Bank of America

By Steve Gelsi Analyst Betsy Graseck is ‘back & bullish’ on banks on sunnier prospects for a ‘significant increase in buybacks’ Morgan Stanley analyst Betsy Graseck on Tuesday upgraded Bank of America Corp., Goldman Sachs Group Inc., Citigroup Inc. and Bank of New York Mellon Corp. on optimism around pared-back capital requirements now under study by the the U.S. Federal Reserve. Morgan Stanley also said the entire group of big-bank stocks look attractive, and lifted price targets by a median of 16% across the board on 12 of them. If banks are not required to hold quite as much capital as in the initial Basel III endgame proposal by regulators, Graseck said it’s likely banks may boost moves to return money to shareholders. “Reading the tea leaves, it looks like Basel endgame will be lightened up,” Graseck said in a research note. “This opens the door for a significant increase […]

Oppenheimer analyst Chris Kotowski maintains Bank of America (NYSE:BAC) with a Outperform and raises the price target from $49 to $50.

Bank of America (NYSE:BAC) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 10.8% BMO Capital $37 → $36 Maintains Market Perform 01/02/2024 32.35% Barclays $39 → $43 Maintains Overweight 12/14/2023 16.77% Odeon Capital → $37.94 Upgrades Hold → Buy 12/01/2023 1.57% Goldman Sachs $30 → $33 Maintains Buy 11/16/2023 56.97% Oppenheimer $49 → $51 Maintains Outperform 11/06/2023 -7.66% Keefe, Bruyette & Woods $29 → $30 Upgrades Underperform → Market Perform 10/18/2023 50.82% Oppenheimer $48 → $49 Maintains Outperform 10/18/2023 23.11% BMO Capital $39 → $40 Maintains Market Perform 10/03/2023 -1.51% Morgan Stanley $34 → $32 Maintains Equal-Weight 09/26/2023 47.74% Oppenheimer $49 → $48 Maintains Outperform 09/15/2023 -15.36% Piper Sandler $28 → $27.5 Maintains Underweight 09/12/2023 7.73% RBC Capital → $35 Reiterates Outperform → Outperform 09/07/2023 7.73% HSBC → $35 Initiates Coverage On → Buy 08/23/2023 23.11% Wells Fargo $43 → $40

The following is a summary of the Bank of America Corporation (BAC) Q4 2023 Earnings Call Transcript: Financial Performance: Bank of America reported Q4 net income of $3.1 billion, or $0.35 per diluted share, with adjustments, Q4 net income was $5.9 billion, or $0.70 per share. The bank’s revenue was $22.1 billion which after adjustments amounts to $23.7 billion, marking a 4% decline. Expenses for the quarter were $17.7 billion, excluding the $2.1 billion FDIC charge, adjusted expenses were $15.6 billion. Bank of America reported $57.5 billion in Net Interest Income (NII) by the end of 2023, up by 9% compared to 2022. Loan growth remains slow due to lower revolver utilization and higher corporate cash balances. Despite challenges, the bank achieved 170 basis points of operating leverage in 2023. Full-year 2023 net income was $26.5 billion (adjusted net income $29.3 billion), resulting in $3.42 EPS, marking a 7% growth

Bank of America Reports Fourth-Quarter 2023 Financial Results PR Newswire CHARLOTTE, N.C., Jan. 12, 2024 CHARLOTTE, N.C., Jan. 12, 2024 /PRNewswire/ — Bank of America reported its fourth-quarter 2023 financial results today. The news release, supplemental filing and investor presentation can be accessed at Bank of America’s Investor Relations website at Investor Conference Call information: Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss the financial results in a conference call at 11 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can also listen to live audio of the conference call and view the presentation slides by visiting the Events and Presentations section of the company’s Investor Relations website. Replay information for Investor Conference Call: Investors can access

Bank of America CFO Says Well Positioned Against Proposed Rules To Boost Capital; On A Weighted Basis We Have Reserved For An Unemployment Rate Of Nearly 5% By The End Of 2024; Saw Lower Marks On Leveraged Loan Positions Year-On-Year.

Bank of America CFO Says NII Should Be Lower In Q1 Vs Q4 2023, And Touch Lower In Q2 2024, Before Growing In H2.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target price by $2 to $35 on a forward P/E of 10.6x our 2024 EPS view, in line with peers. We lower our 2024 EPS by $0.10 to $3.30 and start 2025’s at $3.40. BAC posted Q4 2023 adj. EPS of $0.70, a $0.05 earnings beat. We see total revenue of $100.4B (prior $100.6B) in 2024 and $103.2B in 2025. In Q4 2023, total loans were flat as well as total deposits of $1.9T. Total net interest income (NII) was -5% Y/Y and -3% Q/Q, while noninterest income was -19% Y/Y and -26% Q/Q. Consumer Banking was -4%, with lower NII -3% and flat Y/Y results for card income and service charges. Global Wealth and Investment Management realized a 3% revenue decline and total

Bank of America Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/14/2023 16.59% Odeon Capital → $37.94 Upgrades Hold → Buy 12/01/2023 1.41% Goldman Sachs $30 → $33 Maintains Buy 11/16/2023 56.73% Oppenheimer $49 → $51 Maintains Outperform 11/06/2023 -7.81% Keefe, Bruyette & Woods $29 → $30 Upgrades Underperform → Market Perform 10/18/2023 50.58% Oppenheimer $48 → $49 Maintains Outperform 10/18/2023 22.93% BMO Capital $39 → $40 Maintains Market Perform 10/03/2023 -1.66% Morgan Stanley $34 → $32 Maintains Equal-Weight 09/26/2023 47.51% Oppenheimer $49 → $48 Maintains Outperform 09/15/2023 -15.49% Piper Sandler $28 → $27.5 Maintains Underweight 09/12/2023 7.56% RBC Capital → $35 Reiterates Outperform → Outperform 09/07/2023 7.56% HSBC → $35 Initiates Coverage On → Buy 08/23/2023 22.93% Wells Fargo $43 → $40 Maintains Overweight 08/18/2023 50.58% Oppenheimer $52 → $49 Maintains Outperform 07/19/2023 4.49% Morgan Stanley $33 → $34 Maintains Equal-Weight 07/19/2023

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target by $1 to $33 on a forward P/E of 9.7x our 2024 EPS view, in line with peers. We up our 2023 EPS by $0.10 to $3.55 and 2024’s by $0.15 to $3.40. BAC posted Q3 2023 EPS of $0.90, an $0.08 earnings beat. We see total revenue of $100.7B (prior $99.8B) in 2023 and $100.4B ($98.9B) in 2024. In Q3 2023, total loans rose 2% and total deposits of $1.9T eased 3%. Total net interest income (NII) rose 4% Y/Y and was up 2% Q/Q, while noninterest income was flat Y/Y and -2% Q/Q. Compared to NII of $14.4B in Q3, BAC is guiding for NII of $14.0B in Q4 and similar levels in 2024’s 1H quarters, rising moderately in 2H. Consumer

Bank Of America CFO Says Commercial Real Estate Exposure Represents 7% Of Total Loan Portfolio.

Bank Of America CFO Said Slowing Pattern In Consumer Spending Is Expected To Continue; Anticipate Headcount To Remain Flattish From This Point Onwards; Deposits Are Performing Better Than The Bank Expected.