Bank of America (NYSE:BAC) Upgraded by Seaport Res Ptn to “Strong-Buy”

Seaport Res Ptn upgraded shares of Bank of America (NYSE:BAC) from a hold rating to a strong-buy rating in a report published 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 equities research analysts have also recently weighed in on the stock. 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 research report on Wednesday, May 1st. Evercore ISI upped their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an outperform rating in a research report on Thursday, April 4th. HSBC reaffirmed a hold rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Jefferies Financial Group upped their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a hold rating in a research report on Monday, April 8th. Finally, BMO Capital Markets increased 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 report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $39.79.

Bank of America Trading Up 2.3 %

BAC stock opened at $40.93 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company’s 50-day simple moving average is $38.95 and its 200 day simple moving average is $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 market capitalization of $320.09 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the company posted $0.94 earnings per share. Bank of America’s revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alps Advisors Inc. increased its position in Bank of America by 4.0% during the 3rd quarter. Alps Advisors Inc. now owns 34,540 shares of the financial services provider’s stock valued at $946,000 after purchasing an additional 1,333 shares during the period. Schroder Investment Management Group increased its position in Bank of America by 2.5% during the 3rd quarter. Schroder Investment Management Group now owns 4,230,403 shares of the financial services provider’s stock valued at $115,828,000 after purchasing an additional 103,325 shares during the period. Royal London Asset Management Ltd. increased its position in Bank of America by 3.6% during the 3rd quarter. Royal London Asset Management Ltd. now owns 2,843,772 shares of the financial services provider’s stock valued at $77,848,000 after purchasing an additional 99,146 shares during the period. Cito Capital Group LLC increased its position in Bank of America by 1.9% during the 3rd quarter. Cito Capital Group LLC now owns 52,370 shares of the financial services provider’s stock valued at $1,434,000 after purchasing an additional 1,000 shares during the period. Finally, Baker Avenue Asset Management LP increased its position in Bank of America by 0.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 181,996 shares of the financial services provider’s stock valued at $4,983,000 after purchasing an additional 1,460 shares during the period. 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.