Equities research analysts forecast that Bank of America Corp (NYSE:BAC) will report $0.65 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Bank of America’s earnings, with the lowest EPS estimate coming in at $0.62 and the highest estimate coming in at $0.66. Bank of America reported earnings per share of $0.47 in the same quarter last year, which suggests a positive year over year growth rate of 38.3%. The company is scheduled to report its next quarterly earnings report on Wednesday, January 16th.
According to Zacks, analysts expect that Bank of America will report full year earnings of $2.54 per share for the current year, with EPS estimates ranging from $2.50 to $2.55. For the next year, analysts anticipate that the business will post earnings of $2.85 per share, with EPS estimates ranging from $2.71 to $3.00. Zacks Investment Research’s earnings per share averages are an average based on a survey of analysts that that provide coverage for Bank of America.
Bank of America (NYSE:BAC) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. The business had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.48 EPS.
BAC has been the topic of a number of recent analyst reports. BMO Capital Markets boosted their target price on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a report on Tuesday. Wolfe Research initiated coverage on Bank of America in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus price target of $34.19.
Shares of BAC stock traded up $0.29 during trading on Wednesday, reaching $28.82. 2,197,258 shares of the company’s stock were exchanged, compared to its average volume of 65,973,430. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $301.78 billion, a PE ratio of 15.74, a PEG ratio of 1.46 and a beta of 1.30. Bank of America has a twelve month low of $25.81 and a twelve month high of $33.05.
Bank of America declared that its Board of Directors has approved a share repurchase plan on Thursday, June 28th that permits the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.08%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, September 6th. Bank of America’s dividend payout ratio is currently 32.79%.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Atlantic Trust LLC lifted its position in shares of Bank of America by 18.3% during the 2nd quarter. Atlantic Trust LLC now owns 14,105 shares of the financial services provider’s stock valued at $398,000 after acquiring an additional 2,180 shares during the period. Oarsman Capital Inc. lifted its position in shares of Bank of America by 3.7% during the 2nd quarter. Oarsman Capital Inc. now owns 71,630 shares of the financial services provider’s stock valued at $2,019,000 after acquiring an additional 2,540 shares during the period. Fulton Bank N.A. lifted its position in shares of Bank of America by 11.1% during the 3rd quarter. Fulton Bank N.A. now owns 153,504 shares of the financial services provider’s stock valued at $4,522,000 after acquiring an additional 15,306 shares during the period. Associated Banc Corp lifted its position in shares of Bank of America by 9.2% during the 2nd quarter. Associated Banc Corp now owns 328,171 shares of the financial services provider’s stock valued at $9,252,000 after acquiring an additional 27,611 shares during the period. Finally, Sigma Planning Corp lifted its position in shares of Bank of America by 1.6% during the 2nd quarter. Sigma Planning Corp now owns 198,494 shares of the financial services provider’s stock valued at $5,596,000 after acquiring an additional 3,135 shares during the period. 65.08% of the stock is currently owned by hedge funds and other institutional investors.
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.
Featured Story: Short Selling
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.