Zacks: Brokerages Expect Bank of America Corporation (BAC) Will Post Quarterly Sales of $22.35 Billion
Wall Street brokerages expect Bank of America Corporation (NYSE:BAC) to report $22.35 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Bank of America Corporation’s earnings. The lowest sales estimate is $22.03 billion and the highest is $22.69 billion. Bank of America Corporation reported sales of $21.64 billion in the same quarter last year, which would suggest a positive year over year growth rate of 3.3%. The business is scheduled to report its next earnings results before the market opens on Monday, October 16th.
According to Zacks, analysts expect that Bank of America Corporation will report full-year sales of $22.35 billion for the current year, with estimates ranging from $88.33 billion to $90.95 billion. For the next year, analysts forecast that the firm will post sales of $92.93 billion per share, with estimates ranging from $90.30 billion to $97.47 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Bank of America Corporation.
Bank of America Corporation (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the previous year, the company posted $0.41 earnings per share. The company’s revenue was up 7.1% compared to the same quarter last year.
BAC has been the subject of several recent research reports. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Vetr raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.29 target price for the company in a report on Monday, August 21st. BidaskClub upgraded Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a research report on Friday, July 7th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Wednesday, May 3rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $24.01.
Bank of America Corporation (NYSE:BAC) traded down 0.29% during midday trading on Thursday, hitting $23.77. The company had a trading volume of 43,511,878 shares. The firm has a 50-day moving average price of $24.22 and a 200-day moving average price of $23.84. Bank of America Corporation has a 12 month low of $14.81 and a 12 month high of $25.80. The company has a market cap of $249.98 billion, a price-to-earnings ratio of 14.16 and a beta of 1.27.
Bank of America Corporation declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s payout ratio is 17.86%.
In other news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Bank of America Corporation by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares during the period. Korea Investment CORP increased its position in Bank of America Corporation by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after buying an additional 390,771 shares during the period. Boston Partners increased its position in Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after buying an additional 368,898 shares during the period. TIAA CREF Investment Management LLC increased its position in Bank of America Corporation by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after buying an additional 1,079,788 shares during the period. Finally, Legal & General Group Plc increased its position in Bank of America Corporation by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after buying an additional 1,007,405 shares during the period. 65.99% of the stock is currently owned by institutional investors and hedge funds.
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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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