Bank of America Corp (NYSE:BAC) – Stock analysts at Jefferies Group increased their FY2018 earnings estimates for shares of Bank of America in a research note issued on Monday, Zacks Investment Research reports. Jefferies Group analyst K. Usdin now expects that the financial services provider will post earnings of $2.45 per share for the year, up from their prior forecast of $2.10. Jefferies Group also issued estimates for Bank of America’s FY2019 earnings at $2.85 EPS.
A number of other equities research analysts have also recently issued reports on BAC. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday. Morgan Stanley boosted their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday. Vetr raised shares of Bank of America from a “sell” rating to a “hold” rating and set a $25.61 target price on the stock in a report on Monday, October 9th. Citigroup reissued a “neutral” rating and set a $27.00 target price (up previously from $25.00) on shares of Bank of America in a report on Monday, October 9th. Finally, Royal Bank of Canada upped their price target on shares of Bank of America from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $30.17.
Shares of Bank of America (BAC) opened at $31.95 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America has a 1-year low of $22.07 and a 1-year high of $32.67. The stock has a market cap of $333,260.00, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 1.65 and a beta of 1.41.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same quarter in the previous year, the firm posted $0.40 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year.
Bank of America declared that its board has approved a share buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be paid a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. Bank of America’s dividend payout ratio is presently 31.17%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after acquiring an additional 9,117,007 shares during the last quarter. Korea Investment CORP increased its stake in Bank of America by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after acquiring an additional 390,771 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Bank of America by 1.7% in the second 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 acquiring an additional 1,079,788 shares during the last quarter. Legal & General Group Plc increased its stake in Bank of America by 0.7% in the third 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 acquiring an additional 379,854 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Bank of America by 27.8% in the second 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 acquiring an additional 9,612,342 shares during the last quarter. 69.51% of the stock is currently owned by institutional investors and hedge funds.
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About Bank of America
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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