Q4 2024 EPS Estimates for Bank of America Co. Lifted by Analyst (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Research analysts at Seaport Res Ptn lifted their Q4 2024 earnings per share estimates for Bank of America in a research note issued on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now anticipates that the financial services provider will post earnings per share of $0.89 for the quarter, up from their previous estimate of $0.85. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Bank of America’s current full-year earnings is $3.22 per share. Seaport Res Ptn also issued estimates for Bank of America’s 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.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 EPS.

Other equities research analysts have also issued reports about the company. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Oppenheimer lifted their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their target price for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.02.

Bank of America Stock Down 0.1 %

BAC stock opened at $40.89 on Wednesday. Bank of America has a 52 week low of $24.96 and a 52 week high of $41.20. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a 50-day simple moving average of $39.00 and a 200-day simple moving average of $36.22. The stock 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.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Delos Wealth Advisors LLC grew its holdings in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the period. Livelsberger Financial Advisory purchased a new position in Bank of America during the fourth quarter worth about $28,000. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the first quarter valued at about $33,000. Clearstead Trust LLC raised its stake in shares of Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 834 shares during the period. Finally, Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the 3rd quarter valued at approximately $25,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Bank of America Company Profile

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.