Bank of America (NYSE:BAC) Releases Earnings Results, Beats Estimates By $0.05 EPS

Bank of America Corp (NYSE:BAC) released its quarterly earnings data on Wednesday. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05, RTT News reports. The company had revenue of $22.30 billion for the quarter, compared to the consensus estimate of $22.30 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business posted $0.70 EPS.

Shares of NYSE BAC opened at $34.72 on Friday. Bank of America Corp has a fifty-two week low of $26.21 and a fifty-two week high of $35.72. The business has a 50 day moving average price of $34.54 and a two-hundred day moving average price of $30.91. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.99. The firm has a market cap of $312.31 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 1.30 and a beta of 1.64.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.07%. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.

In other Bank of America news, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the sale, the director now owns 50,000 shares in the company, valued at approximately $1,566,500. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.17% of the stock is owned by company insiders.

BAC has been the topic of a number of research reports. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. DA Davidson began coverage on Bank of America in a report on Wednesday, January 8th. They issued a “neutral” rating and a $36.00 price objective on the stock. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $33.00 target price (up previously from $30.00) on shares of Bank of America in a research note on Monday, November 4th. Credit Suisse Group increased their target price on Bank of America from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Citigroup increased their target price on Bank of America from $29.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $34.99.

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.

Featured Article: VIX – Volatility Index

Earnings History for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with's FREE daily email newsletter.