Oppenheimer Research Analysts Decrease Earnings Estimates for Bank of America Co. (NYSE:BAC)

Bank of America Co. (NYSE:BACGet Rating) – Equities researchers at Oppenheimer decreased their Q3 2022 EPS estimates for shares of Bank of America in a research report issued to clients and investors on Monday, July 18th. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will post earnings of $0.80 per share for the quarter, down from their previous estimate of $0.81. The consensus estimate for Bank of America’s current full-year earnings is $3.29 per share. Oppenheimer also issued estimates for Bank of America’s FY2022 earnings at $3.18 EPS.

BAC has been the subject of several other research reports. Citigroup reduced their price objective on shares of Bank of America from $47.00 to $40.00 in a research note on Tuesday, July 12th. StockNews.com assumed coverage on shares of Bank of America in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Morgan Stanley dropped their target price on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 12th. Societe Generale raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 target price on the stock in a research report on Monday, July 11th. Finally, Wells Fargo & Company dropped their target price on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Six equities research 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.66.

Bank of America Trading Up 0.0 %

NYSE BAC opened at $33.36 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.15. The firm has a market cap of $268.78 billion, a PE ratio of 10.43, a price-to-earnings-growth ratio of 1.40 and a beta of 1.41. The company has a 50 day moving average price of $33.56 and a 200 day moving average price of $39.70. Bank of America has a 52 week low of $29.67 and a 52 week high of $50.11.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.02). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The business had revenue of $22.69 billion during the quarter, compared to the consensus estimate of $22.79 billion. During the same quarter in the prior year, the firm posted $1.03 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a $0.22 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 2.64%. Bank of America’s payout ratio is currently 26.25%.

Hedge Funds Weigh In On Bank of America

Several large investors have recently made changes to their positions in the company. Ahrens Investment Partners LLC acquired a new position in Bank of America during the fourth quarter worth $60,000. Boston Trust Walden Corp raised its position in Bank of America by 14.0% during the fourth quarter. Boston Trust Walden Corp now owns 52,332 shares of the financial services provider’s stock worth $2,328,000 after acquiring an additional 6,416 shares during the period. Fieldpoint Private Securities LLC raised its position in Bank of America by 1.8% during the fourth quarter. Fieldpoint Private Securities LLC now owns 13,020 shares of the financial services provider’s stock worth $579,000 after acquiring an additional 235 shares during the period. Hotaling Investment Management LLC acquired a new position in Bank of America during the fourth quarter worth $240,000. Finally, West Branch Capital LLC raised its position in Bank of America by 4.3% during the fourth quarter. West Branch Capital LLC now owns 43,801 shares of the financial services provider’s stock worth $1,949,000 after acquiring an additional 1,807 shares during the period. 70.46% of the stock is currently owned by institutional investors and hedge funds.

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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