Q2 2024 Earnings Forecast for Bank of America Co. Issued By Zacks Research (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Stock analysts at Zacks Research boosted their Q2 2024 EPS estimates for shares of Bank of America in a report released on Tuesday, May 7th. Zacks Research analyst R. Department now anticipates that the financial services provider will post earnings of $0.79 per share for the quarter, up from their previous estimate 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 FY2024 earnings at $3.18 EPS, Q2 2025 earnings at $0.83 EPS and FY2025 earnings at $3.37 EPS.

Other equities analysts also recently issued reports about the stock. Evercore ISI lifted their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Oppenheimer boosted their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. JPMorgan Chase & Co. lifted their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.70.

Bank of America Stock Up 0.4 %

Shares of NYSE BAC opened at $38.45 on Friday. The business has a fifty day moving average of $36.76 and a two-hundred day moving average of $33.38. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America has a 52-week low of $24.96 and a 52-week high of $38.78. The stock has a market cap of $300.65 billion, a PE ratio of 13.30, a PEG ratio of 1.68 and a beta of 1.37.

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

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.50%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Hedge Funds Weigh In On Bank of America

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. Norges Bank bought a new position in Bank of America during the 4th quarter worth approximately $3,734,407,000. Vanguard Group Inc. grew its holdings in shares of Bank of America by 5.9% in 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 buying an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Bank of America by 360.9% in 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 valued at $1,255,514,000 after buying an additional 29,198,846 shares in the last quarter. Barclays PLC raised its stake in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the period. Finally, Alphinity Investment Management Pty Ltd lifted its holdings in Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Institutional investors 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.