Bank of America (NYSE:BAC) Stock Rating Upgraded by Seaport Res Ptn

Bank of America (NYSE:BAC) was upgraded by research analysts at Seaport Res Ptn from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, Zacks.com reports. Seaport Res Ptn also issued estimates for Bank of America’s Q4 2024 earnings at $0.89 EPS, Q1 2025 earnings at $0.93 EPS, Q2 2025 earnings at $0.95 EPS, Q4 2025 earnings at $1.02 EPS and FY2025 earnings at $3.85 EPS.

A number of other analysts also recently commented on the company. Citigroup upped their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. HSBC restated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, JPMorgan Chase & Co. increased their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.02.

Bank of America Trading Down 0.1 %

Shares of NYSE:BAC opened at $40.89 on Tuesday. The business’s 50-day moving average is $39.00 and its 200 day moving average is $36.22. Bank of America has a 1 year low of $24.96 and a 1 year high of $41.20. The firm has a market capitalization of $319.77 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.52 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.94 EPS. On average, research analysts predict that Bank of America will post 3.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Bank of America in the 4th quarter valued at about $3,734,407,000. Vanguard Group Inc. boosted its position in shares of Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after purchasing an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd boosted its position in shares of Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after purchasing an additional 12,880,492 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.