Bank of America Co. to Post Q3 2024 Earnings of $0.79 Per Share, Zacks Research Forecasts (NYSE:BAC)

Bank of America Co. (NYSE:BAC) – Zacks Research increased their Q3 2024 earnings estimates for shares of Bank of America in a note issued to investors on Tuesday, May 7th. Zacks Research analyst R. Department now forecasts that the financial services provider will earn $0.79 per share for the quarter, up from their prior 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.

A number of other research firms have also weighed in on BAC. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Evercore ISI raised their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. JPMorgan Chase & Co. upped their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. HSBC restated a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods upped their target price 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $38.70.

Bank of America Stock Performance

BAC opened at $37.70 on Thursday. Bank of America has a 1-year low of $24.96 and a 1-year high of $38.49. The company 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’s fifty day moving average price is $36.61 and its two-hundred day moving average price is $33.31. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis.

Hedge Funds Weigh In On Bank of America

Large investors have recently modified their holdings of the business. Fortis Group Advisors LLC bought a new stake in Bank of America during the 3rd quarter valued at $25,000. Glass Jacobson Investment Advisors llc raised its position in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in Bank of America during the fourth quarter valued at $28,000. Criterion Capital Advisors LLC purchased a new position in Bank of America during the fourth quarter worth about $32,000. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Dividend Announcement

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

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.