Bank of America (NYSE:BAC) Stock Gets Price Target Cut from Keefe, Bruyette & Woods

Bank of America (NYSE:BAC) had its target price cut by Keefe, Bruyette & Woods from $70.00 to $65.00 in a report issued on Thursday, MarketBeat reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group dropped their price target on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, October 2nd. Barclays decreased their price objective on shares of Bank of America from $72.00 to $68.00 and set an “overweight” rating for the company in a research report on Thursday. TD Cowen started coverage on shares of Bank of America in a research report on Thursday, October 8th. They issued a “hold” rating and a $60.00 price objective for the company. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a research note on Tuesday, July 21st. Twenty analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $62.52.

Bank of America Stock Down 0.8%

Shares of NYSE:BAC opened at $51.28 on Thursday. The company has a market capitalization of $358.59 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.83 and a beta of 1.21. The company has a 50 day moving average of $59.05 and a two-hundred day moving average of $56.69. Bank of America has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.17.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). The firm had revenue of $29.96 billion for the quarter, compared to analyst estimates of $30.58 billion. Bank of America had a return on equity of 12.15% and a net margin of 16.80%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.06 earnings per share. As a group, analysts forecast that Bank of America will post 4.54 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were paid a dividend of $0.32 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. Bank of America’s payout ratio is currently 30.40%.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently modified their holdings of BAC. Total Clarity Wealth Management Inc. lifted 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 worth $279,000 after acquiring an additional 168 shares in the last quarter. Orca Wealth Management LLC grew its stake in Bank of America by 0.5% in the second quarter. Orca Wealth Management LLC now owns 35,087 shares of the financial services provider’s stock valued at $1,999,000 after acquiring an additional 179 shares during the period. Financial Consulate Inc. increased its holdings in shares of Bank of America by 4.0% in the second 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 in the last quarter. Bedel Financial Consulting Inc. increased its holdings in shares of Bank of America by 1.1% in the second quarter. Bedel Financial Consulting Inc. now owns 16,456 shares of the financial services provider’s stock worth $938,000 after acquiring an additional 184 shares in the last quarter. Finally, GatePass Capital LLC increased its holdings 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 worth $266,000 after acquiring an additional 190 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

More Bank of America News

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

• Positive Sentiment: Analyst support and potential earnings recovery: Baird upgraded BAC to Outperform with a $62 price target, while other analysts maintained Buy or Outperform ratings despite reducing targets. Management also projected at least 8% net interest income growth in 2027, supported by loan and deposit expansion. Baird Upgrades Bank of America Stock Despite a Soft Quarter
• Positive Sentiment: Regulatory remediation is progressing: Bank of America said it has completed substantial work required under a consent order, potentially helping reduce longer-term compliance uncertainty. The bank’s CEO also described the U.S. economy as resilient and growing. Bank of America says it has completed a lot of work on consent order
• Neutral Sentiment: Preferred dividends declared: The board authorized regular cash dividends on multiple preferred-stock series, payable in November and December. The announcement supports the bank’s capital-distribution profile but does not represent a new increase in BAC common-stock dividends. Bank of America Declares Preferred Stock Dividends
• Negative Sentiment: Q3 earnings missed expectations: BAC reported adjusted earnings of $1.08 per share versus a $1.10 consensus, while revenue also fell short. A $1.2 billion anti-money-laundering and sanctions penalty reduced earnings, and expenses grew faster than revenue; weaker fixed-income trading and settlement costs added pressure. Bank of America Stock Sell-Off Looks Like a Buying Opportunity
• Negative Sentiment: Compliance and litigation overhang: Senator Elizabeth Warren criticized the penalty as insufficient, while several law firms announced investigations into potential securities claims and fiduciary-duty issues. These developments could increase legal costs and prolong reputational concerns. Rosen Law Firm Investigation

About Bank of America

Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.