Wall Street analysts expect Bank of America Corp (NYSE:BAC) to announce earnings per share (EPS) of $0.72 for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Bank of America’s earnings, with estimates ranging from $0.69 to $0.75. Bank of America reported earnings per share of $0.63 during the same quarter last year, which would suggest a positive year-over-year growth rate of 14.3%. The firm is expected to report its next quarterly earnings results on Monday, July 15th.
According to Zacks, analysts expect that Bank of America will report full year earnings of $2.86 per share for the current financial year, with EPS estimates ranging from $2.80 to $2.90. For the next financial year, analysts expect that the business will post earnings of $3.14 per share, with EPS estimates ranging from $3.00 to $3.25. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Bank of America.
Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.05. The company had revenue of $23 billion for the quarter, compared to analyst estimates of $23.24 billion. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 earnings per share.
A number of equities analysts have commented on BAC shares. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Monday, January 21st. UBS Group set a $33.00 price objective on Bank of America and gave the stock a “buy” rating in a research note on Saturday, February 2nd. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective on the stock. in a research note on Wednesday, April 17th. Finally, HSBC started coverage on Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 price objective on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $32.98.
In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the transaction, the insider now owns 243,617 shares in the company, valued at approximately $7,254,914.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of BAC. CNB Bank boosted its holdings in shares of Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 620 shares in the last quarter. Cranbrook Wealth Management LLC boosted its holdings in shares of Bank of America by 86.1% during the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 500 shares in the last quarter. Karp Capital Management Corp acquired a new stake in shares of Bank of America during the 4th quarter valued at $31,000. Paragon Capital Management LLC acquired a new stake in shares of Bank of America during the 1st quarter valued at $33,000. Finally, Semmax Financial Advisors Inc. acquired a new stake in shares of Bank of America during the 4th quarter valued at $34,000. Institutional investors own 65.10% of the company’s stock.
Bank of America stock traded down $0.19 during mid-day trading on Tuesday, reaching $28.40. 43,763,564 shares of the company were exchanged, compared to its average volume of 45,524,560. Bank of America has a 12 month low of $22.66 and a 12 month high of $31.91. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $290.92 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 1.24 and a beta of 1.49.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.11%. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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