Seaport Res Ptn Comments on Bank of America Co.’s Q3 2024 Earnings (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Investment analysts at Seaport Res Ptn increased their Q3 2024 earnings per share (EPS) estimates for Bank of America in a research note issued on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now expects that the financial services provider will post earnings of $0.82 per share for the quarter, up from their previous forecast of $0.81. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Bank of America’s current full-year earnings is $3.22 per share. Seaport Res Ptn also issued estimates for Bank of America’s FY2024 earnings at $3.35 EPS and Q3 2025 earnings at $0.95 EPS.

A number of other research firms also recently commented on BAC. HSBC restated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Citigroup increased their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Wells Fargo & Company increased their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Jefferies Financial Group increased their target price on Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.02.

Bank of America Stock Down 0.1 %

Shares of NYSE:BAC opened at $40.90 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America has a 52-week low of $24.96 and a 52-week high of $41.20. The stock’s fifty day simple moving average is $39.06 and its 200-day simple moving average is $36.25. The company has a market capitalization of $319.85 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.56 and a beta of 1.35.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year.

Institutional Trading of Bank of America

A number of large investors have recently made changes to their positions in the company. Joel Isaacson & Co. LLC grew its holdings in Bank of America by 0.3% during the first quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after purchasing an additional 294 shares during the period. Round Hill Asset Management boosted its stake in shares of Bank of America by 2.2% in the first quarter. Round Hill Asset Management now owns 14,070 shares of the financial services provider’s stock valued at $534,000 after buying an additional 297 shares during the period. CKW Financial Group boosted its stake in shares of Bank of America by 1.5% in the first quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock valued at $753,000 after buying an additional 300 shares during the period. Rossmore Private Capital boosted its stake in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after buying an additional 303 shares during the period. Finally, Chemistry Wealth Management LLC boosted its stake in shares of Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after buying an additional 310 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given 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 is currently 33.22%.

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.