Bank of America Corp (NYSE:BAC) declared a quarterly dividend on Wednesday, January 31st, Zacks reports. Shareholders of record on Friday, March 2nd will be paid a dividend of 0.12 per share by the financial services provider on Friday, March 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Thursday, March 1st.
Bank of America has raised its dividend payment by an average of 48.1% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Bank of America has a payout ratio of 20.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Bank of America to earn $2.76 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 17.4%.
Bank of America (NYSE BAC) opened at $32.03 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market capitalization of $329,500.00, a price-to-earnings ratio of 17.70, a price-to-earnings-growth ratio of 1.61 and a beta of 1.41. Bank of America has a one year low of $22.07 and a one year high of $32.67.
Bank of America (NYSE:BAC) last issued its quarterly 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. The firm had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. equities research analysts predict that Bank of America will post 2.46 earnings per share for the current year.
Bank of America declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits 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 board believes its stock is undervalued.
A number of equities analysts have issued reports on BAC shares. JPMorgan Chase & Co. increased their price target on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $26.67 price target for the company. in a research note on Monday, November 6th. BidaskClub downgraded Bank of America from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. Morgan Stanley reiterated an “overweight” rating and set a $30.00 price objective (up previously from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research report on Friday, December 8th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $30.21.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. GRATRY & Co LLC purchased a new stake in shares of Bank of America in the second quarter valued at $201,000. Altavista Wealth Management Inc. lifted its holdings in shares of Bank of America by 0.7% in the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after purchasing an additional 68 shares in the last quarter. BB&T Investment Services Inc. purchased a new stake in shares of Bank of America in the second quarter valued at $275,000. Clear Perspective Advisors LLC lifted its holdings in shares of Bank of America by 378.2% in the second quarter. Clear Perspective Advisors LLC now owns 11,380 shares of the financial services provider’s stock valued at $276,000 after purchasing an additional 9,000 shares in the last quarter. Finally, Logan Capital Management Inc. lifted its holdings in shares of Bank of America by 18.5% in the second quarter. Logan Capital Management Inc. now owns 17,338 shares of the financial services provider’s stock valued at $421,000 after purchasing an additional 2,706 shares in the last quarter. Institutional investors own 68.67% of the company’s stock.
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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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