Bank of America (NYSE:BAC) Stock Price Up 1.6% on Analyst Upgrade

Bank of America Corporation (NYSE:BAC) rose 1.6% on Monday after Wells Fargo & Company raised their price target on the stock from $62.00 to $65.00. Wells Fargo & Company currently has an overweight rating on the stock. Bank of America traded as high as $57.55 and last traded at $56.8350. Approximately 35,907,650 shares traded hands during mid-day trading, an increase of 17% from the average daily volume of 30,694,789 shares. The stock had previously closed at $55.95.

A number of other research analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft raised their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. The Goldman Sachs Group dropped their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. UBS Group upped their target price on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Seaport Global Securities increased their target price on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Finally, Truist Financial raised their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.27.

Key Bank of America News

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

• Positive Sentiment: Wells Fargo raised its price target on BAC to $65 (from $62) and kept an Overweight rating, implying meaningful upside vs. current levels — supports continued analyst-driven buying interest. Wells Fargo raises price target
• Positive Sentiment: Bank of America has loosened internal constraints around advisers recommending spot Bitcoin ETFs, which could increase advisory activity, trading commissions and fee revenue if advisers begin steering client flows into crypto products. Bank of America opens the door for advisers to recommend Bitcoin ETFs
• Positive Sentiment: Related BOA research is advising a ~4% Bitcoin allocation for investors, raising the bank’s profile in crypto research and potentially generating incremental trading and custody-related revenue as client interest grows. Investors Should Hold 4% Bitcoin in Portfolio
• Positive Sentiment: Market reports show moderately bullish trading activity in BAC, reflecting short-term buying momentum that can amplify price gains amid positive headlines and upgrades. Moderately bullish activity in Bank of America
• Neutral Sentiment: Analysts and outlets are reassessing BAC valuation after recent share-price momentum; useful for investors re-evaluating target prices and forward P/E assumptions but not an immediate catalyst. Assessing BAC valuation
• Neutral Sentiment: CEO commentary on hiring 2,000 Gen Z grads (from ~200k applicants) highlights recruiting/PR and workforce renewal — positive for culture and succession but not a direct earnings driver. CEO on Gen Z hiring
• Neutral Sentiment: Other items (analyst notes on non-BAC names and macro pieces) may influence sentiment broadly but have limited direct impact on BAC’s fundamentals. Analyst notes (Tenaris)

Institutional Investors Weigh In On Bank of America

Large investors have recently modified their holdings of the stock. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after buying an additional 227 shares during the period. Quaker Wealth Management LLC increased its holdings in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 880 shares during the last quarter. Wiser Advisor Group LLC bought a new stake in Bank of America in the 3rd quarter valued at about $27,000. RMG Wealth Management LLC purchased a new stake in Bank of America during the second quarter valued at about $28,000. Finally, Steph & Co. boosted its position in Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 379 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

The stock has a market cap of $415.04 billion, a P/E ratio of 15.49 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50-day simple moving average is $53.80 and its two-hundred day simple moving average is $50.68.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 EPS. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 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.