Bank of America (NYSE:BAC) Trading 1.6% Higher Following Analyst Upgrade

Bank of America Corporation (NYSE:BAC)’s share price traded up 1.6% during mid-day trading 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. 35,907,650 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 30,694,789 shares. The stock had previously closed at $55.95.

A number of other equities analysts have also recently issued reports on BAC. Daiwa Capital Markets upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Truist Financial raised their price objective on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, December 18th. Barclays boosted their price objective on Bank of America from $59.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, The Goldman Sachs Group dropped their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Twenty-three 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 presently has a consensus rating of “Moderate Buy” and an average target price of $59.27.

Key Stores Impacting Bank of America

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)

Hedge Funds Weigh In On Bank of America

Several hedge funds and other institutional investors have recently bought and sold shares of BAC. Coastline Trust Co grew its holdings in Bank of America by 42.0% in the fourth quarter. Coastline Trust Co now owns 55,154 shares of the financial services provider’s stock worth $3,033,000 after purchasing an additional 16,303 shares during the period. GoalVest Advisory LLC boosted its position in shares of Bank of America by 780.0% during the 4th quarter. GoalVest Advisory LLC now owns 22,071 shares of the financial services provider’s stock worth $1,214,000 after purchasing an additional 19,563 shares in the last quarter. CGN Advisors LLC grew its stake in shares of Bank of America by 230.0% in the 4th quarter. CGN Advisors LLC now owns 21,932 shares of the financial services provider’s stock valued at $1,206,000 after buying an additional 15,285 shares during the period. Legacy Wealth Management LLC MS increased its position in Bank of America by 17.4% in the 4th quarter. Legacy Wealth Management LLC MS now owns 76,818 shares of the financial services provider’s stock valued at $4,225,000 after buying an additional 11,395 shares in the last quarter. Finally, GK Wealth Management LLC increased its position in Bank of America by 6.5% in the 4th quarter. GK Wealth Management LLC now owns 6,648 shares of the financial services provider’s stock valued at $366,000 after buying an additional 408 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 1.6%

The business has a 50 day moving average of $53.80 and a two-hundred day moving average of $50.68. The firm has a market capitalization of $415.04 billion, a price-to-earnings ratio of 15.49 and a beta of 1.29. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. Equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s payout ratio 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.