Bank of America Co. (NYSE:BAC) to Post Q2 2024 Earnings of $0.81 Per Share, Seaport Res Ptn Forecasts

Bank of America Co. (NYSE:BAC) – Equities research analysts at Seaport Res Ptn decreased their Q2 2024 EPS estimates for shares of Bank of America in a research note issued on Wednesday, April 17th. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will post earnings per share of $0.81 for the quarter, down from their prior forecast of $0.83. The consensus estimate for Bank of America’s current full-year earnings is $3.16 per share. Seaport Res Ptn also issued estimates for Bank of America’s Q3 2024 earnings at $0.81 EPS, Q1 2025 earnings at $0.87 EPS, Q4 2025 earnings at $0.96 EPS and FY2025 earnings at $3.60 EPS.

Other equities analysts have also issued research reports about the stock. BMO Capital Markets increased their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wolfe Research upgraded shares of 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 report on Friday. Citigroup raised their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Performance

Shares of BAC opened at $36.97 on Thursday. The firm has a 50-day moving average price of $35.68 and a 200 day moving average price of $32.31. The firm has a market capitalization of $291.72 billion, a PE ratio of 12.79, a P/E/G ratio of 1.59 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America has a 52-week low of $24.96 and a 52-week high of $38.35.

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

Institutional Trading of Bank of America

A number of hedge funds have recently made changes to their positions in BAC. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the third quarter worth approximately $25,000. Quarry LP bought a new position in Bank of America during the fourth quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc raised its position in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares in the last quarter. Livelsberger Financial Advisory bought a new position in Bank of America during the fourth quarter valued at approximately $28,000. Finally, Castleview Partners LLC bought a new position in Bank of America during the first quarter valued at approximately $28,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 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.