Seaport Res Ptn Equities Analysts Boost Earnings Estimates for Bank of America Co. (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Equities research analysts at Seaport Res Ptn lifted their Q3 2024 earnings per share estimates for Bank of America in a research report issued on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now expects that the financial services provider will post earnings per share of $0.82 for the quarter, up from their prior estimate of $0.81. Seaport Res Ptn currently 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 FY2024 earnings at $3.35 EPS and Q3 2025 earnings at $0.95 EPS.

Several other equities analysts have also weighed in on BAC. HSBC reissued a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Oppenheimer increased their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. JPMorgan Chase & Co. raised their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Jefferies Financial Group raised their price target on Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Citigroup lifted their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.02.

Bank of America Price Performance

Shares of NYSE BAC opened at $40.89 on Thursday. The stock has a fifty day simple moving average of $39.00 and a two-hundred day simple moving average of $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 cap of $319.77 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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

Bank of America Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in Bank of America during the 4th quarter valued at approximately $3,734,407,000. Vanguard Group Inc. boosted its position in Bank of America by 5.9% during 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 acquiring an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in Bank of America by 360.9% during 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 acquiring an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd boosted its position in Bank of America by 1,071.8% during 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 acquiring an additional 12,880,492 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.5% during 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 acquiring an additional 9,879,524 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.