Bank of America Co. Expected to Earn Q3 2024 Earnings of $0.82 Per Share (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Research analysts at Seaport Res Ptn upped their Q3 2024 earnings per share (EPS) estimates for Bank of America in a note issued to investors on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now expects that the financial services provider will earn $0.82 per share for the quarter, up from their prior estimate of $0.81. Seaport Res Ptn currently has a “Strong-Buy” rating on the stock. The consensus estimate for Bank of America’s current full-year earnings is $3.22 per share. Seaport Res Ptn also issued estimates for Bank of America’s FY2024 earnings at $3.35 EPS and Q3 2025 earnings at $0.95 EPS.

BAC has been the topic of several other research reports. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Wells Fargo & Company boosted 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 note on Thursday, March 28th. JPMorgan Chase & Co. increased their target price 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 boosted their price target on shares of Bank of America from $41.00 to $43.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.02.

Bank of America Trading Down 0.1 %

BAC stock opened at $40.89 on Thursday. Bank of America has a 1-year low of $24.96 and a 1-year high of $41.20. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50 day moving average is $39.00 and its 200-day moving average is $36.22. The firm has a market cap of $319.77 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.56 and a beta of 1.35.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Delos Wealth Advisors LLC lifted its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the period. Livelsberger Financial Advisory acquired a new stake in Bank of America during the 4th quarter worth approximately $28,000. Northwest Investment Counselors LLC bought a new position in Bank of America in the first quarter valued at approximately $33,000. Clearstead Trust LLC increased its position in shares of Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares in the last quarter. Finally, Fortis Group Advisors LLC acquired a new stake in shares of Bank of America during the third quarter worth $25,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Announces Dividend

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

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.