Q1 2019 EPS Estimates for Bank of America Corp (BAC) Cut by Jefferies Financial Group

Bank of America Corp (NYSE:BAC) – Investment analysts at Jefferies Financial Group reduced their Q1 2019 earnings per share estimates for Bank of America in a report released on Tuesday, January 8th. Jefferies Financial Group analyst K. Usdin now expects that the financial services provider will earn $0.63 per share for the quarter, down from their previous estimate of $0.69. Jefferies Financial Group currently has a “Buy” rating on the stock. Jefferies Financial Group also issued estimates for Bank of America’s Q2 2019 earnings at $0.69 EPS and FY2019 earnings at $2.70 EPS.

Other equities research analysts also recently issued reports about the stock. Edward Jones raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 target price on the stock in a research note on Tuesday. Barclays reaffirmed an “equal weight” rating and set a $34.00 target price (down from $37.00) on shares of Bank of America in a research note on Wednesday, January 2nd. Robert W. Baird reaffirmed a “hold” rating and set a $28.00 target price on shares of Bank of America in a research note on Wednesday, January 2nd. Finally, Keefe, Bruyette & Woods downgraded shares of Bank of America from an “outperform” rating to a “hold” rating and cut their target price for the stock from $34.00 to $29.00 in a research note on Tuesday, December 11th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $33.51.

Shares of BAC opened at $26.03 on Thursday. Bank of America has a fifty-two week low of $22.66 and a fifty-two week high of $33.05. The company has a market cap of $263.88 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.15 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98.

Bank of America (NYSE:BAC) last announced its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The firm had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. During the same period in the prior year, the firm earned $0.48 EPS. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 28th. Shareholders of record on Friday, December 7th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.

Large investors have recently made changes to their positions in the business. Natixis grew its position in shares of Bank of America by 256.8% in the 2nd quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock valued at $242,851,000 after buying an additional 6,200,655 shares during the last quarter. Matthew Goff Investment Advisor LLC grew its position in shares of Bank of America by 2,719.0% in the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 5,310,836 shares of the financial services provider’s stock valued at $188,394,000 after buying an additional 5,122,442 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Bank of America by 183.4% in the 3rd quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock valued at $55,160,000 after buying an additional 4,117,908 shares during the last quarter. Royal London Asset Management Ltd. purchased a new position in shares of Bank of America in the 2nd quarter valued at $111,692,000. Finally, CI Investments Inc. grew its position in shares of Bank of America by 168.5% in the 3rd quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock valued at $172,061,000 after buying an additional 3,665,300 shares during the last quarter. 64.36% of the stock is currently owned by institutional investors.

About Bank of America

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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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