Q2 2024 EPS Estimates for Bank of America Co. (NYSE:BAC) Lowered by Analyst

Bank of America Co. (NYSE:BAC) – Analysts at Seaport Res Ptn cut their Q2 2024 earnings per share (EPS) estimates for Bank of America in a research note issued on Wednesday, April 17th. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will earn $0.81 per share for the quarter, down from their previous forecast of $0.83. The consensus estimate for Bank of America’s current full-year earnings is $3.13 per share. Seaport Res Ptn also issued estimates for Bank of America’s Q3 2024 earnings at $0.81 EPS, Q1 2025 earnings at $0.87 EPS, Q4 2025 earnings at $0.96 EPS and FY2025 earnings at $3.60 EPS.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 earnings per share.

A number of other equities analysts have also weighed in on BAC. BMO Capital Markets increased their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $38.29.

Bank of America Price Performance

Shares of NYSE BAC opened at $35.77 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. The firm has a market cap of $282.25 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. Bank of America has a 1-year low of $24.96 and a 1-year high of $38.35. The stock has a fifty day simple moving average of $35.61 and a two-hundred day simple moving average of $32.24.

Institutional Investors Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently modified their holdings of BAC. Roundview Capital LLC raised its holdings in Bank of America by 1.5% during the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after buying an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P raised its stake in shares of Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after acquiring an additional 1,192 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Bank of America by 4.2% in the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after purchasing an additional 16,319 shares during the last quarter. First Western Trust Bank bought a new stake in shares of Bank of America in the first quarter worth about $586,000. Finally, Pearl River Capital LLC purchased a new position in Bank of America during the 1st quarter valued at about $534,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. Bank of America’s dividend payout ratio is currently 33.22%.

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.