Zacks Research Weighs in on Bank of America Co.’s Q3 2024 Earnings (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Equities research analysts at Zacks Research increased their Q3 2024 earnings estimates for Bank of America in a report released on Tuesday, May 7th. Zacks Research analyst R. Department now expects that the financial services provider will post earnings per share of $0.79 for the quarter, up from their previous forecast of $0.77. The consensus estimate for Bank of America’s current full-year earnings is $3.21 per share. Zacks Research also issued estimates for Bank of America’s Q4 2024 earnings at $0.77 EPS, Q3 2025 earnings at $0.86 EPS and Q4 2025 earnings at $0.89 EPS.

BAC has been the subject of several other research reports. Citigroup boosted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. 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 report on Friday, April 19th. UBS Group restated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Wells Fargo & Company boosted their price target 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.70.

Bank of America Stock Performance

BAC stock opened at $37.70 on Thursday. Bank of America has a one year low of $24.96 and a one year high of $38.49. The firm has a market cap of $294.83 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.66 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a 50-day simple moving average of $36.61 and a two-hundred day simple moving average of $33.31.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Hedge Funds Weigh In On Bank of America

Large investors have recently bought and sold shares of the business. Tradewinds LLC. purchased a new stake in shares of Bank of America during the first quarter worth about $763,000. Angeles Wealth Management LLC increased its stake in Bank of America by 2.2% during the 1st quarter. Angeles Wealth Management LLC now owns 117,310 shares of the financial services provider’s stock worth $4,448,000 after buying an additional 2,490 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Bank of America by 4.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 7,850,155 shares of the financial services provider’s stock valued at $297,678,000 after acquiring an additional 365,407 shares in the last quarter. BHK Investment Advisors LLC increased its position in shares of Bank of America by 54.3% during the first quarter. BHK Investment Advisors LLC now owns 11,123 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 3,916 shares in the last quarter. Finally, Rogco LP increased its position in shares of Bank of America by 17.8% during the first quarter. Rogco LP now owns 19,999 shares of the financial services provider’s stock worth $758,000 after purchasing an additional 3,015 shares in the last quarter. Institutional investors and hedge funds 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.