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

Bank of America (NYSE:BAC) had its target price increased by research analysts at Truist Financial from $56.00 to $58.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective indicates a potential upside of 5.74% from the company’s previous close.

BAC has been the topic of a number of other research reports. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Seaport Global Securities upped their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Finally, Robert W. Baird lifted their price target on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $58.23.

Bank of America Trading Up 0.5%

Shares of Bank of America stock opened at $54.85 on Thursday. The stock has a fifty day moving average price of $52.67 and a 200-day moving average price of $49.72. 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 firm has a market cap of $400.53 billion, a PE ratio of 14.89 and a beta of 1.30. 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 released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. Equities research analysts anticipate that Bank of America will post 3.7 EPS for the current year.

Hedge Funds Weigh In On Bank of America

A number of large investors have recently bought and sold shares of the stock. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Algert Global LLC increased its position in Bank of America by 8.6% during the 1st quarter. Algert Global LLC now owns 22,757 shares of the financial services provider’s stock valued at $950,000 after purchasing an additional 1,800 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Bank of America in the 1st quarter worth about $648,000. T. Rowe Price Investment Management Inc. raised its stake in Bank of America by 7.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 26,367 shares of the financial services provider’s stock worth $1,101,000 after buying an additional 1,861 shares in the last quarter. Finally, TFB Advisors LLC lifted its stake in shares of Bank of America by 5.5% in the 1st quarter. TFB Advisors LLC now owns 6,693 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 351 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.