Bank of America Launches Digital Investment Advisory Program for Employees

Global financial services provider Bank of America (BAC) has launched a new digital investment advisory program, Personal Retirement Strategy, which aims to help employees reach their retirement income goals. The company offers commercial banking, investment banking, and wealth management services.

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Personal Retirement Strategy forms a part of Bank of America’s Financial Life Benefits range of workplace benefits that help employees achieve their financial goals. The program offers tools, guidance, personalized insights, and digital investment management services via the 401(k) account.

Furthermore, the program offers complete online and mobile support. (See Bank of America stock chart on TipRanks)

Institutional Retirement Advisory Programs executive at Bank of America, Tom Matarazzo, said, “Today’s workforce is especially concerned about retirement, but employees often lack the guidance and tools that are essential to develop a plan. With Personal Retirement Strategy, we are connecting employees to the personalized retirement income planning resources they need to take charge of their financial future.”

Credit Suisse analyst Susan Roth Katzke recently reiterated a Buy rating on the stock and raised the price target from $44 to $46 (14.4% upside potential). Katzke has projected earnings per share (EPS) of $3.60 for 2023.

“Risks to the achievability of our estimates and target price tie most closely to the macro and market backdrop, i.e., the level and shape of the yield curve, business and capital markets activity, and credit quality migration,” she said.

Overall, the stock has a Strong Buy consensus rating based on 10 Buys and 3 Holds. The average Bank of America analyst price target of $45.27 implies 12.6% upside potential from current levels. The company’s shares have gained 68.8% over the past year.

According to TipRanks’ Smart Score rating system, Bank of America scores a 9 out of 10, suggesting that the stock is likely to outperform market averages.