Multinational investment bank and financial services firm Bank of America (BAC) has reported a record number of patent grants in the first half of 2021. The bank offers investing, banking, asset management and risk management products and services.
The number of patents that the U.S. Patent Office (USPTO) granted to Bank of America increased 23% year-over-year to 227. This is the maximum number of patents that the bank has been granted in its history in the first half of any year.
Bank of America’s patent portfolio comprises 4,943 granted or applied patents. The bank’s shares closed 1.5% lower at $40.19 on Thursday. (See Bank of America stock chart on TipRanks)
The Chief Operations and Technology Officer at Bank of America, Cathy Bessant, said, “The culture we’ve created at Bank of America is immensely creative and forward-looking, driving solutions that make our clients’ financial lives better.”
Last month, KBW analyst David Konrad assumed coverage on the stock with a Hold rating and a price target of $40 (0.5% downside potential).
In a research note to investors, the analyst said that despite “recent volatility and uncertainty” regarding the macro reflation trade, he was constructive on large-cap banks due to expectations for the Federal Reserve to raise short-term rates.
“However, the current revenue environment may become more challenging for select banks that are benefiting from outsized growth in their bond portfolios, resulting in more of a stock pickers’ market for the second phase of the bank rally,” he added.
Overall, the stock has a Moderate Buy consensus rating based on 7 Buys, 5 Holds and 1 Sell. The average Bank of America price target of $44.17 implies 9.9% upside potential. Shares of the Company have gained 60.1% over the past year.
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