Bank of America (NYSE:BAC) Price Target Raised to $58.00 at Truist Financial

Bank of America (NYSE:BAC) had its target price upped by Truist Financial from $56.00 to $58.00 in a report released on Thursday, Marketbeat.com reports. The firm currently has a buy rating on the financial services provider’s stock.

BAC has been the subject of a number of other reports. TD Cowen upped their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 6th. UBS Group lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Daiwa Capital Markets boosted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Finally, Wells Fargo & Company upped their target price on shares of Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.59.

Bank of America Stock Down 0.6%

NYSE:BAC opened at $54.23 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a 50 day moving average of $52.76 and a 200-day moving average of $49.75. The firm has a market capitalization of $396.01 billion, a PE ratio of 14.78 and a beta of 1.30. Bank of America has a 52 week low of $33.06 and a 52 week high of $56.07.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the business earned $0.81 EPS. The firm’s revenue was up 10.8% on a year-over-year basis. Analysts predict that Bank of America will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio is currently 30.52%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Boston Common Asset Management LLC raised its stake in Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after buying an additional 24,740 shares during the period. Disciplined Investments LLC acquired a new stake in Bank of America in the second quarter valued at approximately $217,000. Sunbeam Capital Management LLC increased its holdings in shares of Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares in the last quarter. CCG Wealth Management LLC acquired a new position in shares of Bank of America during the second quarter worth approximately $287,000. Finally, Community Financial Services Group LLC lifted its holdings in shares of Bank of America by 3.5% in the 2nd quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock worth $8,000,000 after purchasing an additional 5,787 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Company Profile

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.