Seaport Res Ptn Research Analysts Decrease Earnings Estimates for Bank of America Co. (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Research analysts at Seaport Res Ptn cut their Q2 2024 earnings estimates for shares of Bank of America in a note issued to investors on Wednesday, April 17th. Seaport Res Ptn analyst J. Mitchell now expects that the financial services provider will earn $0.81 per share for the quarter, down from their prior estimate 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.

Several other brokerages have also weighed in on BAC. BMO Capital Markets reduced their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a report on Tuesday, January 16th. Oppenheimer lowered their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday. Evercore ISI increased their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Citigroup lifted their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and a consensus price target of $38.23.

Bank of America Price Performance

BAC opened at $35.22 on Thursday. The firm has a market cap of $277.87 billion, a P/E ratio of 12.19, a PEG ratio of 1.58 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $38.35. The firm has a 50-day moving average of $35.55 and a 200 day moving average of $32.21.

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

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is currently 33.22%.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently made changes to their positions in BAC. Quarry LP bought a new stake in shares of Bank of America in the 4th quarter valued at about $25,000. Livelsberger Financial Advisory bought a new stake in Bank of America in the fourth quarter valued at approximately $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the first quarter valued at approximately $33,000. Fortis Group Advisors LLC bought a new position in shares of Bank of America in the third quarter worth approximately $25,000. Finally, Criterion Capital Advisors LLC purchased a new position in shares of Bank of America in the fourth quarter worth $32,000. 70.71% of the stock is currently owned by institutional investors.

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.