Wall Street brokers expect Bank of America Co. (NYSE:BAC) to report earnings per share of $0.81 for the current quarter, according to Zacks Investment Research. Ten analysts provided earnings estimates for Bank of America. The highest EPS estimate is $0.86 and the lowest is $0.76. Bank of America reported earnings per share of $1.03 in the same quarter last year, indicating a negative 21.4% year-over-year growth rate. The company is due to release its next earnings report on Monday, January 1.
On average, analysts expect Bank of America to report annual earnings of $3.34 per share for the current year, with EPS estimates ranging from $3.19 to $3.50. For the next fiscal year, analysts expect the company to report earnings of $3.89 per share, with EPS estimates ranging from $3.65 to $4.09. Zacks’ earnings per share calculations are an average average based on a survey of sell-side research analysts who track Bank of America.
Bank of America (NYSE:BAC – Get Rating) last released quarterly earnings data on Monday, April 18. The financial services provider reported EPS of $0.80 for the quarter, beating analyst consensus estimates of $0.79 by $0.01. The company posted revenue of $23.20 billion for the quarter, versus analyst estimates of $23.09 billion. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. The company’s revenue increased 1.8% year over year. In the same quarter of the previous year, the company made earnings per share of $0.86.
A number of equity research analysts have weighed in on BAC’s stock recently. Oppenheimer lowered his target price on Bank of America from $52.00 to $50.00 in a Tuesday, May 3 research report. Zacks Investment Research downgraded Bank of America from a “buy” rating to a “hold” rating and set a target price of $51.00 for the company. in a Monday, February 7, research report. Piper Sandler lowered its price target on Bank of America from $57.00 to $51.00 and set an “overweight” rating for the company in a Tuesday, April 5 research report. JPMorgan Chase & Co. raised its target price on Bank of America from $52.50 to $53.50 in a Thursday, Feb. 3 research report. Finally, Morgan Stanley upgraded Bank of America from an “underweight” rating to an “equal weight” rating and lowered its price target for the company from $51.00 to $49.00 in a Monday report. March 28. Nine research analysts gave the stock a hold rating and thirteen gave the company a buy rating. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $50.41.
Several hedge funds have recently bought and sold shares of BAC. Norges Bank acquired a new position in shares of Bank of America during the fourth quarter worth approximately $3,938,246,000. Snider Financial Group increased its position in Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider valued at $5,956,000 after buying an additional 14,297,496 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Bank of America by 3,474.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider valued at $480,579,000 after purchasing an additional 11,332,721 shares in the last quarter. Capital Research Global Investors acquired a new position in Bank of America during the first quarter, valued at approximately $395,481,000. Finally, Altshuler Shaham Ltd increased its position in Bank of America by 800,016.5% during the third quarter. Altshuler Shaham Ltd now owns 7,729,125 shares of the financial services provider valued at $329,838,000 after buying an additional 7,728,159 shares in the last quarter. 70.46% of the shares are held by institutional investors.
Bank of America stock traded down $2.28 on Monday, hitting $36.14. The company’s shares had a trading volume of 2,455,943 shares, compared to an average volume of 53,884,977. The company has a debt ratio of 1.16, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market capitalization of $291.18 billion, a price-earnings ratio of 10.33, a PEG ratio of 1.48 and a beta of 1.39. The company’s fifty-day moving average price is $39.01 and its 200-day moving average price is $43.25. Bank of America has a 12-month low of $32.96 and a 12-month high of $50.11.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 24. Shareholders of record on Friday, June 3 will receive a dividend of $0.21 per share. The ex-dividend date is Thursday, June 2. This represents an annualized dividend of $0.84 and a dividend yield of 2.32%. Bank of America’s dividend payout ratio is currently 24.00%.
About Bank of America (Get an assessment)
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individuals, small and medium-sized businesses, institutional investors, large corporations and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, interest-free and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages and home equity loans, as well as direct and indirect loans, such as car loans, recreational vehicles and personal consumer loans.
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