Bank of America (NYSE:BAC) Upgraded at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Bank of America (NYSE:BAC) from a hold rating to a strong-buy rating in a research report released on Tuesday, Zacks.com reports. Seaport Res Ptn also issued estimates for Bank of America’s Q3 2024 earnings at $0.82 EPS, Q4 2024 earnings at $0.89 EPS, FY2024 earnings at $3.35 EPS, Q1 2025 earnings at $0.93 EPS, Q2 2025 earnings at $0.95 EPS, Q3 2025 earnings at $0.95 EPS, Q4 2025 earnings at $1.02 EPS and FY2025 earnings at $3.85 EPS.

A number of other equities research analysts also recently weighed in on the company. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the company a market perform rating in a report on Thursday, April 18th. HSBC reaffirmed a hold rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Keefe, Bruyette & Woods raised Bank of America from a market perform rating to an outperform rating and lifted their price objective for the company from $37.00 to $46.00 in a report on Friday, June 14th. Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the company an outperform rating in a report on Tuesday, April 30th. Finally, Evercore ISI lifted their price objective on Bank of America from $37.00 to $41.00 and gave the company an outperform rating in a report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of Moderate Buy and a consensus target price of $40.02.

Bank of America Trading Down 0.1 %

Bank of America stock opened at $40.90 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business’s 50-day simple moving average is $39.06 and its 200-day simple moving average is $36.25. The firm has a market capitalization of $319.85 billion, a PE ratio of 14.15, a PEG ratio of 1.56 and a beta of 1.35. Bank of America has a 52 week low of $24.96 and a 52 week high of $41.20.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts forecast that Bank of America will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alps Advisors Inc. lifted its position in Bank of America by 4.0% during the 3rd quarter. Alps Advisors Inc. now owns 34,540 shares of the financial services provider’s stock worth $946,000 after buying an additional 1,333 shares in the last quarter. Schroder Investment Management Group lifted its position in Bank of America by 2.5% during the 3rd quarter. Schroder Investment Management Group now owns 4,230,403 shares of the financial services provider’s stock worth $115,828,000 after buying an additional 103,325 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in Bank of America by 3.6% during the 3rd quarter. Royal London Asset Management Ltd. now owns 2,843,772 shares of the financial services provider’s stock worth $77,848,000 after buying an additional 99,146 shares in the last quarter. Cito Capital Group LLC lifted its position in Bank of America by 1.9% during the 3rd quarter. Cito Capital Group LLC now owns 52,370 shares of the financial services provider’s stock worth $1,434,000 after buying an additional 1,000 shares in the last quarter. Finally, Baker Avenue Asset Management LP lifted its position in Bank of America by 0.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 181,996 shares of the financial services provider’s stock worth $4,983,000 after buying an additional 1,460 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

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.