Bank of America Co. (NYSE:BAC) Expected to Announce Earnings of $0.77 Per Share

Wall Street brokerages predict that Bank of America Co. (NYSE:BAC) will announce earnings of $0.77 per share for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Bank of America’s earnings. The lowest EPS estimate is $0.69 and the highest is $0.83. Bank of America posted earnings per share of $0.86 during the same quarter last year, which indicates a negative year-over-year growth rate of 10.5%. The business is scheduled to announce its next earnings report before the market opens on Monday, January 1st.

On average, analysts expect that Bank of America will report full-year earnings of $3.26 per share for the current fiscal year, with EPS estimates ranging from $3.18 to $3.37. For the next fiscal year, analysts forecast that the business will post earnings of $3.82 per share, with EPS estimates ranging from $3.65 to $4.09. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Bank of America.

Bank of America (NYSE:BACGet Rating) last released its quarterly earnings data on Wednesday, January 19th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.06. The company had revenue of $22.06 billion for the quarter, compared to analysts’ expectations of $22.19 billion. Bank of America had a net margin of 34.07% and a return on equity of 12.82%. The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 EPS.

Several equities research analysts have commented on BAC shares. StockNews.com began coverage on shares of Bank of America in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Barclays lifted their price objective on shares of Bank of America from $49.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 3rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Bank of America in a research note on Friday, December 17th. Argus raised their price target on shares of Bank of America from $50.00 to $55.00 in a report on Thursday, January 20th. Finally, Morgan Stanley raised shares of Bank of America from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $51.00 to $49.00 in a report on Monday, March 28th. Eight research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $50.66.

NYSE BAC traded down $0.08 during trading hours on Monday, hitting $39.59. The company’s stock had a trading volume of 34,073,931 shares, compared to its average volume of 55,527,355. Bank of America has a 52 week low of $36.51 and a 52 week high of $50.11. The company has a market capitalization of $319.29 billion, a PE ratio of 11.12, a price-to-earnings-growth ratio of 1.74 and a beta of 1.38. The company has a current ratio of 0.74, a quick ratio of 0.73 and a debt-to-equity ratio of 1.14. The company’s 50-day simple moving average is $43.76 and its two-hundred day simple moving average is $45.05.

The business also recently declared a quarterly dividend, which was paid on Friday, March 25th. Investors of record on Friday, March 4th were issued a dividend of $0.21 per share. The ex-dividend date was Thursday, March 3rd. This represents a $0.84 annualized dividend and a yield of 2.12%. Bank of America’s payout ratio is presently 23.60%.

In other Bank of America news, insider Andrew M. Sieg sold 18,407 shares of the stock in a transaction on Friday, January 28th. The stock was sold at an average price of $45.12, for a total value of $830,523.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.26% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bouvel Investment Partners LLC increased its position in shares of Bank of America by 3.7% in the first quarter. Bouvel Investment Partners LLC now owns 84,690 shares of the financial services provider’s stock valued at $3,491,000 after buying an additional 3,045 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its stake in Bank of America by 12.3% during the first quarter. Dynamic Advisor Solutions LLC now owns 127,904 shares of the financial services provider’s stock worth $5,272,000 after buying an additional 13,966 shares during the last quarter. Allied Investment Advisors LLC raised its position in Bank of America by 6.0% in the first quarter. Allied Investment Advisors LLC now owns 208,631 shares of the financial services provider’s stock valued at $8,600,000 after purchasing an additional 11,852 shares during the period. Oakworth Capital Inc. raised its position in Bank of America by 8.9% in the first quarter. Oakworth Capital Inc. now owns 27,259 shares of the financial services provider’s stock valued at $1,124,000 after purchasing an additional 2,227 shares during the period. Finally, Ridgewood Investments LLC raised its position in Bank of America by 6.8% in the first quarter. Ridgewood Investments LLC now owns 5,492 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 350 shares during the period. 70.07% of the stock is owned by institutional investors and hedge funds.

About Bank of America (Get Rating)

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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