Q2 2024 EPS Estimates for Bank of America Co. Reduced by Seaport Res Ptn (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Investment analysts at Seaport Res Ptn cut their Q2 2024 earnings per share (EPS) estimates for shares of Bank of America in a report issued on Thursday, April 4th. Seaport Res Ptn analyst J. Mitchell now expects that the financial services provider will post earnings of $0.83 per share for the quarter, down from their prior estimate of $0.85. The consensus estimate for Bank of America’s current full-year earnings is $3.10 per share. Seaport Res Ptn also issued estimates for Bank of America’s Q3 2024 earnings at $0.83 EPS, Q4 2024 earnings at $0.85 EPS, FY2024 earnings at $3.30 EPS, Q2 2025 earnings at $0.87 EPS, Q3 2025 earnings at $0.88 EPS and Q4 2025 earnings at $0.92 EPS.

A number of other brokerages also recently commented on BAC. UBS Group restated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Wells Fargo & Company upped their price objective 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. Evercore ISI upped their price objective on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $37.34.

Bank of America Price Performance

Shares of NYSE BAC opened at $37.11 on Friday. Bank of America has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $292.82 billion, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39. The business has a 50 day simple moving average of $35.13 and a 200-day simple moving average of $31.73.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. During the same period in the previous year, the business earned $0.85 EPS. The business’s quarterly revenue was down 10.2% on a year-over-year basis.

Bank of America Dividend Announcement

The company 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 was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Institutional Trading of Bank of America

Institutional investors have recently modified their holdings of the company. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the third quarter valued at $25,000. Quarry LP purchased a new stake in shares of Bank of America during the fourth quarter valued at $25,000. Glass Jacobson Investment Advisors llc lifted its holdings in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. Livelsberger Financial Advisory purchased a new stake in shares of Bank of America during the fourth quarter valued at $28,000. Finally, Castleview Partners LLC purchased a new stake in shares of Bank of America during the first quarter valued at $28,000. Institutional investors and hedge funds 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.