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) – Seaport Res Ptn decreased their Q2 2024 earnings estimates for shares of Bank of America in a report issued on Wednesday, April 17th. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will earn $0.81 per share for the quarter, down from their prior estimate 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.

A number of other research analysts also recently commented on BAC. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company increased their target price 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. Barclays increased their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Evercore ISI increased their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Trading Up 3.4 %

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

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Trading of Bank of America

Several hedge funds have recently made changes to their positions in the company. Schechter Investment Advisors LLC lifted its stake in shares of Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after purchasing an additional 4,187 shares during the period. Eastern Bank lifted its stake in shares of Bank of America by 354.5% in the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after purchasing an additional 93,375 shares during the period. Stonebridge Capital Advisors LLC lifted its stake in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC lifted its stake in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares during the period. Finally, Sarasin & Partners LLP acquired a new stake in shares of Bank of America in the fourth quarter valued at about $673,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.