Brokers Issue Forecasts for Bank of America Co.’s Q1 2024 Earnings (NYSE:BAC)
Bank of America Co. (NYSE:BAC – Free Report) – Seaport Res Ptn cut their Q1 2024 earnings per share estimates for shares of Bank of America in a research note issued to investors on Thursday, April 4th. Seaport Res Ptn analyst J. Mitchell now expects that the financial services provider will post earnings of $0.79 per share for the quarter, down from their previous forecast of $0.82. The consensus estimate for Bank of America’s current full-year earnings is $3.11 per share.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.85 EPS.
BAC has been the subject of several other reports. Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday. BMO Capital Markets reduced their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. UBS Group reiterated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday. Finally, Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $37.34.
Check Out Our Latest Research Report on Bank of America
Bank of America Stock Performance
Shares of NYSE BAC opened at $37.11 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America has a 12 month low of $24.96 and a 12 month high of $38.35. The stock has a 50 day moving average of $35.13 and a 200-day moving average of $31.75. The company has a market capitalization of $292.82 billion, a P/E ratio of 12.09, a P/E/G ratio of 1.71 and a beta of 1.39.
Hedge Funds Weigh In On Bank of America
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fort Sheridan Advisors LLC boosted its stake in Bank of America by 0.8% during the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after buying an additional 303 shares during the period. Rossmore Private Capital increased its holdings in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after buying an additional 303 shares during the period. Regent Peak Wealth Advisors LLC increased its holdings in shares of Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares during the period. Kennedy Investment Group increased its holdings in shares of Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after buying an additional 321 shares during the period. Finally, Private Ocean LLC increased its holdings in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.
Bank of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.59%. Bank of America’s dividend payout ratio is presently 31.27%.
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.
Further Reading
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