Sentiment: Truist, TD Cowen and Morgan Stanley lowered their price targets, but their revised targets remain above the current share price. Ratings ranged from “hold” to “outperform,” signaling continued optimism about the franchise but greater near-term caution.
• Negative Sentiment: The main overhang is a more than $1.2 billion non-tax-deductible penalty tied to anti-money-laundering and sanctions-control failures. Regulators said Bank of America failed to report more than $5 billion in suspicious transactions. The charge reduced quarterly earnings by roughly $0.17 per share and raises concerns about additional remediation costs and management oversight. Reuters report on Bank of America penalty
• Negative Sentiment: Third-quarter adjusted EPS of $1.08 and revenue of approximately $30.0 billion missed analyst expectations. Weaker fixed-income trading, investment-banking activity, higher credit-loss provisions and rising expenses pressured results, while unrealized bond losses reportedly climbed to $109 billion as long-term yields increased. BAC Q3 earnings analysis
• Negative Sentiment: Bank of America is also hiring about 1,000 contractors to address software weaknesses exposed by advanced AI testing, adding to compliance and technology expenses. Several law firms have announced shareholder investigations, creating an additional reputational and potential legal risk.

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.