Bank of America is set to award stock to most of its global employees for the eighth time since 2017, following a robust performance by the second-largest U.S. lender in 2024, according to an internal memo seen by Reuters on Friday.

Bank of America (NYSE:BAC) is allocating a ~$1B restricted stock pool across most of its workforce, an incentive aimed to retain talent, boost profitability and contain expenses, according to a Friday media report.

Truist Securities updated its financial model for Bank of America (NYSE:BAC), resulting in a slight increase in the price target for the bank's shares. The target has been adjusted to $53.00, up from the previous $52.