Bank of America (NYSE:BAC) Given New $58.00 Price Target at Truist Financial

Bank of America (NYSE:BAC) had its price target decreased by equities research analysts at Truist Financial from $62.00 to $58.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price indicates a potential upside of 13.17% from the company’s current price.

BAC has been the subject of several other reports. Royal Bank Of Canada decreased their price target on shares of Bank of America from $65.00 to $60.00 and set an “outperform” rating for the company in a research report on Thursday. Oppenheimer lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Thursday. Wells Fargo & Company decreased their price objective on Bank of America from $69.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday. Finally, TD Cowen lowered their target price on Bank of America from $60.00 to $56.00 and set a “hold” rating for the company in a research report on Thursday. Twenty analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.78.

Bank of America Trading Down 0.3%

Shares of BAC stock traded down $0.14 during mid-day trading on Thursday, reaching $51.25. 13,024,467 shares of the stock traded hands, compared to its average volume of 37,469,449. The company has a market cap of $358.39 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 0.87 and a beta of 1.21. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.23. The stock’s fifty day simple moving average is $59.51 and its two-hundred day simple moving average is $56.69. Bank of America has a 1-year low of $46.12 and a 1-year high of $65.22.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.02). The firm had revenue of $29.96 billion during the quarter, compared to analyst estimates of $30.58 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.06 EPS. On average, research analysts anticipate that Bank of America will post 4.60 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of America

A number of hedge funds have recently bought and sold shares of the company. Legal & General Group Plc bought a new stake in Bank of America in the second quarter worth approximately $2,571,060,000. Amundi boosted its holdings in shares of Bank of America by 12.5% during the 1st quarter. Amundi now owns 42,385,115 shares of the financial services provider’s stock worth $2,066,274,000 after buying an additional 4,721,969 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Bank of America during the 2nd quarter worth approximately $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $2,313,953,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Bank of America by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider’s stock worth $1,517,599,000 after buying an additional 561,413 shares during the period. Institutional investors own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Management expects at least 8% net interest income growth in 2027, supported by loan and deposit expansion. Third-quarter net interest income rose 8% year over year to approximately $16.4 billion, while average loans increased 6% and deposits grew 2%. BAC Q3 Earnings Call Highlights NII Growth and Trading Pressure
• Positive Sentiment: Consumer banking and wealth management were relative bright spots. Wealth-management revenue increased 13% year over year, and the bank returned $8.3 billion to shareholders through dividends and share repurchases. Merrill Lynch’s Fee-Based Advisory Assets Just Hit a Record $1.9 Trillion
• Positive Sentiment: Robert W. Baird upgraded BAC to “outperform” with a $62 target, while Keefe, Bruyette & Woods maintained “outperform” with a $65 target. These targets imply meaningful upside from recent trading levels.
• Neutral Sentiment: Management said it is addressing software and compliance weaknesses, including hiring roughly 1,000 contractors to patch vulnerabilities identified by Anthropic’s Mythos AI model. The added remediation work increases near-term costs but could reduce operational risk over time. Bank of America hired 1,000 contractors to patch software flaws
• Negative Sentiment: Third-quarter adjusted EPS of $1.08 and revenue of roughly $30.0 billion missed consensus estimates. Reported EPS was $0.91, down from $1.04 a year earlier, after a $1.2 billion non-tax-deductible regulatory charge. Bank of America profit hurt by $1.2 billion fine
• Negative Sentiment: Regulators cited failures to report more than $5 billion in suspicious transactions and sanctions-compliance violations, producing penalties exceeding $1.2 billion and raising concerns about lingering compliance costs and management oversight.
• Negative Sentiment: Fixed-income trading revenue fell 17%, investment-banking activity weakened, and expenses grew faster than revenue. TD Cowen cut its target to $56 and Morgan Stanley reduced its target to $61, reflecting continued earnings and cost concerns.

Bank of America Company Profile

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.