Zacks: Analysts Expect Bank of America Co. (NYSE:BAC) Will Announce Earnings of $0.81 Per Share

Wall Street brokerages forecast that Bank of America Co. (NYSE:BAC) will announce earnings per share of $0.81 for the current quarter, according to Zacks Investment Research. Ten analysts have provided estimates for Bank of America’s earnings. The highest EPS estimate is $0.86 and the lowest is $0.76. Bank of America reported earnings per share of $1.03 during the same quarter last year, which indicates a negative year over year growth rate of 21.4%. The company is scheduled to report its next earnings report on Monday, January 1st.

On average, analysts expect that Bank of America will report full-year earnings of $3.34 per share for the current year, with EPS estimates ranging from $3.19 to $3.50. For the next financial year, analysts expect that the firm will report earnings of $3.89 per share, with EPS estimates ranging from $3.65 to $4.09. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow Bank of America.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings data on Monday, April 18th. The financial services provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. The company had revenue of $23.20 billion for the quarter, compared to analyst estimates of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. The business’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.86 earnings per share.

A number of equities research analysts have recently weighed in on BAC shares. Oppenheimer dropped their target price on Bank of America from $52.00 to $50.00 in a research report on Tuesday, May 3rd. Zacks Investment Research downgraded Bank of America from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research report on Monday, February 7th. Piper Sandler dropped their target price on Bank of America from $57.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, April 5th. JPMorgan Chase & Co. boosted their target price on Bank of America from $52.50 to $53.50 in a research report on Thursday, February 3rd. Finally, Morgan Stanley upgraded Bank of America from an “underweight” rating to an “equal weight” rating and dropped their price objective for the company from $51.00 to $49.00 in a report on Monday, March 28th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $50.41.

Several hedge funds have recently bought and sold shares of BAC. Norges Bank acquired a new position in shares of Bank of America during the fourth quarter worth about $3,938,246,000. Snider Financial Group boosted its position in Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after purchasing an additional 14,297,496 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Bank of America by 3,474.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock valued at $480,579,000 after purchasing an additional 11,332,721 shares during the last quarter. Capital Research Global Investors acquired a new position in Bank of America during the first quarter valued at approximately $395,481,000. Finally, Altshuler Shaham Ltd boosted its position in Bank of America by 800,016.5% during the third quarter. Altshuler Shaham Ltd now owns 7,729,125 shares of the financial services provider’s stock valued at $329,838,000 after purchasing an additional 7,728,159 shares during the last quarter. 70.46% of the stock is owned by institutional investors.

Bank of America stock traded up $2.28 on Monday, reaching $36.14. The company’s stock had a trading volume of 2,455,943 shares, compared to its average volume of 53,884,977. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market cap of $291.18 billion, a price-to-earnings ratio of 10.33, a PEG ratio of 1.48 and a beta of 1.39. The business’s fifty day moving average price is $39.01 and its 200 day moving average price is $43.25. Bank of America has a twelve month low of $32.96 and a twelve month high of $50.11.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Stockholders of record on Friday, June 3rd will be given a dividend of $0.21 per share. The ex-dividend date is Thursday, June 2nd. This represents a $0.84 annualized dividend and a dividend yield of 2.32%. Bank of America’s dividend payout ratio is currently 24.00%.

About Bank of America (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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

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