Bank of America (NYSE:BAC) Stock Price Expected to Rise, Truist Financial Analyst Says

Bank of America (NYSE:BAC) had its price target boosted by Truist Financial from $51.00 to $53.00 in a research note released on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider's stock.

BAC has been the topic of several other research reports. Argus dropped their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an "outperform" rating in a report on Monday, June 30th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.89.

Bank of America Stock Up 0.2%

Shares of BAC stock traded up $0.11 during trading hours on Wednesday, reaching $46.95. 27,996,554 shares of the stock were exchanged, compared to its average volume of 40,409,683. The business's fifty day moving average is $44.74 and its two-hundred day moving average is $43.52. The firm has a market capitalization of $353.61 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.28 and a beta of 1.30. Bank of America has a 12-month low of $33.07 and a 12-month high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, research analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's payout ratio is currently 30.95%.

Institutional Investors Weigh In On Bank of America

Several hedge funds have recently modified their holdings of BAC. Gradient Investments LLC increased its stake in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after acquiring an additional 50,296 shares during the period. Prudential Financial Inc. boosted its holdings in Bank of America by 13.7% in the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock valued at $274,767,000 after purchasing an additional 753,880 shares in the last quarter. Employees Retirement System of Texas increased its position in Bank of America by 12.7% during the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after purchasing an additional 17,880 shares during the period. Prosperity Wealth Management Inc. acquired a new position in Bank of America during the 1st quarter worth approximately $998,000. Finally, Clearstead Trust LLC raised its stake in shares of Bank of America by 866.9% during the 4th quarter. Clearstead Trust LLC now owns 8,605 shares of the financial services provider's stock worth $378,000 after buying an additional 7,715 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.