Bank of America (BAC) Issues Earnings Results, Beats Expectations By $0.03 EPS

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.

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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.

Earnings History for Bank of America (NYSE:BAC)

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