Bank of America Co. (NYSE:BAC) to Post Q1 2022 Earnings of $0.73 Per Share, Jefferies Financial Group Forecasts

Bank of America Co. (NYSE:BACGet Rating) – Equities researchers at Jefferies Financial Group lowered their Q1 2022 EPS estimates for Bank of America in a research note issued to investors on Monday, April 11th. Jefferies Financial Group analyst K. Usdin now expects that the financial services provider will earn $0.73 per share for the quarter, down from their previous estimate of $0.80. Jefferies Financial Group also issued estimates for Bank of America’s Q2 2022 earnings at $0.80 EPS and FY2022 earnings at $3.25 EPS.

Several other brokerages also recently commented on BAC. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $52.50 to $53.50 in a report on Thursday, February 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Bank of America in a research note on Friday, December 17th. Morgan Stanley upgraded Bank of America from an “underweight” rating to an “equal weight” rating and reduced their price target for the stock from $51.00 to $49.00 in a report on Monday, March 28th. initiated coverage on Bank of America in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Piper Sandler cut their price target on Bank of America from $57.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $50.66.

Shares of BAC stock opened at $38.82 on Wednesday. The stock has a market cap of $313.08 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 1.74 and a beta of 1.38. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.73 and a current ratio of 0.74. The firm has a fifty day moving average of $43.30 and a 200-day moving average of $44.94. Bank of America has a 52-week low of $36.51 and a 52-week high of $50.11.

Bank of America (NYSE:BACGet Rating) last announced its quarterly earnings data on Wednesday, January 19th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 EPS.

Several hedge funds have recently modified their holdings of BAC. Bromfield Sneider Wealth Advisors purchased a new position in Bank of America in the first quarter valued at about $26,000. Bivin & Associates Inc. acquired a new position in shares of Bank of America in the 4th quarter valued at $28,000. Core Alternative Capital acquired a new position in shares of Bank of America in the 3rd quarter valued at $34,000. Private Ocean LLC raised its stake in shares of Bank of America by 67.1% in the 3rd quarter. Private Ocean LLC now owns 879 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 353 shares during the period. Finally, NewSquare Capital LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at $39,000. Hedge funds and other institutional investors own 70.07% of the company’s stock.

In related news, insider Andrew M. Sieg sold 18,407 shares of the company’s stock in a transaction that occurred 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 legal filing with the SEC, which is available through this link. Insiders own 0.26% of the company’s stock.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 25th. Investors of record on Friday, March 4th were paid a $0.21 dividend. The ex-dividend date of this dividend was Thursday, March 3rd. This represents a $0.84 annualized dividend and a dividend yield of 2.16%. Bank of America’s dividend payout ratio is presently 23.60%.

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

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