Oppenheimer Holdings Comments on Bank of America Corp.’s Q3 2016 Earnings (BAC)
Bank of America Corp. (NYSE:BAC) – Investment analysts at Oppenheimer Holdings decreased their Q3 2016 earnings per share estimates for shares of Bank of America Corp. in a report issued on Monday. Oppenheimer Holdings analyst C. Kotowski now forecasts that the firm will post earnings per share of $0.33 for the quarter, down from their previous estimate of $0.34. Oppenheimer Holdings has a “Outperform” rating and a $18.00 price objective on the stock.
Bank of America Corp. (NYSE:BAC) last released its earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.03. The firm earned $20.60 million during the quarter, compared to analysts’ expectations of $20.41 billion. Bank of America Corp. had a net margin of 16.31% and a return on equity of 6.23%. Bank of America Corp.’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 EPS.
BAC has been the subject of several other research reports. Robert W. Baird upgraded shares of Bank of America Corp. from a “neutral” rating to an “outperform” rating in a research report on Thursday, August 25th. Vetr upgraded shares of Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.56 target price for the company in a research report on Monday, August 29th. Goldman Sachs Group Inc. restated a “conviction-buy” rating and issued a $17.00 target price on shares of Bank of America Corp. in a research report on Friday, August 26th. Macquarie raised shares of Bank of America Corp. from an “underperform” rating to a “neutral” rating in a research note on Thursday, August 25th. Finally, Credit Agricole SA increased their target price on shares of Bank of America Corp. from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, September 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. Bank of America Corp. has a consensus rating of “Buy” and a consensus target price of $24.82.
Bank of America Corp. (NYSE:BAC) traded up 2.09% during mid-day trading on Wednesday, reaching $16.13. 54,730,984 shares of the company’s stock traded hands. Bank of America Corp. has a 52-week low of $10.99 and a 52-week high of $18.09. The company has a 50-day moving average of $15.59 and a 200-day moving average of $14.44. The company has a market capitalization of $169.63 billion, a price-to-earnings ratio of 13.52 and a beta of 1.50.
The business also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were issued a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a yield of 1.90%. Bank of America Corp.’s dividend payout ratio is 24.59%.
In related news, Director Thomas D. Woods purchased 25,000 shares of Bank of America Corp. stock in a transaction on Tuesday, August 2nd. The stock was purchased at an average cost of $14.13 per share, with a total value of $353,250.00. Following the acquisition, the director now directly owns 32,459 shares in the company, valued at $458,645.67. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.18% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of BAC. Hall Laurie J Trustee increased its position in Bank of America Corp. by 28.3% in the second quarter. Hall Laurie J Trustee now owns 7,732 shares of the financial services provider’s stock worth $102,000 after buying an additional 1,707 shares during the last quarter. Seven Eight Capital LLC acquired a new position in Bank of America Corp. during the second quarter worth approximately $113,000. Acrospire Investment Management LLC acquired a new position in Bank of America Corp. during the first quarter worth approximately $119,000. Orbitronix LP acquired a new position in Bank of America Corp. during the first quarter worth approximately $135,000. Finally, Joel Isaacson & Co. LLC increased its position in Bank of America Corp. by 7.6% in the second quarter. Joel Isaacson & Co. LLC now owns 10,317 shares of the financial services provider’s stock worth $137,000 after buying an additional 731 shares during the last quarter. 60.68% of the stock is owned by hedge funds and other institutional investors.
About Bank of America Corp.
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
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