Wall Street analysts expect Bank of America Co. (NYSE:BAC) to announce earnings of $0.75 per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Bank of America’s earnings, with the highest EPS estimate coming in at $0.79 and the lowest estimate coming in at $0.69. Bank of America reported earnings per share of $0.37 during the same quarter last year, which suggests a positive year over year growth rate of 102.7%. The company is scheduled to report its next earnings report on Thursday, July 15th.
On average, analysts expect that Bank of America will report full year earnings of $3.12 per share for the current financial year, with EPS estimates ranging from $2.94 to $3.26. For the next fiscal year, analysts anticipate that the firm will report earnings of $3.13 per share, with EPS estimates ranging from $2.80 to $3.45. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that follow Bank of America.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.21. Bank of America had a return on equity of 8.90% and a net margin of 24.09%. The business had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.67 billion. During the same period in the previous year, the business earned $0.40 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis.
Hedge funds have recently made changes to their positions in the stock. Well Done LLC lifted its holdings in shares of Bank of America by 2.8% during the first quarter. Well Done LLC now owns 9,169 shares of the financial services provider’s stock valued at $355,000 after acquiring an additional 249 shares during the period. Regal Wealth Group Inc. raised its stake in shares of Bank of America by 7.7% in the first quarter. Regal Wealth Group Inc. now owns 3,558 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 253 shares during the last quarter. Family Legacy Inc. boosted its holdings in shares of Bank of America by 1.2% in the 1st quarter. Family Legacy Inc. now owns 22,567 shares of the financial services provider’s stock worth $873,000 after acquiring an additional 264 shares in the last quarter. Relyea Zuckerberg Hanson LLC increased its holdings in Bank of America by 2.9% during the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 9,369 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 265 shares in the last quarter. Finally, Accel Wealth Management grew its holdings in shares of Bank of America by 1.4% during the first quarter. Accel Wealth Management now owns 19,414 shares of the financial services provider’s stock worth $751,000 after purchasing an additional 273 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE BAC traded up $0.64 during mid-day trading on Thursday, reaching $40.84. 1,459,607 shares of the company traded hands, compared to its average volume of 50,932,949. Bank of America has a fifty-two week low of $22.39 and a fifty-two week high of $43.49. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $349.97 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.92 and a beta of 1.56. The company has a fifty day moving average of $41.22.
Bank of America announced that its board has authorized a share repurchase plan on Thursday, April 15th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 25th. Investors of record on Friday, June 4th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, June 3rd. Bank of America’s dividend payout ratio (DPR) is presently 38.50%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-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 automotive, recreational vehicle, and consumer personal loans.
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