Bank of America Co. (NYSE:BAC) – Equities research analysts at Piper Sandler raised their FY2020 earnings per share estimates for Bank of America in a research report issued on Monday, January 11th. Piper Sandler analyst J. Harte now anticipates that the financial services provider will earn $1.83 per share for the year, up from their prior forecast of $1.75. Piper Sandler currently has a “Overweight” rating and a $36.00 target price on the stock. Piper Sandler also issued estimates for Bank of America’s Q1 2021 earnings at $0.61 EPS, Q2 2021 earnings at $0.60 EPS, Q1 2022 earnings at $0.67 EPS, Q2 2022 earnings at $0.71 EPS, Q3 2022 earnings at $0.68 EPS, Q4 2022 earnings at $0.71 EPS and FY2022 earnings at $2.77 EPS.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.02). The company had revenue of $20.30 billion for the quarter, compared to analysts’ expectations of $20.88 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.75 earnings per share.

Several other equities analysts also recently issued reports on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price objective for the company from $31.00 to $37.00 in a report on Monday. Barclays increased their price objective on shares of Bank of America from $33.00 to $39.00 and gave the company an “overweight” rating in a report on Monday, January 4th. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $26.00 to $27.50 and gave the company an “overweight” rating in a report on Tuesday, October 6th. Morgan Stanley downgraded shares of Bank of America from an “overweight” rating to an “underweight” rating in a report on Monday, November 30th. Finally, Smith Barney Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $31.31.

BAC opened at $33.46 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. The company has a market cap of $289.46 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.12 and a beta of 1.59. Bank of America has a 52-week low of $17.95 and a 52-week high of $35.67. The firm’s fifty day simple moving average is $29.85 and its two-hundred day simple moving average is $26.20.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 24th. Investors of record on Friday, December 4th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Thursday, December 3rd. Bank of America’s payout ratio is currently 24.49%.

Institutional investors have recently added to or reduced their stakes in the stock. RNC Capital Management LLC increased its position in shares of Bank of America by 26.4% during the fourth quarter. RNC Capital Management LLC now owns 2,005,949 shares of the financial services provider’s stock valued at $60,800,000 after acquiring an additional 418,839 shares during the last quarter. Strategic Investment Advisors MI increased its position in shares of Bank of America by 6.2% during the fourth quarter. Strategic Investment Advisors MI now owns 19,446 shares of the financial services provider’s stock valued at $589,000 after acquiring an additional 1,129 shares during the last quarter. IFM Investors Pty Ltd increased its position in shares of Bank of America by 15.9% during the fourth quarter. IFM Investors Pty Ltd now owns 753,454 shares of the financial services provider’s stock valued at $22,837,000 after acquiring an additional 103,415 shares during the last quarter. Signature Estate & Investment Advisors LLC increased its position in shares of Bank of America by 3.7% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 8,856 shares of the financial services provider’s stock valued at $268,000 after acquiring an additional 312 shares during the last quarter. Finally, Coastal Investment Advisors Inc. increased its position in shares of Bank of America by 9.5% during the fourth quarter. Coastal Investment Advisors Inc. now owns 54,912 shares of the financial services provider’s stock valued at $1,664,000 after acquiring an additional 4,750 shares during the last quarter. Hedge funds and other institutional investors own 68.10% of the company’s stock.

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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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Earnings History and Estimates for Bank of America (NYSE:BAC)

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