Bank of America (NYSE:BAC) Now Covered by Analysts at TD Cowen

by · The Cerbat Gem

Analysts at TD Cowen initiated coverage on shares of Bank of America (NYSE:BAC) in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “hold” rating and a $60.00 price target on the financial services provider’s stock. TD Cowen’s target price would indicate a potential upside of 13.21% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. Barclays boosted their target price on Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Jefferies Financial Group decreased their target price on Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, September 24th. UBS Group decreased their target price on Bank of America from $70.00 to $67.00 and set a “buy” rating for the company in a report on Monday. Royal Bank Of Canada boosted their price target on Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Finally, Evercore set a $62.00 price target on Bank of America in a research report on Thursday, October 1st. Nineteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $64.22.

Check Out Our Latest Research Report on Bank of America

Bank of America Trading Down 1.0%

Shares of BAC traded down $0.52 during mid-day trading on Thursday, hitting $53.00. The company had a trading volume of 8,814,510 shares, compared to its average volume of 36,966,465. The business’s 50-day simple moving average is $60.41 and its 200-day simple moving average is $56.49. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. Bank of America has a 1-year low of $46.12 and a 1-year high of $65.22. The stock has a market cap of $370.62 billion, a PE ratio of 12.17, a P/E/G ratio of 0.87 and a beta of 1.21.

Bank of America (NYSE:BAC – Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same quarter in the previous year, the business earned $0.89 EPS. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. Sell-side analysts forecast that Bank of America will post 4.61 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

Institutional investors have recently made changes to their positions in the business. Turim 21 Investimentos Ltda. acquired a new position in shares of Bank of America in the 2nd quarter valued at approximately $25,000. Abound Financial LLC acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC raised its position in shares of Bank of America by 167.6% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 479 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 300 shares in the last quarter. Principia Wealth Advisory LLC raised its position in shares of Bank of America by 69.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 530 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 218 shares in the last quarter. Finally, Frazier Financial Advisors LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at approximately $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America News Summary

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

  • Positive Sentiment: Potential net-interest-income upside: An analyst upgraded Bank of America, arguing that a shift in Federal Reserve policy could improve the bank’s net interest income outlook. This is a key earnings driver because it affects the spread between what BAC earns on loans and securities and what it pays for deposits and funding. Bank of America: Fed Policy Shift Creates NII Upside (Rating Upgrade)
  • Positive Sentiment: Technology and investment-banking opportunities: BAC highlighted its use of artificial intelligence to personalize customer experiences and improve banking operations. Separately, an executive said strong institutional and retail demand could support large future IPOs, including potential offerings from OpenAI and Anthropic. These developments reinforce growth opportunities in technology, wealth management and investment banking, although their financial impact is not yet quantified. How Bank of America is using AI to reinvent the customer experience BofA Sees Strong Demand for OpenAI, Anthropic IPOs
  • Positive Sentiment: Analyst support remains favorable: UBS maintained its Buy rating on BAC, helping support the broader bullish view of the bank’s valuation and earnings prospects. UBS Keeps Their Buy Rating on Bank of America
  • Neutral Sentiment: Upcoming earnings are a near-term catalyst: Bank of America is expected to announce quarterly results soon. Investors will focus on loan growth, deposit costs, trading revenue and management’s outlook for net interest income. Bank of America Expected to Announce Earnings
  • Neutral Sentiment: Mixed rate and market backdrop: BofA strategists said bonds are becoming more competitive with stocks as markets reprice inflation and interest-rate risks. The environment could create volatility for BAC’s securities portfolio and trading businesses, while also influencing deposit behavior and loan demand. BofA’s Subramanian says bonds in rare competition with stocks
  • Negative Sentiment: $39 million Merrill cash-sweep settlement: Bank of America agreed to pay $39 million to resolve claims related to Merrill Lynch’s cash-sweep practices. The amount is manageable relative to BAC’s size, but the settlement adds a legal and regulatory overhang. Bank Of America Agrees $39 Million Merrill Cash Sweep Settlement

About Bank of America

(Get Free Report)

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.

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