Bank of America (NYSE:BAC) Given New $62.00 Price Target at Truist Financial

Bank of America (NYSE:BAC) had its price target reduced by Truist Financial from $65.00 to $62.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price indicates a potential upside of 13.82% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company lifted their target price on Bank of America from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Morgan Stanley reaffirmed an “overweight” rating on shares of Bank of America in a report on Tuesday, September 15th. UBS Group lifted their price target on Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Twenty analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $64.22.

Bank of America Stock Down 0.9%

NYSE BAC opened at $54.47 on Thursday. Bank of America has a 12 month low of $46.12 and a 12 month high of $65.22. The company has a market capitalization of $380.91 billion, a P/E ratio of 12.49, a PEG ratio of 0.88 and a beta of 1.15. The company’s 50 day simple moving average is $61.21 and its 200 day simple moving average is $56.25. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $31.56 billion during the quarter, compared to analysts’ expectations of $30.78 billion. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period last year, the firm posted $0.89 earnings per share. Equities research analysts expect that Bank of America will post 4.66 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

Several large investors have recently made changes to their positions in the stock. Total Clarity Wealth Management Inc. grew its holdings in Bank of America by 3.6% during the second quarter. Total Clarity Wealth Management Inc. now owns 4,889 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 168 shares during the last quarter. Orca Wealth Management LLC grew its stake in Bank of America by 0.5% in the 2nd quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after buying an additional 179 shares during the last quarter. Financial Consulate Inc. raised its holdings in Bank of America by 4.0% in the 2nd quarter. Financial Consulate Inc. now owns 4,741 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 181 shares during the period. Bedel Financial Consulting Inc. boosted its holdings in Bank of America by 1.1% during the second quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock valued at $938,000 after acquiring an additional 184 shares during the period. Finally, GatePass Capital LLC grew its position in shares of Bank of America by 3.6% in the first quarter. GatePass Capital LLC now owns 5,451 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 190 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Key Bank of America News

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

• Positive Sentiment: Bank of America’s Personal Retirement Strategy surpassed $100 billion in assets, while Merrill Managed exceeded $10 billion. The milestones indicate strong adoption of fee-generating, professionally managed retirement products and growing demand for personalized investment advice. Bank of America Personal Retirement Strategy Surpasses $100 Billion
• Positive Sentiment: The Federal Reserve is revamping bank stress tests to reduce volatility in capital requirements and improve planning visibility. A more predictable framework could support BAC’s capital planning, dividend policy and share-repurchase decisions. Fed Revamps Bank Stress Tests
• Positive Sentiment: Management will report third-quarter 2026 results on October 14. The event provides a near-term catalyst, particularly as analysts expect year-over-year earnings growth and investors assess revenue momentum, expenses and investment-banking activity. Bank of America to Report Third Quarter 2026 Financial Results
• Neutral Sentiment: Bank of America highlighted artificial-intelligence and semiconductor opportunities through analyst research and an upcoming technology summit. These efforts may strengthen relationships with technology companies and investors, but they are not expected to materially change near-term bank earnings. Bank of America Technology Innovation Summit
• Negative Sentiment: Merrill Lynch agreed to pay $39 million to settle claims that it paid near-zero interest on customers’ idle retirement-account cash. The settlement is manageable relative to BAC’s scale but adds legal and reputational pressure. Bank of America to Pay $39 Million Settlement
• Negative Sentiment: One valuation analysis argues BAC could be materially overvalued relative to the returns it generates on capital, particularly if substantial spending on AI and technology fails to produce stronger profits. That concern may limit upside after the stock’s multiyear advance. Bank of America Stock Could Be Below Fair Value

Bank of America Company Profile

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.