Bank of America Corp (BAC) Expected to Announce Earnings of $0.59 Per Share

Brokerages predict that Bank of America Corp (NYSE:BAC) will post earnings of $0.59 per share for the current quarter, according to Zacks. Four analysts have made estimates for Bank of America’s earnings, with estimates ranging from $0.55 to $0.60. Bank of America reported earnings of $0.41 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 43.9%. The firm is expected to report its next quarterly earnings report before the market opens on Monday, April 16th.

On average, analysts expect that Bank of America will report full-year earnings of $2.47 per share for the current year, with EPS estimates ranging from $2.30 to $2.60. For the next fiscal year, analysts expect that the firm will report earnings of $2.78 per share, with EPS estimates ranging from $2.60 to $3.07. Zacks’ EPS averages are a mean average based on a survey of research analysts that cover Bank of America.

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Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping the consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same period last year, the company earned $0.40 EPS. Bank of America’s revenue for the quarter was up 3.5% on a year-over-year basis.

BAC has been the topic of several research reports. Instinet dropped their target price on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. BMO Capital Markets raised their target price on Bank of America to $34.00 and gave the stock an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Vining Sparks reissued a “buy” rating and issued a $34.00 target price on shares of Bank of America in a research report on Wednesday, January 17th. Finally, Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price on the stock. in a research report on Wednesday, January 10th. Nine research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $30.93.

NYSE BAC traded up $0.60 during trading hours on Friday, hitting $29.99. The company’s stock had a trading volume of 65,678,285 shares, compared to its average volume of 71,137,744. Bank of America has a 12 month low of $22.07 and a 12 month high of $33.05. The company has a market capitalization of $307,208.28, a price-to-earnings ratio of 16.39, a PEG ratio of 1.52 and a beta of 1.36. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America declared that its board has authorized a share buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 2nd were given a dividend of $0.12 per share. The ex-dividend date was Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.60%. Bank of America’s payout ratio is currently 26.23%.

Several hedge funds have recently bought and sold shares of the company. Burt Wealth Advisors raised its stake in Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares during the period. HWG Holdings LP bought a new stake in Bank of America during the 3rd quarter valued at approximately $116,000. Avestar Capital LLC bought a new stake in Bank of America during the 4th quarter valued at approximately $135,000. MPS Loria Financial Planners LLC bought a new stake in Bank of America during the 2nd quarter valued at approximately $115,000. Finally, Legacy Advisors LLC bought a new stake in Bank of America during the 3rd quarter valued at approximately $115,000. 69.84% of the stock is currently owned by hedge funds and other institutional investors.

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Bank of America Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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