$0.47 EPS Expected for Bank of America Corporation (BAC) This Quarter
Equities research analysts forecast that Bank of America Corporation (NYSE:BAC) will announce $0.47 earnings per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Bank of America Corporation’s earnings. The lowest EPS estimate is $0.43 and the highest is $0.49. Bank of America Corporation reported earnings of $0.41 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 14.6%. The company is expected to report its next quarterly earnings report on Monday, October 16th.
According to Zacks, analysts expect that Bank of America Corporation will report full year earnings of $1.81 per share for the current financial year, with EPS estimates ranging from $1.74 to $1.89. For the next year, analysts expect that the firm will report earnings of $2.14 per share, with EPS estimates ranging from $2.00 to $2.30. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Bank of America Corporation.
Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 EPS.
Several equities research analysts have recently issued reports on BAC shares. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. Vetr cut Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 target price on the stock. in a report on Wednesday, June 28th. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $23.74.
Institutional investors have recently added to or reduced their stakes in the stock. Worth Venture Partners LLC bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at $648,000. Barings LLC increased its stake in shares of Bank of America Corporation by 10.3% in the fourth quarter. Barings LLC now owns 624,813 shares of the financial services provider’s stock valued at $13,808,000 after buying an additional 58,500 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at $4,976,000. Sustainable Insight Capital Management LLC bought a new stake in shares of Bank of America Corporation during the fourth quarter valued at $6,587,000. Finally, Castleark Management LLC increased its stake in shares of Bank of America Corporation by 150.7% in the fourth quarter. Castleark Management LLC now owns 275,800 shares of the financial services provider’s stock valued at $6,095,000 after buying an additional 165,800 shares in the last quarter. 66.42% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Bank of America Corporation (BAC) traded down 0.64% during trading on Friday, hitting $24.74. The stock had a trading volume of 56,863,505 shares. The company has a market cap of $260.18 billion, a PE ratio of 14.73 and a beta of 1.27. Bank of America Corporation has a 12 month low of $14.70 and a 12 month high of $25.80. The stock has a 50 day moving average of $24.09 and a 200 day moving average of $23.71.
Bank of America Corporation declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.94%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 17.86%.
Bank of America Corporation Company Profile
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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