Bank of America Co. (NYSE:BAC) – Investment analysts at Piper Sandler boosted their Q1 2022 EPS estimates for shares of Bank of America in a research note issued to investors on Tuesday, April 6th. Piper Sandler analyst J. Harte now expects that the financial services provider will earn $0.73 per share for the quarter, up from their previous estimate of $0.66. Piper Sandler has a “Overweight” rating and a $36.00 price target on the stock.

BAC has been the topic of several other reports. Royal Bank of Canada boosted their price target on shares of Bank of America from $28.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, January 20th. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Friday, January 22nd. Barclays boosted their price target on shares of Bank of America from $40.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday. Credit Suisse Group boosted their price target on shares of Bank of America from $36.00 to $38.00 and gave the company an “outperform” rating in a report on Wednesday, January 20th. Finally, Smith Barney Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating in a report on Monday, January 11th. Two analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. Bank of America has an average rating of “Buy” and an average price target of $34.55.

Bank of America stock opened at $40.05 on Thursday. The company’s fifty day simple moving average is $37.14 and its 200-day simple moving average is $30.45. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America has a 12 month low of $20.10 and a 12 month high of $40.28. The stock has a market cap of $345.52 billion, a P/E ratio of 19.83, a P/E/G ratio of 2.13 and a beta of 1.59.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.04. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The company had revenue of $20.10 billion for the quarter, compared to the consensus estimate of $20.76 billion. During the same period in the previous year, the business earned $0.74 EPS. The company’s revenue was down 9.9% on a year-over-year basis.

A number of institutional investors have recently added to or reduced their stakes in the business. Old Port Advisors lifted its position in Bank of America by 5.0% during the 1st quarter. Old Port Advisors now owns 25,827 shares of the financial services provider’s stock worth $999,000 after acquiring an additional 1,225 shares during the last quarter. Hodges Capital Management Inc. lifted its position in Bank of America by 2.9% during the 1st quarter. Hodges Capital Management Inc. now owns 106,771 shares of the financial services provider’s stock worth $4,131,000 after acquiring an additional 3,011 shares during the last quarter. Weaver Consulting Group acquired a new position in Bank of America during the 1st quarter worth $236,000. UMA Financial Services Inc. acquired a new position in Bank of America during the 1st quarter worth $227,000. Finally, Carroll Financial Associates Inc. lifted its position in Bank of America by 3.9% during the 1st quarter. Carroll Financial Associates Inc. now owns 176,493 shares of the financial services provider’s stock worth $6,828,000 after acquiring an additional 6,676 shares during the last quarter. 68.10% of the stock is owned by hedge funds and other institutional investors.

The company also recently announced a quarterly dividend, which was paid on Friday, March 26th. Shareholders of record on Friday, March 5th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date was Thursday, March 4th. Bank of America’s dividend payout ratio is 24.49%.

Bank of America declared that its Board of Directors has approved a share buyback plan on Tuesday, January 19th that authorizes the company to buyback $2.90 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Bank of America Company Profile

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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