Citigroup Reiterates Buy Rating on Bank of America
Citigroup maintains a buy rating on Bank of America with a $66 price target, a 13.42% upside from the current price.
Key Points
- Citigroup reiterated its buy rating on Bank of America with a price target of $66, as announced on June 23, 2026.
- Citigroup's $66 price target implies 13.42% upside from Bank of America Corporation's ($BAC) current $58.19 share price.
- Bank of America's stock traded at $57.37 on Tuesday, with a market cap of $407.1 billion and a P/E ratio of 14.24.
- Vanguard Capital Management opened a new position in Bank of America, now holding 409.7 million shares valued at about $19.97 billion.
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On June 23, 2026, Citigroup reiterated its buy rating for Bank of America Corporation (NYSE:BAC), setting a price target of $66. Analyst Keith Horowitz confirmed this stance, emphasizing confidence in the bank's future performance.
Citigroup vs. the S&P 500
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Other Institutional Activity in Bank of America
Among Bank of America's institutional investors, BlackRock, Inc. reduced its holdings by 3.2 million shares, bringing its total to 539.3 million shares worth approximately $26.29 billion. Berkshire Hathaway Inc also trimmed its stake by 3.7 million shares, now holding 513.6 million shares valued at $25.04 billion. Vanguard Capital Management LLC opened a new position, acquiring 409.7 million shares valued at about $19.97 billion. State Street Corp decreased its holdings by 4.6 million shares, leaving it with 301.3 million shares worth $14.38 billion. FMR LLC significantly cut its stake by 16.3 million shares, now holding 198.5 million shares valued at $9.68 billion.
Bank of America Corporation Stock Down 6.6%
Shares of Bank of America (NYSE:BAC) traded near $57.37 on Tuesday. The company boasts a market cap of $407.1 billion, with a P/E ratio of 14.24 and a forward P/E of 11.36. Its stock has ranged from a 52-week low of $44.75 to a high of $57.98. The bank's 50-day moving average is $52.85, while the 200-day moving average is $52.23. With a beta of 1.196, Bank of America shows some volatility compared to the market.
$BAC price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
In its latest earnings report, Bank of America posted revenue of $109.59 billion, reflecting a growth of 8.1%. The bank's earnings per share (EPS) stood at $4.03, with a net margin of 28.96% and a return on equity (ROE) of 10.64%. Investors can look forward to the next earnings announcement scheduled for July 14, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
6 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 8.6%. Revenue met estimates.
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Profit surprise
Operating income missed by 10 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
6 target raises.
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Earnings quality
Gross margin up 40.5 points. Operating margin up 17.1 points. Positive free cash flow.
Earnings Call Summary
Bank of America delivered strong first quarter results with revenue up seven percent year over year to thirty point three billion dollars and earnings per share up twenty five percent to one dollar and eleven cents. The bank benefited from robust client activity, improved efficiency with operating leverage of two hundred ninety basis points, and stable asset quality with provision expense down to one point three billion. Management highlighted strength across all business segments, particularly in investment banking which was up twenty one percent, equities trading which had its best quarter ever, and wealth management which showed solid client flows and margin improvement.
Guidance Bank of America raised its full year net interest income growth guidance to six to eight percent from prior expectations. The bank expects continued balanced loan and deposit growth to support this outlook, with net interest income already up nine percent year over year in the first quarter. Management noted that net interest income exceeded expectations at fifteen point nine billion dollars.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Dividend
Bank of America offers an annual dividend rate of $1.12, yielding 1.99% for investors. The bank maintains a dividend payout ratio of 27.3%, reflecting a stable commitment to returning capital to shareholders.
Insider Buying and Selling at Bank of America Corporation
Brian Moynihan, Chair and CEO of Bank of America, was active in recent insider transactions. On June 15, 2026, he sold 18,083 shares, while also buying an equivalent amount on the same day. Earlier, on May 15, 2026, Moynihan executed similar transactions, selling and purchasing the same number of shares.
Analysts Set New Price Targets
On June 23, 2026, Citigroup maintained its buy rating for Bank of America, with a price target of $66. Other analysts have also shown confidence in the stock. Piper Sandler, Oppenheimer, and Evercore ISI Group all maintained their ratings with price targets of $59 and $61 respectively. The consensus among 22 analysts remains strong, with a recommendation of "strong buy" and an average target price of $63.16.
About Bank of America
Bank of America Corporation is a leading financial institution based in Charlotte, North Carolina. It provides a wide range of banking and financial services to individual consumers, small and middle-market businesses, institutional investors, and large corporations globally. With a workforce of 212,000 employees, the company operates through segments such as Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets. Under the leadership of CEO Brian Thomas Moynihan, the bank continues to maintain a significant presence in the financial services industry.
Bottom Line
Citigroup's reiterated buy rating and a $66 price target for Bank of America reflect continued confidence in the bank's growth prospects. Investors keep a close eye on such analyst ratings to gauge market sentiment. It's important to note that these ratings are based on previous data and may not reflect the current market conditions.
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