Bank of America (NYSE:BAC) Price Target Cut to $60.00 by Analysts at Truist Financial

Bank of America (NYSE:BAC) had its target price cut by Truist Financial from $62.00 to $60.00 in a research note issued to investors on Thursday morning, MarketBeat.com reports. They currently have a buy rating on the financial services provider’s stock.

A number of other research firms also recently commented on BAC. UBS Group raised their target price on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada boosted their price objective on shares of Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Deutsche Bank Aktiengesellschaft increased their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Citigroup lifted their price target on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Finally, Keefe, Bruyette & Woods decreased their price objective on Bank of America from $64.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.74.

Bank of America Price Performance

Bank of America stock opened at $52.53 on Thursday. The stock has a market cap of $383.59 billion, a price-to-earnings ratio of 13.72 and a beta of 1.29. The firm has a 50-day moving average of $54.17 and a two-hundred day moving average of $51.16. Bank of America has a 1 year low of $33.06 and a 1 year high of $57.55. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $28.53 billion during the quarter, compared to analyst estimates of $27.73 billion. During the same quarter in the previous year, the business earned $0.82 earnings per share. Bank of America’s quarterly revenue was up 12.3% on a year-over-year basis. On average, research analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Friday, December 5th. Bank of America’s payout ratio is presently 30.52%.

Institutional Trading of Bank of America

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Quaker Wealth Management LLC increased its holdings in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the period. Wiser Advisor Group LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at $27,000. RMG Wealth Management LLC acquired a new stake in shares of Bank of America in the second quarter worth $28,000. Steph & Co. raised its holdings in shares of Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 379 shares during the last quarter. Finally, CGC Financial Services LLC lifted its position in Bank of America by 585.4% during the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America News Roundup

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

• Positive Sentiment: Q4 results beat expectations: solid EPS, revenue and management commentary that pointed to continued net‑interest‑income growth and broad-based trading strength — a fundamental reason investors have confidence in BAC’s earnings power. Read More.
• Positive Sentiment: Analyst upgrades/price‑target lifts: Goldman Sachs raised its PT to $65 (maintained Buy) and Argus raised its PT to $59 (Buy), providing buy‑side support and signaling upside versus the current price. Read More. Read More.
• Neutral Sentiment: Mixed analyst tweaks: several firms trimmed price targets after the quarter (e.g., TD Cowen, Keefe Bruyette & Woods, Truist) but mostly kept Buy/Outperform ratings — reduces upside estimates but keeps institutional backing intact. Read More.
• Neutral Sentiment: Crypto testing rumor: unconfirmed reports that BofA is testing Ripple’s XRP for cross‑border payments — interesting for strategic innovation but unverified and unlikely to be an immediate earnings driver. Read More.
• Negative Sentiment: Sector and sentiment drag: big‑bank shares pulled back after earnings overall as investors punished high valuations and reacted to mixed forward commentary — this sentiment pressure hit BAC despite the beat. Read More.
• Negative Sentiment: Deposit and policy risk: CEO comments flagged that interest‑bearing stablecoins could drain deposits (study‑based estimate up to $6T), a structural risk if regulators allow yield‑paying crypto products — this raises concerns about future lending capacity and margins. Read More.

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.