Brokers Issue Forecasts for Bank of America FY2024 Earnings

Bank of America Co. (NYSE:BAC) – Analysts at Zacks Research cut their FY2024 EPS estimates for Bank of America in a note issued to investors on Monday, January 13th. Zacks Research analyst R. Department now anticipates that the financial services provider will earn $3.24 per share for the year, down from their prior estimate of $3.26. The consensus estimate for Bank of America’s current full-year earnings is $3.24 per share. Zacks Research also issued estimates for Bank of America’s Q4 2024 earnings at $0.77 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.90 EPS, Q3 2025 earnings at $0.91 EPS, FY2025 earnings at $3.56 EPS, Q1 2026 earnings at $0.90 EPS, Q2 2026 earnings at $0.99 EPS, Q3 2026 earnings at $0.99 EPS, Q4 2026 earnings at $1.13 EPS and FY2026 earnings at $4.00 EPS.

BAC has been the subject of several other reports. Barclays raised their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Piper Sandler lifted their target price on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.18.

Bank of America Stock Performance

Shares of BAC opened at $46.65 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America has a one year low of $31.27 and a one year high of $48.08. The company has a 50-day simple moving average of $45.72 and a two-hundred day simple moving average of $42.34. The firm has a market capitalization of $357.91 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the business posted $0.70 earnings per share. Bank of America’s quarterly revenue was up 15.0% compared to the same quarter last year.

Institutional Investors Weigh In On Bank of America

Institutional investors and hedge funds have recently made changes to their positions in the company. Accent Capital Management LLC grew its position in Bank of America by 43.0% in the 3rd quarter. Accent Capital Management LLC now owns 39,500 shares of the financial services provider’s stock worth $1,567,000 after purchasing an additional 11,873 shares during the period. Summit Global Investments grew its position in Bank of America by 237.6% in the 3rd quarter. Summit Global Investments now owns 51,278 shares of the financial services provider’s stock worth $2,035,000 after purchasing an additional 36,089 shares during the period. Geode Capital Management LLC grew its position in Bank of America by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after purchasing an additional 1,700,141 shares during the period. Baker Avenue Asset Management LP grew its position in Bank of America by 125.8% in the 3rd quarter. Baker Avenue Asset Management LP now owns 61,002 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 33,983 shares during the period. Finally, Copley Financial Group Inc. bought a new stake in Bank of America in the 3rd quarter worth approximately $550,000. Institutional investors own 70.71% of the company’s stock.

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.