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

Bank of America (NYSE:BAC) had its target price hoisted by equities research analysts at Truist Financial from $56.00 to $58.00 in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 5.09% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Barclays upped their target price on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Keefe, Bruyette & Woods boosted their target price on Bank of America from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Argus raised their price target on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. Twenty-three investment 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, the company currently has an average rating of “Moderate Buy” and an average target price of $58.59.

Bank of America Stock Up 1.7%

Shares of NYSE BAC opened at $55.19 on Thursday. The company has a market capitalization of $403.02 billion, a P/E ratio of 15.04 and a beta of 1.30. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a 50 day simple moving average of $52.89 and a 200-day simple moving average of $49.82. Bank of America has a 1 year low of $33.06 and a 1 year high of $56.07.

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

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of Bank of America by 0.3% in 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 purchasing an additional 403,652 shares in the last quarter. Capital World Investors grew 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 worth $7,448,816,000 after buying an additional 14,275,810 shares during the period. Norges Bank acquired a new position in Bank of America during the second quarter worth about $5,091,641,000. Fisher Asset Management LLC increased its holdings in Bank of America by 2.5% in the third quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider’s stock valued at $2,717,657,000 after buying an additional 1,272,315 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Bank of America by 640.5% during 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 valued at $2,399,798,000 after acquiring an additional 40,235,201 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Key Bank of America News

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

• Positive Sentiment: Analysts expect double‑digit profit growth for BAC in fiscal Q4 2025, setting the bar for an earnings beat that could lift the stock if results and guidance are strong. Read More.
• Positive Sentiment: Investment banking fee momentum (more deals, IPOs and easing rates) is expected to boost BAC’s fee income in 2025–26 — a structural revenue tailwind that supports higher margins and valuation. Read More.
• Positive Sentiment: Oppenheimer raised its price target to $63 and kept an outperform view, signaling stronger analyst conviction and potential upside from upgrades. Analyst upgrades/target raises often support near‑term buying. Read More.
• Positive Sentiment: Truist raised its price target (to $58) and has maintained a buy stance — additional institutional buy ratings are reinforcing positive momentum. Read More.
• Positive Sentiment: Keefe, Bruyette & Woods and other houses have reiterated outperform/buy views, adding to the cluster of favorable analyst coverage that can attract flows. Read More.
• Neutral Sentiment: Zacks notes elevated investor attention on BAC; heightened searches can amplify moves but aren’t directional by themselves. Read More.
• Neutral Sentiment: Bank of America Securities analysts remain active on many names (ratings and notes across sectors); this shows institutional research strength but is indirect for BAC’s price. Read More.
• Negative Sentiment: Bank of America’s own Bull & Bear Indicator flagged that extreme bullishness among fund managers has triggered a contrarian “sell” signal — historically associated with pullbacks, which could cap gains or trigger volatility. Read More.
• Negative Sentiment: MarketWatch coverage highlights that BofA’s sell‑signal has been triggered and discusses historical outcomes, reinforcing risk-averse positioning by some managers and possible outflows. 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.