Bank of America Corp (NYSE:BAC) – Research analysts at Jefferies Group lifted their FY2018 earnings per share (EPS) estimates for Bank of America in a report released on Monday. Jefferies Group analyst K. Usdin now expects that the financial services provider will post earnings of $2.45 per share for the year, up from their prior estimate of $2.10. Jefferies Group also issued estimates for Bank of America’s FY2019 earnings at $2.85 EPS.
A number of other equities research analysts have also recently issued reports on BAC. Vetr cut shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price on the stock. in a report on Wednesday. Robert W. Baird reaffirmed a “hold” rating and issued a $24.00 target price on shares of Bank of America in a report on Sunday, October 1st. Societe Generale cut shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday. Deutsche Bank reissued a “hold” rating and issued a $25.00 price target (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $31.00 price target on shares of Bank of America in a report on Monday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $27.56.
Shares of Bank of America (NYSE:BAC) traded up $0.11 during mid-day trading on Wednesday, hitting $30.66. 59,285,609 shares of the stock were exchanged, compared to its average volume of 75,340,000. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $319,800.00, a PE ratio of 17.83, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America has a 12 month low of $22.01 and a 12 month high of $30.73.
Bank of America (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Bank of America’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 EPS.
Large investors have recently made changes to their positions in the business. CHURCHILL MANAGEMENT Corp boosted its position in shares of Bank of America by 29.3% during the 4th quarter. CHURCHILL MANAGEMENT Corp now owns 63,259 shares of the financial services provider’s stock worth $1,867,000 after acquiring an additional 14,353 shares in the last quarter. Sawyer & Company Inc acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $810,000. Rockland Trust Co. boosted its position in shares of Bank of America by 3.7% during the 4th quarter. Rockland Trust Co. now owns 155,488 shares of the financial services provider’s stock worth $4,590,000 after acquiring an additional 5,555 shares in the last quarter. Kessler Investment Group LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $2,399,000. Finally, Trust Co boosted its position in shares of Bank of America by 1.4% during the 3rd quarter. Trust Co now owns 161,048 shares of the financial services provider’s stock worth $4,081,000 after acquiring an additional 2,150 shares in the last quarter. Hedge funds and other institutional investors own 68.43% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.57%. Bank of America’s payout ratio is presently 27.91%.
Bank of America announced that its board has initiated a stock buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
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About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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