Bank of America (NYSE:BAC) Given New $61.00 Price Target at Evercore

Bank of America (NYSE:BAC) had its target price lowered by analysts at Evercore from $70.00 to $61.00 in a research report issued on Friday,MarketScreener reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Evercore’s target price would indicate a potential upside of 22.38% from the company’s previous close.

A number of other equities research analysts have also weighed in on BAC. HSBC boosted their target price 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. TD Cowen reduced their price objective on shares of Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. Truist Financial increased their price objective on Bank of America from $57.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. lowered their target price on Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Finally, Argus increased their price target on Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $61.06.

Bank of America Stock Performance

Shares of Bank of America stock opened at $49.85 on Friday. Bank of America has a fifty-two week low of $42.35 and a fifty-two week high of $57.55. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $353.74 billion, a P/E ratio of 12.34, a P/E/G ratio of 0.84 and a beta of 1.21. The company’s 50 day moving average price is $50.42 and its two-hundred day moving average price is $52.46.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The company had revenue of $30.27 billion during the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 earnings per share. On average, equities analysts forecast that Bank of America will post 4.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares of the company’s stock, valued at $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Geoffrey S. Greener sold 126,756 shares of the business’s 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 transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 354,588 shares of company stock worth $17,814,296 in the last quarter. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently bought and sold shares of the stock. Abound Financial LLC bought a new stake in Bank of America in the 4th quarter valued at about $26,000. Wiser Advisor Group LLC bought a new stake in shares of Bank of America during the third quarter valued at approximately $27,000. Legacy Bridge LLC increased its holdings in shares of Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. Collier Financial acquired a new position in shares of Bank of America during the third quarter worth approximately $30,000. Finally, CrossGen Wealth LLC bought a new position in shares of Bank of America in the 4th quarter worth $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Bank of America

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

• Positive Sentiment: Investors are rotating back into bank stocks because a longer period of higher rates could boost Bank of America’s earnings power through improved interest margins. Higher-for-longer rate outlook puts bank stocks back on watch
• Positive Sentiment: Traders are also watching a possible “Warsh Fed trade,” with rising yields and a steeper curve seen as favorable for large banks like Bank of America if rate-cut expectations keep getting pushed out. Prediction. The Warsh Fed Trade Is Just Getting Started and These 3 Bank Stocks Under $55 Have the Most to Gain
• Neutral Sentiment: Bank of America’s digital banking leadership was reinforced after a Keynova survey tied it for first place in retail banking experience, supporting the company’s competitive positioning but not likely moving shares immediately. Banks Give Customers Online Controls for Privacy & Marketing Preferences, Streamline Account Opening and Renew Omnichannel Banking Focus
• Neutral Sentiment: Several articles discussed Bank of America analyst calls on other companies such as Nvidia, Akamai and Micron, which highlight the firm’s active research coverage but do not directly change BAC’s fundamentals. BofA Hikes Nvidia Price Target to $320 — Calls It Top Sector Pick
• Negative Sentiment: There is still some caution around banks broadly because the Fed’s message that rate cuts are off the table for 2026 can also raise concerns about loan demand, credit quality and sector volatility if higher rates persist too long. Franklin BSP Realty Trust and Coastal Financial Stocks Trade Down, What You Need To Know

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.