Bank of America (NYSE:BAC) Given New $62.00 Price Target at JPMorgan Chase & Co.

Bank of America (NYSE:BAC) had its price target decreased by JPMorgan Chase & Co. from $68.00 to $62.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 15.57% from the stock’s current price.

Several other equities analysts also recently commented on BAC. Oppenheimer downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. UBS Group upped their price target on shares of Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Royal Bank Of Canada raised their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 15th. Jefferies Financial Group lowered their price objective on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Finally, Barclays increased their price objective on Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Twenty investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average price target of $63.91.

Bank of America Trading Down 0.2%

Shares of NYSE BAC traded down $0.08 during trading hours on Friday, hitting $53.65. 17,255,457 shares of the company traded hands, compared to its average volume of 37,154,422. The stock has a market capitalization of $375.15 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The company’s 50 day moving average price is $61.06 and its 200 day moving average price is $56.30. Bank of America has a 12 month low of $46.12 and a 12 month high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $31.56 billion for the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter in the previous year, the business posted $0.89 earnings per share. The business’s revenue was up 19.6% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America will post 4.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of America

Several hedge funds have recently made changes to their positions in the company. First Financial Bank Trust Division raised its position in Bank of America by 14.7% during the 3rd quarter. First Financial Bank Trust Division now owns 231,099 shares of the financial services provider’s stock worth $12,579,000 after buying an additional 29,681 shares during the last quarter. Burkett Financial Services LLC increased its stake in shares of Bank of America by 1.6% in the third quarter. Burkett Financial Services LLC now owns 16,864 shares of the financial services provider’s stock worth $918,000 after acquiring an additional 266 shares during the period. Doliver Advisors LP raised its holdings in shares of Bank of America by 76.8% during the third quarter. Doliver Advisors LP now owns 27,640 shares of the financial services provider’s stock worth $1,504,000 after purchasing an additional 12,007 shares during the last quarter. Sarver Vrooman Wealth Advisors lifted its position in Bank of America by 66.7% during the third quarter. Sarver Vrooman Wealth Advisors now owns 1,524 shares of the financial services provider’s stock valued at $83,000 after purchasing an additional 610 shares during the period. Finally, Cim Investment Management Inc. boosted its holdings in Bank of America by 340.7% in the second quarter. Cim Investment Management Inc. now owns 51,780 shares of the financial services provider’s stock valued at $2,950,000 after purchasing an additional 40,030 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America News Roundup

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

• Positive Sentiment: Bank of America’s Personal Retirement Strategy surpassed $100 billion in assets, while Merrill Managed exceeded $10 billion. The milestones suggest continued demand for the company’s fee-generating retirement and investment-management services. Bank of America Personal Retirement Strategy Surpasses $100 Billion
• Positive Sentiment: Truist maintained a Buy rating on BAC, although it reduced its price target from $65 to $62. The revised target still implies meaningful upside from recent trading levels and indicates analysts remain constructive on the shares. Truist Bank of America Price Target
• Positive Sentiment: The Federal Reserve’s proposed stress-test changes could make capital requirements more predictable, potentially helping large banks such as BAC plan dividends and buybacks with greater certainty. Federal Reserve Stress-Test Changes
• Neutral Sentiment: Bank of America pledged $10 million to Boston Children’s Hospital for a pediatric behavioral-health campus. The donation supports the company’s reputation and community profile but is not expected to materially affect earnings. Boston Children’s Hospital Gift
• Negative Sentiment: Bank stocks have extended their recent decline as a sharp rise in interest rates raises concerns about bond-market losses, funding costs and pressure on loan demand. This macroeconomic pressure is weighing on BAC and the broader banking sector. Bank Stocks and Rising Interest Rates
• Negative Sentiment: Merrill Lynch agreed to pay $39 million to settle claims that customers received near-zero interest on idle retirement-account cash. Although the settlement is manageable relative to BAC’s size, it adds legal and reputational risk. Bank of America Merrill Lynch $39 Million Settlement
• Negative Sentiment: One market analysis argues BAC could be materially overvalued if elevated artificial-intelligence spending fails to generate stronger returns on capital. That valuation concern is contributing to caution after the stock’s strong multiyear gains. Bank of America Valuation and AI Spending

Bank of America Company Profile

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.