Bank of America (NYSE:BAC) Announces Earnings Results, Meets Estimates

Bank of America Corporation (NYSE:BAC) announced its earnings results on Wednesday. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.89, Zacks reports. Bank of America had a net margin of 14.56% and a return on equity of 10.25%.

Bank of America Stock Down 2.1%

Shares of NYSE BAC opened at $46.09 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The company has a market cap of $347.14 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. The firm’s 50-day simple moving average is $45.21 and its 200 day simple moving average is $43.58.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America’s dividend payout ratio is presently 30.95%.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Bank of America stock. Brighton Jones LLC raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 30.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 108,872 shares of the financial services provider’s stock after purchasing an additional 25,143 shares during the period. Brighton Jones LLC’s holdings in Bank of America were worth $4,785,000 as of its most recent filing with the Securities and Exchange Commission. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BAC shares. HSBC lowered shares of Bank of America from a “buy” rating to a “hold” rating and boosted their target price for the stock from $47.00 to $51.00 in a research report on Monday, July 7th. Piper Sandler dropped their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.89.

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