Bank of America Corp (NYSE:BAC) – Investment analysts at Jefferies Group lowered their FY2017 earnings per share (EPS) estimates for shares of Bank of America in a research report issued on Monday, according to Zacks Investment Research. Jefferies Group analyst K. Usdin now anticipates that the financial services provider will earn $1.82 per share for the year, down from their previous forecast of $1.84. Jefferies Group also issued estimates for Bank of America’s Q1 2018 earnings at $0.49 EPS.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period last year, the company earned $0.41 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis.
Several other brokerages also recently weighed in on BAC. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a report on Monday, October 16th. Deutsche Bank restated a “hold” rating and set a $25.00 price target (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Keefe, Bruyette & Woods raised their price target on Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Thursday, December 14th. Wells Fargo & Co set a $35.00 price objective on Bank of America and gave the stock a “buy” rating in a report on Wednesday, December 20th. Finally, BidaskClub upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $27.56.
Shares of Bank of America (NYSE BAC) traded up $0.11 during trading hours on Wednesday, hitting $30.66. The stock had a trading volume of 59,195,984 shares, compared to its average volume of 75,340,000. Bank of America has a 1 year low of $22.01 and a 1 year high of $30.73. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $319,800.00, a P/E ratio of 17.83, a PEG ratio of 1.71 and a beta of 1.32.
Bank of America declared that its board has authorized a share buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.57%. Bank of America’s payout ratio is 27.91%.
Large investors have recently made changes to their positions in the business. Northwest Investment Counselors LLC purchased a new position in Bank of America in the second quarter worth about $100,000. Chicago Partners Investment Group LLC lifted its position 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 valued at $103,000 after buying an additional 450 shares in the last quarter. Burt Wealth Advisors lifted its position 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 valued at $112,000 after buying an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at about $115,000. Finally, Legacy Advisors LLC purchased a new position in shares of Bank of America during the 3rd quarter valued at about $115,000. 68.43% of the stock is currently 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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