Truist Financial Cuts Bank of America (NYSE:BAC) Price Target to $62.00

04 Oct 2026, 05:54 by Sarita Garza · The Markets Daily

Bank of America (NYSE:BAC) had its price target reduced by Truist Financial from $65.00 to $62.00 in a research report released on Thursday,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

BAC has been the subject of a number of other reports. Jefferies Financial Group reduced their price objective on shares of Bank of America from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. Wells Fargo & Company lifted their target price on Bank of America from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. UBS Group upped their target price on Bank of America from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. increased their price target on Bank of America from $62.50 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Royal Bank Of Canada raised their price target on Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Twenty research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.91.

Get Our Latest Research Report on BAC

Bank of America Stock Performance

Shares of BAC opened at $53.78 on Thursday. Bank of America has a 12 month low of $46.12 and a 12 month high of $65.22. The firm has a fifty day simple moving average of $60.89 and a 200 day simple moving average of $56.28. The stock has a market capitalization of $376.04 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.86 and a beta of 1.21. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The business had revenue of $31.56 billion during the quarter, compared to the consensus estimate of $30.78 billion. During the same quarter last year, the firm earned $0.89 earnings per share. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. Research analysts forecast that Bank of America will post 4.63 EPS for the current fiscal year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. Bank of America’s payout ratio is currently 29.36%.

Hedge Funds Weigh In On Bank of America

Hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc bought a new position in shares of Bank of America in the second quarter valued at about $2,571,060,000. Capital International Investors acquired a new stake in shares of Bank of America during the 4th quarter worth about $2,357,461,000. Deutsche Bank AG bought a new stake in shares of Bank of America during the 2nd quarter worth about $2,359,172,000. Bank of New York Mellon Corp acquired a new position in Bank of America in the 2nd quarter valued at about $2,313,953,000. Finally, Cardano Risk Management B.V. grew its stake in Bank of America by 914.5% in the 4th quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after buying an additional 22,621,546 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America News Roundup

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

Positive Sentiment: RBC Capital reaffirmed its Buy rating on Bank of America, signaling continued confidence in the bank’s earnings outlook and valuation. RBC Capital Reaffirms Their Buy Rating on Bank of America
Positive Sentiment: JPMorgan maintained an Overweight rating and Truist kept a Buy rating, although both firms lowered their price targets to $62. The targets still imply roughly 15% upside from the referenced share price, offering some support despite more cautious valuation assumptions.
Positive Sentiment: Bank of America’s Personal Retirement Strategy surpassed $100 billion in assets, while Merrill Managed exceeded $10 billion. The milestones point to growing demand for fee-generating retirement and wealth-management services. Bank of America Personal Retirement Strategy Surpasses $100 Billion
Neutral Sentiment: Bank of America strategists warned that a risk-off market could persist until the dollar’s rally peaks. The commentary may pressure market sentiment, but it is primarily a macro outlook rather than a change to BAC’s fundamentals. BofA’s Hartnett Sees Risk-Off Mood Lasting Until Dollar Peaks
Neutral Sentiment: The Federal Reserve’s proposed stress-test changes could reduce volatility in banks’ capital requirements and improve planning visibility, though the ultimate impact on BAC’s capital returns remains uncertain. Fed Revamps Bank Stress Tests
Negative Sentiment: Bank stocks have extended their recent decline as Treasury yields rose sharply. Higher rates can increase funding costs, pressure bond portfolios and reduce investor appetite for financial shares. Bank Stocks Extend Second-Half Slump
Negative Sentiment: Merrill Lynch agreed to pay $39 million to settle claims that customers received below-market interest on idle cash in retirement accounts. The settlement is manageable relative to BAC’s size but adds legal and reputational pressure. Bank of America to Pay $39 Million Settlement

About Bank of America

(Get Free Report)

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.