Seaport Res Ptn Comments on Bank of America Co.’s Q2 2024 Earnings (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Seaport Res Ptn dropped their Q2 2024 EPS estimates for shares of Bank of America in a report released on Wednesday, April 17th. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will post earnings per share of $0.81 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.

BAC has been the subject of several other research reports. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Oppenheimer reduced their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Barclays raised their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research note on Tuesday, January 16th. One equities 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’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Hold” and a consensus target price of $38.29.

Bank of America Price Performance

Shares of 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’s fifty day simple moving average is $35.61 and its 200-day simple moving average is $32.24. The firm has a market capitalization of $282.25 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 1.58 and a beta of 1.39. Bank of America has a twelve month low of $24.96 and a twelve month high of $38.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BAC. Roundview Capital LLC grew 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 lifted its position in shares of Bank of America by 150.3% in 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 in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after acquiring an additional 16,319 shares during the last quarter. First Western Trust Bank acquired a new position in Bank of America in the 1st quarter valued at about $586,000. Finally, Pearl River Capital LLC purchased a new position in Bank of America in the 1st quarter valued at about $534,000. 70.71% of the stock is owned by hedge funds and other 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.