Bank of America Corporation (NYSE:BAC) is set to issue its quarterly earnings data before the market opens on Friday, October 13th. Analysts expect the company to announce earnings of $0.47 per share for the quarter.
Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period in the previous year, the business earned $0.41 EPS. The firm’s revenue was up 7.1% on a year-over-year basis. On average, analysts expect Bank of America Corporation to post $1.80 EPS for the current fiscal year and $2.15 EPS for the next fiscal year.
Shares of Bank of America Corporation (NYSE:BAC) opened at 26.13 on Friday. The stock’s 50 day moving average is $24.33 and its 200 day moving average is $23.82. The firm has a market capitalization of $274.79 billion, a price-to-earnings ratio of 15.56 and a beta of 1.25. Bank of America Corporation has a 12 month low of $15.60 and a 12 month high of $26.23.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.84%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 28.57%.
Bank of America Corporation announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. GRATRY & Co LLC purchased a new position in Bank of America Corporation during the 2nd quarter worth $201,000. Altavista Wealth Management Inc. boosted its holdings in Bank of America Corporation by 0.7% during the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after acquiring an additional 68 shares during the last quarter. BB&T Investment Services Inc. purchased a new position in Bank of America Corporation during the 2nd quarter worth $275,000. Clear Perspective Advisors LLC boosted its holdings in Bank of America Corporation by 378.2% during the 2nd quarter. Clear Perspective Advisors LLC now owns 11,380 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 9,000 shares during the last quarter. Finally, Logan Capital Management Inc. boosted its holdings in Bank of America Corporation by 18.5% during the 2nd quarter. Logan Capital Management Inc. now owns 17,338 shares of the financial services provider’s stock worth $421,000 after acquiring an additional 2,706 shares during the last quarter. 61.64% of the stock is currently owned by hedge funds and other institutional investors.
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A number of equities research analysts have issued reports on BAC shares. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, July 4th. Vetr downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective on the stock. in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $28.00 price objective on shares of Bank of America Corporation in a research note on Friday, August 11th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $24.80.
About Bank of America Corporation
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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