Q3 2024 EPS Estimates for Bank of America Co. (NYSE:BAC) Decreased by Analyst

Bank of America Co. (NYSE:BAC) – Research analysts at Seaport Res Ptn decreased their Q3 2024 earnings per share estimates for Bank of America in a research report issued on Thursday, October 3rd. Seaport Res Ptn analyst J. Mitchell now anticipates that the financial services provider will earn $0.78 per share for the quarter, down from their prior estimate of $0.83. 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 $3.28 per share. Seaport Res Ptn also issued estimates for Bank of America’s FY2024 earnings at $3.26 EPS, Q2 2025 earnings at $0.91 EPS, Q3 2025 earnings at $0.93 EPS and FY2025 earnings at $3.70 EPS.

Other equities analysts have also recently issued reports about the stock. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $37.00 to $42.00 in a research report on Tuesday, July 9th. BMO Capital Markets upped their target price on shares of Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Morgan Stanley cut their target price on shares of Bank of America from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.27.

Bank of America Stock Up 2.2 %

Shares of NYSE BAC opened at $40.11 on Monday. Bank of America has a 52-week low of $24.96 and a 52-week high of $44.44. The firm has a fifty day moving average of $39.36 and a 200-day moving average of $39.16. The stock has a market capitalization of $313.68 billion, a PE ratio of 13.88, a P/E/G ratio of 1.37 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to the consensus estimate of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.88 EPS.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in the company. McAdam LLC lifted its holdings in Bank of America by 2.1% during the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the last quarter. BTC Capital Management Inc. raised its stake in shares of Bank of America by 1.2% in the second quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. raised its stake in shares of Bank of America by 15.1% in the second quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 248 shares during the last quarter. SNS Financial Group LLC raised its stake in shares of Bank of America by 3.3% in the second quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 248 shares during the last quarter. Finally, Verdence Capital Advisors LLC raised its stake in shares of Bank of America by 0.3% in the second quarter. Verdence Capital Advisors LLC now owns 94,081 shares of the financial services provider’s stock worth $3,742,000 after acquiring an additional 251 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now directly owns 1,020,161,313 shares in the company, valued at $44,958,509,063.91. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company’s stock, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of Bank of America stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $44.07, for a total transaction of $559,278,840.51. Following the transaction, the insider now directly owns 1,020,161,313 shares of the company’s stock, valued at $44,958,509,063.91. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,650,481 shares of company stock worth $6,050,547,676. 0.29% of the stock is owned by insiders.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.26 dividend. The ex-dividend date was Friday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

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.