Oppenheimer Cuts Bank of America (NYSE:BAC) Price Target to $58.00

Bank of America (NYSE:BAC) had its price objective decreased by Oppenheimer from $63.00 to $58.00 in a research report released on Friday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.

A number of other equities research analysts also recently issued reports on the stock. TD Cowen lowered their target price on shares of Bank of America from $66.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, January 27th. Morgan Stanley lowered their price objective on shares of Bank of America from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. The Goldman Sachs Group cut their target price on Bank of America from $67.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday, March 23rd. Finally, Barclays boosted their price target on Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $59.67.

Bank of America Stock Performance

Bank of America stock opened at $47.01 on Friday. The stock has a fifty day moving average price of $51.03 and a 200 day moving average price of $52.29. Bank of America has a 52 week low of $33.06 and a 52 week high of $57.55. The firm has a market capitalization of $335.93 billion, a P/E ratio of 12.27, a PEG ratio of 1.15 and a beta of 1.28. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping 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 $4.53 billion for the quarter, compared to analyst estimates of $27.73 billion. During the same period last year, the company earned $0.82 EPS. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. Equities research analysts anticipate that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 6th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, March 6th. Bank of America’s dividend payout ratio is currently 29.24%.

Insider Buying and Selling at Bank of America

In other news, insider James P. Demare sold 83,832 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $50.00, for a total value of $4,191,600.00. Following the completion of the sale, the insider owned 307,240 shares in the company, valued at approximately $15,362,000. This trade represents a 21.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas M. Scrivener sold 50,000 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $49.82, for a total value of $2,491,000.00. Following the sale, the insider owned 227,973 shares in the company, valued at approximately $11,357,614.86. The trade was a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 227,832 shares of company stock valued at $11,094,960 over the last three months. 0.30% of the stock is owned by company insiders.

Institutional Trading of Bank of America

Several large investors have recently bought and sold shares of the company. Abound Financial LLC acquired a new stake in Bank of America during the 4th quarter valued at $26,000. Legacy Bridge LLC boosted its position in Bank of America by 182.3% in the 4th quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after buying an additional 330 shares during the last quarter. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America during the third quarter valued at about $27,000. Steph & Co. grew its stake 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 valued at $28,000 after acquiring an additional 379 shares in the last quarter. Finally, CrossGen Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America News Summary

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

• Positive Sentiment: Jefferies initiated coverage with a “Buy” and $60 price target, adding fresh bullish analyst support and suggesting ~27% upside from current levels. Read
• Positive Sentiment: Bank of America formed a Private Capital M&A group to advise private equity exits — a strategic move that can expand fee pools for the investment bank and help offset pressure in other areas. Article
• Positive Sentiment: Merrill and Bank of America Private Bank rolled out an AI‑Powered Meeting Journey to save advisors time and improve client workflows — a productivity/retention leaver for wealth management revenue. Press Release
• Neutral Sentiment: Corporate/social partnership: Watson Links and Bank of America expanded youth golf access — positive PR but limited near‑term revenue impact. PR
• Neutral Sentiment: Bank of America Securities continues active research coverage and reiterations on other companies (AstraZeneca, Arrowhead, Wave, etc.), highlighting the firm’s research franchise but with limited direct impact on BAC stock. Research Note
• Negative Sentiment: Oppenheimer cut its price target from $63 to $58 (still “Outperform”) — the lower target reduces upside expectations and can pressure the stock. Article
• Negative Sentiment: Goldman Sachs lowered its price target to $57 earlier this week — another analyst trim hitting sentiment after recent highs. Article
• Negative Sentiment: Coverage noted Bank of America “balances” costs from an Epstein settlement while advancing AI advisor tools — ongoing legal/settlement headlines can create headline risk and investor caution. Article

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.