Equities Analysts Issue Forecasts for Bank of America Corp’s FY2018 Earnings (BAC)

Bank of America Corp (NYSE:BAC) – Analysts at Oppenheimer boosted their FY2018 EPS estimates for Bank of America in a note issued to investors on Monday, October 15th. Oppenheimer analyst C. Kotowski now anticipates that the financial services provider will post earnings per share of $2.53 for the year, up from their previous forecast of $2.47. Oppenheimer also issued estimates for Bank of America’s Q1 2019 earnings at $0.65 EPS, Q2 2019 earnings at $0.72 EPS, Q3 2019 earnings at $0.71 EPS and Q4 2019 earnings at $0.72 EPS.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. The business had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.48 earnings per share.

A number of other research analysts have also recently issued reports on the company. BMO Capital Markets lifted their price objective on Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday. Wolfe Research started coverage on Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $34.19.

Shares of NYSE:BAC opened at $28.25 on Wednesday. The firm has a market cap of $301.78 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 1.46 and a beta of 1.30. Bank of America has a 12-month low of $25.81 and a 12-month high of $33.05. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.91 and a quick ratio of 0.90.

Institutional investors have recently bought and sold shares of the business. McKinley Carter Wealth Services Inc. bought a new stake in shares of Bank of America in the 1st quarter worth $105,000. Cardinal Capital Management Inc. bought a new stake in shares of Bank of America in the 3rd quarter worth $106,000. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America in the second quarter worth $103,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of America in the second quarter worth $112,000. Finally, WealthTrust Fairport LLC bought a new stake in shares of Bank of America in the first quarter worth $141,000. 65.08% of the stock is owned by institutional investors and hedge funds.

In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of Bank of America stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the sale, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.10% of the stock is currently owned by company insiders.

Bank of America announced that its Board of Directors has approved a stock buyback program on Thursday, June 28th that permits the company to repurchase $20.60 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were issued a $0.15 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, September 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.12%. Bank of America’s dividend payout ratio (DPR) is presently 32.79%.

Bank of America Company Profile

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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Earnings History and Estimates for Bank of America (NYSE:BAC)

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