Bank of America Corp (NYSE:BAC) – Analysts at Jefferies Group decreased their Q1 2018 EPS estimates for Bank of America in a research note issued to investors on Wednesday, Zacks Investment Research reports. Jefferies Group analyst K. Usdin now anticipates that the financial services provider will earn $0.57 per share for the quarter, down from their previous forecast of $0.58. Jefferies Group also issued estimates for Bank of America’s Q2 2018 earnings at $0.60 EPS, Q3 2018 earnings at $0.63 EPS, FY2018 earnings at $2.42 EPS and FY2019 earnings at $2.80 EPS.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 analyst estimates of $21.61 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. Bank of America’s revenue was up 3.5% compared to the same quarter last year.
Several other brokerages have also issued reports on BAC. Vetr raised shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price target on the stock in a report on Tuesday, November 7th. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. Wells Fargo & Co set a $35.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Finally, Credit Suisse Group upgraded shares of Bank of America to an “outperform” rating and upped their price target for the stock from $32.00 to $35.00 in a research report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $29.99.
Shares of Bank of America (BAC) traded up $0.82 during trading on Monday, reaching $32.00. 97,131,435 shares of the company’s stock traded hands, compared to its average volume of 81,330,000. The company has a market cap of $329,190.00, a price-to-earnings ratio of 20.78, a PEG ratio of 1.58 and a beta of 1.41. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a 12-month low of $22.07 and a 12-month high of $32.67.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s payout ratio is presently 31.17%.
Bank of America declared that its board has authorized a stock repurchase program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 1ST Source Bank increased its position in Bank of America by 4.8% during the 3rd quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock worth $2,056,000 after buying an additional 3,690 shares during the period. Teacher Retirement System of Texas increased its position in Bank of America by 1.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock worth $172,469,000 after buying an additional 128,510 shares during the period. TIAA FSB bought a new position in Bank of America during the 2nd quarter worth $2,400,000. Personal Capital Advisors Corp bought a new position in Bank of America during the 3rd quarter worth $311,000. Finally, Bronfman E.L. Rothschild L.P. increased its position in Bank of America by 7.5% during the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock worth $1,639,000 after buying an additional 4,537 shares during the period. 69.28% of the stock is owned by institutional investors.
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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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