FY2024 EPS Estimates for Bank of America Co. (NYSE:BAC) Raised by Analyst

Bank of America Co. (NYSE:BAC) – Equities researchers at Zacks Research boosted their FY2024 earnings per share (EPS) estimates for Bank of America in a research report issued on Monday, September 16th. Zacks Research analyst R. Department now expects that the financial services provider will post earnings of $3.25 per share for the year, up from their previous forecast of $3.24. The consensus estimate for Bank of America’s current full-year earnings is $3.28 per share. Zacks Research also issued estimates for Bank of America’s Q1 2025 earnings at $0.82 EPS, Q2 2025 earnings at $0.85 EPS, FY2025 earnings at $3.37 EPS, Q1 2026 earnings at $0.90 EPS, Q2 2026 earnings at $0.87 EPS and FY2026 earnings at $3.67 EPS.

Other equities research analysts also recently issued research reports about the company. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and raised their price target for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. BMO Capital Markets boosted their price objective on shares of Bank of America from $38.00 to $40.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Royal Bank of Canada lifted their target price on shares of Bank of America from $39.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Bank of America Stock Performance

Bank of America stock opened at $40.87 on Thursday. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $319.62 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The firm’s fifty day moving average price is $40.01 and its 200-day moving average price is $38.82.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion for the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the business earned $0.88 earnings per share. Bank of America’s revenue for the quarter was up .7% compared to the same quarter last year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s payout ratio is presently 35.99%.

Bank of America declared that its board has authorized a stock buyback program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Bank of America

In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. The disclosure for this sale can be found here. Insiders have sold 129,780,724 shares of company stock worth $5,342,589,705 over the last 90 days. 0.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Delos Wealth Advisors LLC increased its holdings in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new stake in Bank of America during the 2nd quarter valued at about $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the fourth quarter worth about $28,000. POM Investment Strategies LLC lifted its stake in shares of Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after buying an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC bought a new position in shares of Bank of America in the second quarter worth approximately $30,000. 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.