Brokers Set Expectations for Bank of America FY2024 Earnings

Bank of America Co. (NYSE:BAC) – Stock analysts at Zacks Research decreased their FY2024 earnings per share (EPS) estimates for Bank of America in a research note issued on Monday, January 13th. Zacks Research analyst R. Department now expects that the financial services provider will earn $3.24 per share for the year, down from their prior forecast of $3.26. The consensus estimate for Bank of America’s current full-year earnings is $3.27 per share. Zacks Research also issued estimates for Bank of America’s Q4 2024 earnings at $0.77 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.90 EPS, Q3 2025 earnings at $0.91 EPS, FY2025 earnings at $3.56 EPS, Q1 2026 earnings at $0.90 EPS, Q2 2026 earnings at $0.99 EPS, Q3 2026 earnings at $0.99 EPS, Q4 2026 earnings at $1.13 EPS and FY2026 earnings at $4.00 EPS.

Several other equities analysts have also issued reports on BAC. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Piper Sandler increased their target price on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Phillip Securities raised Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Trading Up 3.2 %

Shares of BAC opened at $47.23 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America has a 12-month low of $31.27 and a 12-month high of $48.08. The firm has a market capitalization of $362.39 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The stock’s fifty day simple moving average is $45.69 and its 200-day simple moving average is $42.31.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share.

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently made changes to their positions in the stock. Fairway Wealth LLC purchased a new stake in Bank of America during the second quarter valued at about $27,000. Kennebec Savings Bank purchased a new position in shares of Bank of America during the 3rd quarter worth approximately $29,000. Highline Wealth Partners LLC grew its holdings in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares during the period. Christopher J. Hasenberg Inc grew its holdings in shares of Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 852 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Bank of America during the 4th quarter worth approximately $42,000. 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.