Bank of America (NYSE:BAC) Hits New 12-Month High Following Analyst Upgrade

Bank of America Corporation (NYSE:BAC) hit a new 52-week high on Monday after Truist Financial raised their price target on the stock from $58.00 to $62.00. Truist Financial currently has a buy rating on the stock. Bank of America traded as high as $57.27 and last traded at $57.4050, with a volume of 6838107 shares traded. The stock had previously closed at $55.95.

BAC has been the subject of several other reports. Argus lifted their target price on Bank of America from $53.00 to $58.00 in a research report on Friday, October 17th. TD Cowen lifted their price objective on shares of Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. raised their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday. The Goldman Sachs Group upped their price objective on shares of Bank of America from $58.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Citigroup raised their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $59.86.

Bank of America News Summary

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

• Positive Sentiment: Multiple banks raised price targets and kept overweight/positive ratings, lifting sentiment and giving investors upside targets. Links: Read More., Read More., Read More.
• Positive Sentiment: Product/coverage expansion: BofA is allowing advisers to recommend Bitcoin ETFs — a move that can generate new fee income and attract client flows if adoption ramps. Read More.
• Positive Sentiment: Fundamentals: BAC’s most recent quarter beat EPS expectations and showed revenue growth and solid ROE, supporting valuation multiple expansion vs. regional peers. (Earnings detail from recent filings and consensus estimates.)
• Neutral Sentiment: Options and flow: Recent coverage highlights elevated options activity and moderately bullish positioning in BAC options — this can amplify intraday moves but is not a fundamental change. Read More.
• Neutral Sentiment: Research output: BofA analysts remain active with sector calls (airlines, healthcare, energy names) and public commentary (e.g., on SoFi M&A prospects). These notes drive market attention but are indirect for BAC equity performance. Read More., Read More.

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in 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 increased its stake in Bank of America by 11.0% in 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 during the period. Norges Bank acquired a new position in shares of Bank of America in the second quarter valued at approximately $5,091,641,000. Fisher Asset Management LLC lifted its stake 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 acquiring an additional 1,272,315 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 worth $2,399,798,000 after buying an additional 40,235,201 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

The stock’s 50 day moving average price is $53.97 and its two-hundred day moving average price is $50.84. 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 firm has a market capitalization of $417.97 billion, a price-to-earnings ratio of 15.60 and a beta of 1.29.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion for the quarter, compared to analysts’ expectations 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 was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 EPS. On average, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Investors 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 yield of 2.0%. The ex-dividend date was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

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.