Analysts Anticipate Bank of America Co. (NYSE:BAC) Will Announce Earnings of $0.75 Per Share

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.

Several equities analysts have weighed in on the company. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Friday, June 18th. JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $40.50 to $43.50 and gave the company an “overweight” rating in a report on Monday, May 3rd. Credit Suisse Group lifted their price objective on Bank of America from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, June 15th. Barclays upped their target price on Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 7th. Finally, Truist assumed coverage on shares of Bank of America in a research note on Wednesday, June 2nd. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and an average target price of $38.78.

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.

Further Reading: What sectors are represented in the FTSE 100 index?

Get a free copy of the Zacks research report on Bank of America (BAC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.