Bank of America Q4 EPS Estimate Reduced by Seaport Res Ptn

Bank of America Co. (NYSE:BAC) – Equities research analysts at Seaport Res Ptn decreased their Q4 2024 EPS estimates for Bank of America in a research note issued on Wednesday, October 16th. Seaport Res Ptn analyst J. Mitchell now anticipates that the financial services provider will post earnings of $0.80 per share for the quarter, down from their previous forecast of $0.82. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Bank of America’s current full-year earnings is $3.25 per share. Seaport Res Ptn also issued estimates for Bank of America’s Q1 2025 earnings at $0.86 EPS.

Other equities research analysts have also issued reports about the stock. Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $37.00 to $42.00 in a report on Tuesday, July 9th. Oppenheimer boosted their price target on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods raised their price target on Bank of America from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Stock Performance

NYSE:BAC opened at $42.32 on Monday. The stock has a 50-day moving average price of $39.89 and a 200 day moving average price of $39.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America has a 12-month low of $24.96 and a 12-month high of $44.44. The stock has a market capitalization of $330.96 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. Bank of America’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS.

Hedge Funds Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Bank of America by 1.6% during the second quarter. Legal & General Group Plc now owns 57,539,506 shares of the financial services provider’s stock valued at $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Capital World Investors raised its stake in Bank of America by 0.4% in the first quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock worth $1,530,241,000 after buying an additional 165,070 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in Bank of America by 4.7% during the first quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock worth $813,983,000 after buying an additional 954,885 shares during the period. Finally, Clearbridge Investments LLC boosted its position in Bank of America by 23.6% during the 2nd quarter. Clearbridge Investments LLC now owns 16,260,822 shares of the financial services provider’s stock valued at $646,693,000 after acquiring an additional 3,109,197 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of Bank of America stock in a transaction on Friday, July 26th. The stock was sold at an average price of $41.70, for a total transaction of $313,861,763.70. Following the completion of the sale, the insider now directly owns 966,911,316 shares in the company, valued at approximately $40,320,201,877.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Berkshire Hathaway Inc sold 7,526,661 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $41.70, for a total transaction of $313,861,763.70. Following the transaction, the insider now directly owns 966,911,316 shares of the company’s stock, valued at approximately $40,320,201,877.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lindsay D. Hans sold 10,901 shares of Bank of America stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 138,284,099 shares of company stock valued at $5,593,609,660. Insiders own 0.29% of the company’s stock.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s payout ratio is 35.99%.

Bank of America declared that its board has approved a stock buyback program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

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.