Bank of America Co. (NYSE:BAC) to Post FY2024 Earnings of $3.21 Per Share, Zacks Research Forecasts

Bank of America Co. (NYSE:BACFree Report) – Analysts at Zacks Research increased their FY2024 EPS estimates for Bank of America in a research report issued to clients and investors on Wednesday, June 5th. Zacks Research analyst R. Department now forecasts that the financial services provider will post earnings per share of $3.21 for the year, up from their prior estimate of $3.18. The consensus estimate for Bank of America’s current full-year earnings is $3.23 per share. Zacks Research also issued estimates for Bank of America’s Q4 2024 earnings at $0.80 EPS, Q1 2025 earnings at $0.80 EPS and FY2026 earnings at $3.42 EPS.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings data 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 net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the company earned $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis.

Several other research firms have also recently weighed in on BAC. JPMorgan Chase & Co. upped their price objective on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Piper Sandler lifted their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research note on Tuesday. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research report on Friday, April 19th. Finally, Evercore ISI boosted their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $39.26.

Check Out Our Latest Research Report on BAC

Bank of America Stock Down 0.6 %

Bank of America stock opened at $39.71 on Friday. The stock has a market capitalization of $310.51 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 1.77 and a beta of 1.36. Bank of America has a twelve month low of $24.96 and a twelve month high of $40.19. The company has a 50 day moving average of $37.99 and a 200-day moving average of $35.03. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.42%. Bank of America’s dividend payout ratio is currently 33.22%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. Norges Bank bought a new position in Bank of America in the 4th quarter valued at approximately $3,734,407,000. Vanguard Group Inc. boosted its holdings in shares of Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the last quarter. Alphinity Investment Management Pty Ltd increased its holdings in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

About Bank of America

(Get Free Report)

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.

Featured Stories

Earnings History and Estimates for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.