Bank of America (NYSE:BAC) Price Target Raised to $65.00 at Truist Financial

Bank of America (NYSE:BAC) had its target price hoisted by investment analysts at Truist Financial from $64.00 to $65.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target indicates a potential upside of 7.19% from the company’s previous close.

A number of other analysts also recently issued reports on the company. Argus lifted their target price on Bank of America from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Jefferies Financial Group reissued a “buy” rating and set a $75.00 price target on shares of Bank of America in a research report on Tuesday. UBS Group boosted their price target on Bank of America from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Oppenheimer cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Friday, April 24th. Twenty-one analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.19.

Bank of America Trading Up 1.9%

NYSE:BAC opened at $60.64 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50-day simple moving average is $54.77 and its 200-day simple moving average is $53.01. Bank of America has a fifty-two week low of $44.75 and a fifty-two week high of $61.21. The stock has a market capitalization of $430.32 billion, a PE ratio of 15.01, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17.

Bank of America (NYSE:BAC) last posted 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 11.49% and a net margin of 16.78%.The business had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $30.78 billion. During the same period in the prior year, the business earned $0.89 EPS. Bank of America’s revenue for the quarter was up 19.6% compared to the same quarter last year. Sell-side analysts expect that Bank of America will post 4.51 earnings per share for the current fiscal year.

Insider Transactions at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of America

A number of large investors have recently made changes to their positions in BAC. Norges Bank bought a new stake in Bank of America in the 4th quarter valued at $4,774,210,000. Capital International Investors bought a new position in Bank of America during the 4th quarter worth $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Bank of America by 640.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock worth $2,399,798,000 after buying an additional 40,235,201 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Bank of America by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after buying an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. boosted its position in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after acquiring an additional 22,621,546 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America News Summary

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

• Positive Sentiment: Bank of America beat Q2 expectations, with EPS of $1.21 topping estimates and revenue rising sharply, driven by stronger trading, investment banking and net interest income. Bank of America Q2 Earnings Beat on NII, Trading & IB Strength
• Positive Sentiment: Management highlighted durable growth drivers such as rising NII, loan and deposit gains, operating leverage, and AI-enabled productivity, reinforcing the view that the earnings beat is not a one-quarter event. Bank of America Q2 Earnings Call Points to Durable Growth Drivers
• Positive Sentiment: Analyst commentary and earnings-call coverage point to broad-based strength, with consumer banking, wealth management, and capital markets all contributing to better results. Bank of America Earnings Call Signals Broad-Based Strength
• Neutral Sentiment: Bank of America also announced redemptions of certain senior notes, a routine balance-sheet move that is unlikely to materially change the investment thesis on its own. Bank of America Announces Redemptions of Senior Notes
• Neutral Sentiment: The stock is also benefiting from broader bullish sentiment across big banks after JPMorgan, Goldman Sachs and Citigroup posted strong results, which has helped BAC trade near its 52-week high. Why Did Banking Stocks GS, JPM, BAC Surge To 52-Week Highs Today?
• Negative Sentiment: Some headlines note that BAC shares initially slipped or saw mixed post-earnings trading despite the beat, suggesting investors may be weighing valuation and margin details even after the strong report. Bank of America stock falls despite earnings beat

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.