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

Key Points

• Truist Financial raised its price target on Bank of America from $64 to $65 and kept a buy rating, implying about 7.2% upside from the prior close.
• Bank of America’s shares were trading near $60.64, close to their 52-week high of $61.21, as the stock continued to benefit from a generally bullish analyst outlook.
• The company recently reported Q2 earnings of $1.21 per share, beating estimates, with revenue up 19.6% year over year; analysts now expect $4.51 EPS for the full fiscal year.

Bank of America (NYSE:BAC) had its target price raised by investment analysts at Truist Financial from $64.00 to $65.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Truist Financial's price target would indicate a potential upside of 7.19% from the stock's previous close.

Other research analysts also recently issued reports about the company. UBS Group boosted their target price on Bank of America from $63.00 to $68.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Autonomous Res reduced their price objective on Bank of America from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Monday, April 6th. HSBC increased their target price on Bank of America from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of America in a report on Friday, April 24th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $59.00 price target on shares of Bank of America in a research report on Thursday, April 16th. Twenty-one investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and an average target price of $63.19.

Bank of America Trading Up 1.9%

Shares of Bank of America stock opened at $60.64 on Wednesday. Bank of America has a 12-month low of $44.75 and a 12-month high of $61.21. The stock has a market capitalization of $430.32 billion, a P/E ratio of 15.01, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The company has a 50-day simple moving average of $54.77 and a 200 day simple moving average of $53.01. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. The firm had revenue of $8.08 billion for the quarter, compared to analysts' expectations of $30.78 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company's quarterly revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 earnings per share. Research 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 Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Bank of America

A number of institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter worth about $4,774,210,000. Capital International Investors bought a new position in Bank of America during the 4th quarter worth approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in 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 valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the period. Vanguard Group Inc. increased its stake in Bank of America by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider's stock valued at $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. increased its stake in 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 purchasing an additional 22,621,546 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Trending Headlines about Bank of America

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

Bank of America Company Profile

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.

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