Zacks: Analysts Anticipate Bank of America Corp (BAC) Will Post Quarterly Sales of $22.39 Billion

Equities analysts predict that Bank of America Corp (NYSE:BAC) will post sales of $22.39 billion for the current quarter, according to Zacks. Five analysts have made estimates for Bank of America’s earnings, with the highest sales estimate coming in at $22.45 billion and the lowest estimate coming in at $22.28 billion. Bank of America posted sales of $20.44 billion in the same quarter last year, which suggests a positive year over year growth rate of 9.5%. The firm is expected to issue its next earnings report on Wednesday, January 16th.

On average, analysts expect that Bank of America will report full year sales of $91.18 billion for the current financial year, with estimates ranging from $90.79 billion to $92.01 billion. For the next year, analysts anticipate that the firm will post sales of $94.14 billion, with estimates ranging from $92.88 billion to $96.05 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Bank of America.

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

Several analysts have recently issued reports on the company. Wolfe Research assumed coverage on Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Finally, BMO Capital Markets upped their price target on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $34.63.

A number of large investors have recently made changes to their positions in BAC. Cardinal Capital Management Inc. bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $106,000. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $103,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $112,000. Arlington Partners LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $118,000. Finally, Whitnell & Co. bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $134,000. Hedge funds and other institutional investors own 63.75% of the company’s stock.

Shares of BAC traded down $0.37 during trading hours on Tuesday, hitting $27.38. 92,321,038 shares of the company were exchanged, compared to its average volume of 66,250,922. The company has a market cap of $284.26 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.36 and a beta of 1.31. Bank of America has a 52 week low of $25.88 and a 52 week high of $33.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.60 annualized dividend and a yield of 2.19%. Bank of America’s payout ratio is 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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