Bank of America (NYSE:BAC) Stock Rating Upgraded by Seaport Res Ptn

Bank of America (NYSE:BAC) was upgraded by equities researchers at Seaport Res Ptn from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, Zacks.com reports. Seaport Res Ptn also issued estimates for Bank of America’s Q4 2024 earnings at $0.89 EPS, Q1 2025 earnings at $0.93 EPS, Q2 2025 earnings at $0.95 EPS, Q4 2025 earnings at $1.02 EPS and FY2025 earnings at $3.85 EPS.

Several other research analysts have also commented on BAC. JPMorgan Chase & Co. upped their price objective on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. 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. BMO Capital Markets upped their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Finally, Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $39.79.

Bank of America Trading Up 2.3 %

NYSE:BAC opened at $40.93 on Tuesday. The company has a fifty day moving average of $38.95 and a 200 day moving average of $36.17. Bank of America has a 52 week low of $24.96 and a 52 week high of $40.96. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $320.09 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 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 business earned $0.94 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, research analysts predict that Bank of America will post 3.22 earnings per share for the current year.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently made changes to their positions in the business. Hudson Valley Investment Advisors Inc. ADV lifted its stake in shares of Bank of America by 49.2% in the 2nd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 161,557 shares of the financial services provider’s stock worth $6,425,000 after purchasing an additional 53,279 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in Bank of America by 1.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 719,918 shares of the financial services provider’s stock worth $28,631,000 after acquiring an additional 10,910 shares during the period. GAMMA Investing LLC raised its stake in Bank of America by 32.1% during the 2nd quarter. GAMMA Investing LLC now owns 82,378 shares of the financial services provider’s stock worth $3,276,000 after acquiring an additional 20,019 shares during the period. Transcend Capital Advisors LLC raised its stake in Bank of America by 13.8% during the 2nd quarter. Transcend Capital Advisors LLC now owns 70,059 shares of the financial services provider’s stock worth $2,786,000 after acquiring an additional 8,514 shares during the period. Finally, Neville Rodie & Shaw Inc. raised its stake in Bank of America by 1.0% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 53,518 shares of the financial services provider’s stock worth $2,128,000 after acquiring an additional 543 shares during the period. Institutional investors 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.