Market News

Bank of America Expands Financial Centers in Kentucky

Bank of America (BAC) opened its first three financial centers in Kentucky and announced its plans to add more centers in the future, with a fourth financial center coming in Lexington next year.

Shares of the multinational investment bank and financial services holding company were down 1.2% on Monday.

The opening of three centers in Lexington will offer retail banking, lending and small business services, and investing and personalized financial guidance to local clients.

In the last two years, Bank of America has added 20 ATMs in Lexington, taking the total count to 27 across the state. (See BAC stock analysis on TipRanks)

Felicia Lewis, regional executive for expansion markets at Bank of America, commented, “Bank of America has been serving clients in Kentucky for over 40 years through Merrill Lynch Wealth Management, lending to and supporting the growth of local businesses, and through active involvement in the communities we serve….Our new financial centers enable us to deliver high-tech, high-touch service and a full range of capabilities that can help to further enhance the financial lives of our clients.”

Truist Financial analyst Gregg Gilbert recently initiated coverage on Bank of America with a Buy rating and price target of $48 (16.1% upside potential).

Overall, the stock has a Strong Buy consensus rating based on 9 Buys and 3 Holds. The BAC average analyst price target of $44.88 implies 8.5% upside potential from current levels.

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