Wells Fargo & Company Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price target upped by Wells Fargo & Company from $62.00 to $65.00 in a research note released on Monday,MarketScreener reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Seaport Global Securities boosted their price objective on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. JPMorgan Chase & Co. increased their price objective on Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Argus lifted their target price on Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Finally, TD Cowen upped their price target on Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $59.27.

Bank of America Price Performance

NYSE BAC opened at $56.84 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $415.04 billion, a PE ratio of 15.49 and a beta of 1.29. Bank of America has a 52 week low of $33.06 and a 52 week high of $57.55. The firm’s 50-day simple moving average is $53.88 and its two-hundred day simple moving average is $50.76.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Institutional Investors Weigh In On Bank of America

A number of institutional investors and hedge funds have recently bought and sold shares of BAC. Geode Capital Management LLC raised its position in shares of Bank of America by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after buying an additional 403,652 shares in the last quarter. Capital World Investors raised its position in Bank of America by 11.0% during the third quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock valued at $7,448,816,000 after purchasing an additional 14,275,810 shares in the last quarter. Norges Bank bought a new stake in Bank of America during the second quarter worth about $5,091,641,000. Fisher Asset Management LLC boosted its holdings in shares of Bank of America by 2.5% in the 3rd quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider’s stock worth $2,717,657,000 after purchasing an additional 1,272,315 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Bank of America by 640.5% in the 3rd 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 purchasing an additional 40,235,201 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America News Roundup

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

• Positive Sentiment: Wells Fargo raised its price target on BAC to $65 and keeps an “overweight” rating, implying material upside from current levels and lending third‑party validation to the stock’s rally. Wells Fargo price target raise
• Positive Sentiment: Research and guidance from BofA around Bitcoin products is being interpreted as a growth opportunity: the firm has signaled advisers can now recommend Bitcoin ETFs and BofA published a view that portfolios should hold ~4% Bitcoin. That stance could boost fee income, wealth advisory activity and client AUM if adoption widens. BofA advisers and Bitcoin ETFs BofA 4% Bitcoin allocation
• Neutral Sentiment: Intraday market action shows moderately bullish trading interest in BAC, reflecting momentum and higher volume rather than a single fundamental catalyst. MSN: Moderately bullish activity
• Neutral Sentiment: Analysts and commentators are reassessing BAC valuation after recent share‑price momentum — positive ratings and higher targets support upside, but valuation reviews could cap short‑term gains if multiples look stretched. Yahoo: Assessing BAC valuation
• Neutral Sentiment: CEO Brian Moynihan’s hiring push for Gen‑Z grads (2,000 hires from 200,000 applicants) is a positive PR / workforce development story but is unlikely to move the stock materially in the near term. Fortune: BofA hiring Gen Z grads

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.