Brokers Set Expectations for Bank of America FY2024 Earnings

Bank of America Co. (NYSE:BAC) – Analysts at Zacks Research decreased their FY2024 earnings estimates for shares of Bank of America in a research note issued on Monday, January 13th. Zacks Research analyst R. Department now forecasts that the financial services provider will post earnings of $3.24 per share for the year, down from their previous forecast of $3.26. The consensus estimate for Bank of America’s current full-year earnings is $3.27 per share. Zacks Research also issued estimates for Bank of America’s Q4 2024 earnings at $0.77 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.90 EPS, Q3 2025 earnings at $0.91 EPS, FY2025 earnings at $3.56 EPS, Q1 2026 earnings at $0.90 EPS, Q2 2026 earnings at $0.99 EPS, Q3 2026 earnings at $0.99 EPS, Q4 2026 earnings at $1.13 EPS and FY2026 earnings at $4.00 EPS.

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, beating analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. 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.

A number of other brokerages also recently issued reports on BAC. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $48.00 to $55.00 in a research report on Monday, December 9th. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a research report on Friday, October 18th. Finally, Piper Sandler raised their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Up 3.2 %

BAC stock opened at $47.23 on Wednesday. The firm’s fifty day simple moving average is $45.69 and its 200-day simple moving average is $42.31. The company has a market capitalization of $362.39 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.55 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America has a 12 month low of $31.27 and a 12 month high of $48.08.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently bought and sold shares of the business. HF Advisory Group LLC lifted its holdings in shares of Bank of America by 4.1% during the fourth quarter. HF Advisory Group LLC now owns 19,093 shares of the financial services provider’s stock worth $839,000 after buying an additional 753 shares during the last quarter. Aaron Wealth Advisors LLC lifted its holdings in shares of Bank of America by 6.2% during the fourth quarter. Aaron Wealth Advisors LLC now owns 47,156 shares of the financial services provider’s stock worth $2,073,000 after buying an additional 2,769 shares during the last quarter. Whitaker Myers Wealth Managers LTD. acquired a new position in shares of Bank of America during the fourth quarter worth approximately $389,000. Sandy Cove Advisors LLC lifted its holdings in shares of Bank of America by 10.4% during the fourth quarter. Sandy Cove Advisors LLC now owns 8,427 shares of the financial services provider’s stock worth $370,000 after buying an additional 796 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC lifted its holdings in shares of Bank of America by 3.4% during the fourth quarter. Moss Adams Wealth Advisors LLC now owns 23,854 shares of the financial services provider’s stock worth $1,048,000 after buying an additional 776 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.