Equities Analysts Issue Forecasts for Bank of America Corp’s Q1 2018 Earnings (BAC)

Bank of America Corp (NYSE:BAC) – Stock analysts at Jefferies Group issued their Q1 2018 earnings estimates for Bank of America in a research note issued to investors on Tuesday. Jefferies Group analyst K. Usdin forecasts that the financial services provider will post earnings of $0.58 per share for the quarter. Jefferies Group also issued estimates for Bank of America’s Q2 2018 earnings at $0.61 EPS, Q3 2018 earnings at $0.64 EPS and Q4 2018 earnings at $0.62 EPS.

BAC has been the subject of several other research reports. Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target for the company. in a report on Wednesday. BMO Capital Markets restated a “market perform” rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America in a report on Monday, October 16th. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. UBS Group set a $27.00 price target on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, October 16th. Finally, Robert W. Baird restated a “hold” rating and set a $24.00 price target on shares of Bank of America in a report on Sunday, October 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $29.14.

Shares of Bank of America (BAC) traded up $0.20 during midday trading on Friday, reaching $30.86. 16,085,527 shares of the company were exchanged, compared to its average volume of 60,395,762. The company has a market cap of $321,990.00, a price-to-earnings ratio of 17.94, a PEG ratio of 1.71 and a beta of 1.32. Bank of America has a 1-year low of $22.01 and a 1-year high of $30.73. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $0.41 EPS.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s payout ratio is currently 27.91%.

Bank of America announced that its board has approved a share buyback program on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $100,000. Chicago Partners Investment Group LLC raised its stake in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the period. Burt Wealth Advisors raised its stake in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares during the period. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $115,000. Finally, Legacy Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $115,000. 68.43% of the stock is owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION WARNING: “Equities Analysts Issue Forecasts for Bank of America Corp’s Q1 2018 Earnings (BAC)” was originally reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece on another website, it was stolen and republished in violation of US & international trademark & copyright laws. The correct version of this piece can be accessed at https://www.dispatchtribunal.com/2018/01/12/equities-analysts-issue-forecasts-for-bank-of-america-corps-q1-2018-earnings-bac.html.

Bank of America Company Profile

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.

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.

Leave a Reply