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.
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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.
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