Equities analysts predict that Bank of America Corporation (NYSE:BAC) will announce $0.43 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Bank of America Corporation’s earnings, with estimates ranging from $0.41 to $0.45. Bank of America Corporation posted earnings of $0.36 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 19.4%. The company is scheduled to announce its next earnings results before the market opens on Tuesday, July 18th.
According to Zacks, analysts expect that Bank of America Corporation will report full-year earnings of $1.78 per share for the current fiscal year, with EPS estimates ranging from $1.69 to $1.85. For the next year, analysts expect that the business will post earnings of $2.14 per share, with EPS estimates ranging from $1.98 to $2.30. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that follow Bank of America Corporation.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 7.72% and a net margin of 19.86%. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period in the previous year, the firm earned $0.41 earnings per share. The company’s revenue was up 7.1% compared to the same quarter last year.
BAC has been the topic of several recent research reports. Zacks Investment Research upgraded Bank of America Corporation from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Tuesday, March 21st. Vetr lowered Bank of America Corporation from a “strong-buy” rating to a “buy” rating and set a $26.24 price objective on the stock. in a research report on Monday, April 24th. Royal Bank Of Canada reiterated a “buy” rating and issued a $26.00 price objective on shares of Bank of America Corporation in a research report on Tuesday, April 4th. Nomura reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Wednesday, April 19th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a research report on Friday, May 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $23.03.
Shares of Bank of America Corporation (NYSE:BAC) traded down 0.50% during trading on Thursday, reaching $23.90. The company’s stock had a trading volume of 107,981,434 shares. Bank of America Corporation has a 52-week low of $14.09 and a 52-week high of $25.80. The stock’s 50 day moving average price is $23.63 and its 200-day moving average price is $23.60. The stock has a market cap of $251.34 billion, a price-to-earnings ratio of 14.71 and a beta of 1.27.
Bank of America Corporation announced that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 2nd were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend was Wednesday, May 31st. Bank of America Corporation’s dividend payout ratio is presently 18.99%.
In related news, Director Thomas D. Woods purchased 25,000 shares of the business’s stock in a transaction on Thursday, April 27th. The stock was acquired at an average price of $23.81 per share, with a total value of $595,250.00. Following the completion of the acquisition, the director now owns 40,830 shares of the company’s stock, valued at approximately $972,162.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.18% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Beech Hill Advisors Inc. increased its position in shares of Bank of America Corporation by 4.5% in the second quarter. Beech Hill Advisors Inc. now owns 107,625 shares of the financial services provider’s stock valued at $2,611,000 after buying an additional 4,625 shares during the last quarter. Rockefeller Financial Services Inc. increased its position in shares of Bank of America Corporation by 9.3% in the second quarter. Rockefeller Financial Services Inc. now owns 37,251 shares of the financial services provider’s stock valued at $904,000 after buying an additional 3,163 shares during the last quarter. Main Street Research LLC acquired a new position in shares of Bank of America Corporation during the second quarter valued at approximately $336,000. Livingston Group Asset Management CO operating as Southport Capital Management increased its position in shares of Bank of America Corporation by 34.4% in the second quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 16,814 shares of the financial services provider’s stock valued at $408,000 after buying an additional 4,301 shares during the last quarter. Finally, Jolley Asset Management LLC increased its position in shares of Bank of America Corporation by 1.5% in the second quarter. Jolley Asset Management LLC now owns 167,843 shares of the financial services provider’s stock valued at $4,072,000 after buying an additional 2,545 shares during the last quarter. 65.89% of the stock is owned by institutional investors and hedge funds.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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