Bank of America (NYSE:BAC) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03, Briefing.com reports. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the business earned $0.40 EPS.
Bank of America (NYSE BAC) opened at $31.18 on Thursday. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $31.79. 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 cap of $325,230.00, a PE ratio of 18.13, a PEG ratio of 1.70 and a beta of 1.32.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.
Bank of America declared that its board has approved a stock buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
Several research analysts have weighed in on BAC shares. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Royal Bank of Canada reissued a “buy” rating and set a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Credit Suisse Group raised shares of Bank of America to an “outperform” rating and raised their price objective for the stock from $32.00 to $35.00 in a report on Thursday, January 4th. Morgan Stanley reissued an “overweight” rating and set a $30.00 price objective (up from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a report on Thursday, December 14th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $29.58.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Korea Investment CORP lifted its position in Bank of America by 0.5% in the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after purchasing an additional 390,771 shares during the last quarter. TIAA CREF Investment Management LLC lifted its position in Bank of America by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares during the last quarter. Legal & General Group Plc lifted its position in Bank of America by 0.7% in the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Bank of America by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares during the last quarter. 68.46% of the stock is owned by institutional investors and hedge funds.
WARNING: This report was first posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this report on another website, it was stolen and reposted in violation of United States and international copyright & trademark law. The original version of this report can be viewed at https://www.dispatchtribunal.com/2018/01/18/bank-of-america-bac-issues-earnings-results-beats-expectations-by-0-03-eps.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.
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.