Analysts Set Expectations for Bank of America Q4 Earnings

Bank of America Co. (NYSE:BAC) – Seaport Res Ptn reduced 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 forecasts that the financial services provider will post earnings per share of $0.80 for the quarter, down from their prior estimate of $0.82. 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 $3.25 per share. Seaport Res Ptn also issued estimates for Bank of America’s Q1 2025 earnings at $0.86 EPS.

Several other equities research analysts have also issued reports on BAC. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price target on Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Cfra reiterated a “sell” rating and set a $39.00 price objective on shares of Bank of America in a research report on Tuesday, July 16th. Jefferies Financial Group raised their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler Companies raised shares of Bank of America from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Stock Down 1.3 %

Shares of NYSE:BAC opened at $41.76 on Monday. The company has a 50-day moving average price of $39.97 and a 200 day moving average price of $39.47. 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 company has a market cap of $326.58 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 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 analysts’ expectations of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue was up .4% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is presently 35.99%.

Bank of America announced that its board has approved a share repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, 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 transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,420,599 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $42.39, for a total value of $229,779,191.61. Following the sale, the insider now owns 980,061,561 shares of the company’s stock, valued at approximately $41,544,809,570.79. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 138,284,099 shares of company stock worth $5,593,609,660 in the last three months. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Vanguard Group Inc. raised its stake in shares of 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 increased its position 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 worth $2,288,347,000 after purchasing an additional 895,884 shares in the last quarter. Capital World Investors lifted its holdings in shares of Bank of America by 0.4% during the 1st quarter. Capital World Investors now owns 40,354,449 shares of the financial services provider’s stock valued at $1,530,241,000 after purchasing an additional 165,070 shares during the last quarter. Pzena Investment Management LLC boosted its position in shares of Bank of America by 4.7% in the 1st quarter. Pzena Investment Management LLC now owns 21,465,791 shares of the financial services provider’s stock worth $813,983,000 after purchasing an additional 954,885 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake 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 worth $646,693,000 after buying an additional 3,109,197 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.