Seaport Res Ptn Upgrades Bank of America (NYSE:BAC) to Strong-Buy

Seaport Res Ptn upgraded shares of Bank of America (NYSE:BAC) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports. Seaport Res Ptn also issued estimates for Bank of America’s Q4 2024 earnings at $0.89 EPS, Q1 2025 earnings at $0.93 EPS, Q2 2025 earnings at $0.95 EPS, Q4 2025 earnings at $1.02 EPS and FY2025 earnings at $3.85 EPS.

A number of other research analysts have also recently weighed in on BAC. Piper Sandler lifted their price objective on Bank of America from $35.00 to $37.00 and gave the company an underweight rating in a research report on Tuesday, June 4th. JPMorgan Chase & Co. lifted their target price on Bank of America from $39.50 to $40.50 and gave the company an overweight rating in a research note on Wednesday, May 1st. Wolfe Research raised Bank of America from a peer perform rating to an outperform rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Finally, UBS Group reissued a neutral rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $39.79.

Bank of America Stock Up 2.3 %

BAC stock opened at $40.93 on Tuesday. Bank of America has a twelve month low of $24.96 and a twelve month high of $40.96. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $320.09 billion, a P/E ratio of 14.16, a PEG ratio of 1.52 and a beta of 1.35. The business’s 50-day moving average price is $38.95 and its 200-day moving average price is $36.17.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the firm earned $0.94 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities research analysts forecast that Bank of America will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Hedge Funds Weigh In On Bank of America

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. boosted its holdings in Bank of America by 4.0% during the 3rd quarter. Alps Advisors Inc. now owns 34,540 shares of the financial services provider’s stock valued at $946,000 after acquiring an additional 1,333 shares during the period. Schroder Investment Management Group increased its position in Bank of America by 2.5% during the 3rd quarter. Schroder Investment Management Group now owns 4,230,403 shares of the financial services provider’s stock valued at $115,828,000 after buying an additional 103,325 shares in the last quarter. Royal London Asset Management Ltd. increased its holdings in shares of Bank of America by 3.6% in the third quarter. Royal London Asset Management Ltd. now owns 2,843,772 shares of the financial services provider’s stock valued at $77,848,000 after purchasing an additional 99,146 shares during the period. Cito Capital Group LLC increased its holdings in shares of Bank of America by 1.9% in the third quarter. Cito Capital Group LLC now owns 52,370 shares of the financial services provider’s stock valued at $1,434,000 after purchasing an additional 1,000 shares during the period. Finally, Baker Avenue Asset Management LP boosted its stake in shares of Bank of America by 0.8% in the third quarter. Baker Avenue Asset Management LP now owns 181,996 shares of the financial services provider’s stock worth $4,983,000 after buying an additional 1,460 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.