Zacks: Analysts Anticipate Bank of America Co. (NYSE:BAC) Will Announce Quarterly Sales of $23.17 Billion

Brokerages expect Bank of America Co. (NYSE:BAC) to announce $23.17 billion in sales for the current fiscal quarter, according to Zacks. Ten analysts have issued estimates for Bank of America’s earnings, with the lowest sales estimate coming in at $22.63 billion and the highest estimate coming in at $23.61 billion. Bank of America reported sales of $21.47 billion in the same quarter last year, which indicates a positive year over year growth rate of 7.9%. The company is scheduled to announce its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Bank of America will report full-year sales of $94.42 billion for the current fiscal year, with estimates ranging from $93.36 billion to $96.35 billion. For the next financial year, analysts anticipate that the company will post sales of $101.52 billion, with estimates ranging from $96.12 billion to $105.11 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Bank of America.

Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.01. The company had revenue of $23.20 billion during the quarter, compared to analysts’ expectations of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.86 earnings per share.

BAC has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Bank of America in a research note on Thursday, March 31st. They set a “hold” rating on the stock. BMO Capital Markets decreased their price target on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 19th. Oppenheimer decreased their price target on shares of Bank of America from $52.00 to $50.00 in a research report on Tuesday, May 3rd. Robert W. Baird upgraded shares of Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price target on the stock in a research report on Tuesday, March 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $52.50 to $53.50 in a research report on Thursday, February 3rd. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $50.41.

A number of institutional investors and hedge funds have recently made changes to their positions in BAC. Camden National Bank increased its holdings in shares of Bank of America by 9.8% during the 4th quarter. Camden National Bank now owns 11,568 shares of the financial services provider’s stock worth $351,000 after purchasing an additional 1,030 shares during the period. New World Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter worth about $471,000. EagleClaw Capital Managment LLC increased its holdings in shares of Bank of America by 0.8% during the 3rd quarter. EagleClaw Capital Managment LLC now owns 92,730 shares of the financial services provider’s stock worth $3,934,000 after purchasing an additional 778 shares during the period. MV Capital Management Inc. increased its holdings in shares of Bank of America by 42.7% during the 3rd quarter. MV Capital Management Inc. now owns 9,080 shares of the financial services provider’s stock worth $385,000 after purchasing an additional 2,719 shares during the period. Finally, Barings LLC increased its holdings in shares of Bank of America by 41.7% during the 3rd quarter. Barings LLC now owns 53,036 shares of the financial services provider’s stock worth $2,251,000 after purchasing an additional 15,602 shares during the period. Hedge funds and other institutional investors own 70.46% of the company’s stock.

NYSE BAC opened at $35.65 on Wednesday. Bank of America has a 12 month low of $32.96 and a 12 month high of $50.11. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market capitalization of $287.23 billion, a PE ratio of 10.19, a P/E/G ratio of 1.48 and a beta of 1.39. The company’s 50 day simple moving average is $38.75 and its 200 day simple moving average is $43.12.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be issued a $0.21 dividend. The ex-dividend date is Thursday, June 2nd. This represents a $0.84 annualized dividend and a yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is presently 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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