Jefferies Financial Group Cuts Bank of America (NYSE:BAC) Price Target to $70.00

Bank of America (NYSE:BAC) had its price objective reduced by research analysts at Jefferies Financial Group from $75.00 to $70.00 in a research report issued on Thursday. The firm presently has a “buy” rating on the financial services provider’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 24.97% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Truist Financial boosted their target price on shares of Bank of America from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Argus set a $70.00 price objective on shares of Bank of America in a research note on Wednesday, July 15th. Citigroup lifted their price target on shares of Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research report on Tuesday, July 21st. Finally, Barclays upped their price objective on shares of Bank of America from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $63.88.

Bank of America Stock Performance

NYSE BAC opened at $56.01 on Thursday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The stock’s fifty day moving average is $61.78 and its two-hundred day moving average is $55.99. The firm has a market capitalization of $391.68 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 0.90 and a beta of 1.15. Bank of America has a fifty-two week low of $46.12 and a fifty-two week high of $65.22.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.08. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The company had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same period in the previous year, the company posted $0.89 EPS. Bank of America’s revenue was up 19.6% compared to the same quarter last year. On average, research analysts anticipate that Bank of America will post 4.67 earnings per share for the current year.

Institutional Investors Weigh In On Bank of America

Several large investors have recently modified their holdings of the business. Norges Bank acquired a new position in shares of Bank of America during the fourth quarter worth about $4,774,210,000. Bank of New York Mellon Corp grew its stake in shares of Bank of America by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 57,619,317 shares of the financial services provider’s stock valued at $3,169,062,000 after acquiring an additional 2,929,779 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Bank of America by 5.9% during the 4th quarter. Deutsche Bank AG now owns 47,172,503 shares of the financial services provider’s stock worth $2,594,488,000 after purchasing an additional 2,611,776 shares in the last quarter. Legal & General Group Plc bought a new stake in Bank of America during the second quarter worth $2,571,060,000. Finally, Capital International Investors acquired a new position in Bank of America during the 4th quarter worth approximately $2,357,461,000. 70.71% of the stock is currently owned by institutional investors.

More Bank of America News

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

• Positive Sentiment: Bank of America plans to hire 1,000 additional apprentices over the next two years and invest $150 million in workforce development. The initiative could expand its talent pipeline across consumer banking, technology, operations and client-facing businesses, although the financial benefit is likely longer term. BofA to Hire 1,000 Additional Apprentices and Invest $150 Million in Workforce Development
• Positive Sentiment: A higher-rate environment may provide a mechanical tailwind to Bank of America’s net interest income, particularly given its large deposit base. Recent quarterly results also showed earnings and revenue exceeding analyst expectations, supporting the fundamental case for BAC.
• Neutral Sentiment: CEO Brian Moynihan discussed interest rates, inflation, the consumer and artificial intelligence, emphasizing that inflation needs to come under control. The comments reinforce the importance of the macroeconomic outlook for loan demand, credit quality and funding costs. Bank of America CEO Brian Moynihan: Inflation has got to get under control
• Negative Sentiment: Bank of America indicated that financial markets were less robust in the third quarter, raising concerns about weaker trading and investment-banking activity. Investors may view this as a near-term revenue headwind despite growth opportunities in other businesses. Bank of America sees less-robust markets in Q3
• Negative Sentiment: Bank of America strategists warned that Brent crude could exceed $150 per barrel if Middle East supply disruptions persist into 2027. A sustained oil shock could prolong inflation, keep interest rates elevated, pressure borrowers and weaken economic growth—risks that can weigh on bank valuations and credit performance. Oil could top $150 a barrel if supplies further tighten

Bank of America Company Profile

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, businesses, institutional investors and governments. Its operations include consumer banking, credit and debit cards, mortgages, small-business banking, commercial banking, investment banking, securities trading and investment management.

The company provides consumer and wealth-management services through Bank of America and Merrill, including deposit accounts, lending, brokerage, retirement planning, financial advice and private banking.