The Goldman Sachs Group Raises Bank of America (NYSE:BAC) Price Target to $63.00

Bank of America (NYSE:BAC) had its price objective lifted by stock analysts at The Goldman Sachs Group from $58.00 to $63.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 16.84% from the company’s current price.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday. UBS Group cut their price objective on shares of Bank of America from $67.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $61.50 to $57.50 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Daiwa Securities Group cut their price objective on shares of Bank of America from $62.00 to $58.00 and set a “buy” rating for the company in a report on Tuesday, April 7th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Wednesday, April 1st. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $60.90.

Bank of America Stock Performance

NYSE BAC opened at $53.92 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $385.31 billion, a P/E ratio of 13.35, a P/E/G ratio of 0.92 and a beta of 1.23. Bank of America has a 12-month low of $36.49 and a 12-month high of $57.55. The firm has a 50-day moving average price of $50.45 and a two-hundred day moving average price of $52.25.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The firm 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 business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 EPS. Analysts anticipate that Bank of America will post 3.7 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Thomas M. Scrivener sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $49.82, for a total transaction of $2,491,000.00. Following the completion of the transaction, the insider directly owned 227,973 shares in the company, valued at $11,357,614.86. This represents a 17.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bernard A. Mensah sold 94,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $46.94, for a total transaction of $4,412,360.00. Following the transaction, the insider owned 170,184 shares of the company’s stock, valued at approximately $7,988,436.96. This represents a 35.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 227,832 shares of company stock worth $11,094,960 in the last three months. 0.27% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently added to or reduced their stakes in the stock. DecisionMap Wealth Management LLC increased its position in Bank of America by 4.7% during the 4th quarter. DecisionMap Wealth Management LLC now owns 4,061 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 182 shares in the last quarter. Money Concepts Capital Corp increased its position in Bank of America by 3.8% during the 4th quarter. Money Concepts Capital Corp now owns 4,964 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 182 shares in the last quarter. Holistic Financial Partners increased its position in Bank of America by 2.4% during the 4th quarter. Holistic Financial Partners now owns 7,896 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 183 shares in the last quarter. Operose Advisors LLC increased its position in Bank of America by 0.9% during the 4th quarter. Operose Advisors LLC now owns 20,409 shares of the financial services provider’s stock worth $1,123,000 after purchasing an additional 185 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. increased its position in Bank of America by 1.0% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 19,847 shares of the financial services provider’s stock worth $1,092,000 after purchasing an additional 187 shares in the last quarter. 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: Q1 results beat expectations: BAC reported a “monster” quarter with revenue up ~7% and adjusted EPS $1.11, above consensus, driven by broad-based growth and strong capital markets performance — the core reason investors bid the stock up. Bank of America Posts Monster Quarter
• Positive Sentiment: Multiple analysts raised price targets/ratings after the beat (Goldman, Jefferies, Evercore, Argus, Keefe Bruyette & Woods, HSBC, RBC and others), lifting sentiment and providing technical catalyst for further buying. Goldman Sachs raises price target
• Positive Sentiment: KBW reiterated/initiated a Buy (outperform) on BAC, adding institutional endorsement that can attract fund flows. KBW Buy on BAC
• Positive Sentiment: Strategic win: Bank of America rolled out an AI tool for its ~18,000 financial advisors — a sign management is investing in scalable, fee‑generating capabilities that can improve retention and cross‑sell over time. AI tool for advisers
• Neutral Sentiment: Capital/ liability management: BAC announced the redemption of €1.5B of senior notes due 2027 (to be redeemed May 4) — shows active maturity management but will use capital; impact depends on funding and rates. Redemption of senior notes
• Neutral Sentiment: Preferred dividends declared for multiple series with upcoming record/payment dates — routine corporate action that matters to preferred holders but is not a surprise for common equity investors. Preferred dividends declared

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.