Research Analysts Offer Predictions for Bank of America Co.’s Q3 2022 Earnings (NYSE:BAC)

Bank of America Co. (NYSE:BACGet Rating) – Stock analysts at Jefferies Financial Group boosted their Q3 2022 earnings per share estimates for shares of Bank of America in a report issued on Monday, April 11th. Jefferies Financial Group analyst K. Usdin now anticipates that the financial services provider will post earnings of $0.87 per share for the quarter, up from their previous estimate of $0.85. Jefferies Financial Group also issued estimates for Bank of America’s Q4 2022 earnings at $0.85 EPS, Q1 2023 earnings at $0.96 EPS, Q2 2023 earnings at $0.99 EPS, Q3 2023 earnings at $0.98 EPS, Q4 2023 earnings at $0.96 EPS and FY2023 earnings at $3.90 EPS.

Several other equities research analysts have also weighed in on BAC. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Bank of America in a report on Friday, December 17th. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $52.50 to $53.50 in a report on Thursday, February 3rd. Argus raised their price objective on shares of Bank of America from $50.00 to $55.00 in a report on Thursday, January 20th. StockNews.com started coverage on shares of Bank of America in a report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Zacks Investment Research lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $51.00 price objective on the stock. in a report on Monday, February 7th. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Buy” and an average target price of $50.66.

BAC opened at $38.82 on Tuesday. The firm’s fifty day moving average is $43.30 and its two-hundred day moving average is $44.94. 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 market cap of $313.08 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 1.74 and a beta of 1.38. Bank of America has a twelve month low of $36.51 and a twelve month high of $50.11.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Wednesday, January 19th. The financial services provider reported $0.82 earnings per share 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 analyst estimates 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 for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the business posted $0.59 earnings per share.

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

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

Institutional investors and hedge funds have recently made changes to their positions in the company. Bromfield Sneider Wealth Advisors bought a new position in shares of Bank of America in the 1st quarter valued at about $26,000. Bivin & Associates Inc. bought a new position in shares of Bank of America in the 4th quarter valued at about $28,000. Core Alternative Capital bought a new position in shares of Bank of America in the 3rd quarter valued at about $34,000. Cassady Schiller Wealth Management LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $39,000. Finally, Private Ocean LLC grew its position 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. 70.07% of the stock is owned by institutional investors.

Bank of America Company Profile (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.

See Also

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

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