Bank of America (BAC) Expected to Post Earnings of $0.64 Per Share

Wall Street brokerages predict that Bank of America (NYSE:BAC) will post earnings per share of $0.64 for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Bank of America’s earnings. The highest EPS estimate is $0.66 and the lowest is $0.59. Bank of America reported earnings of $0.46 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 39.1%. The firm is scheduled to report its next quarterly earnings results on Tuesday, July 17th.

On average, analysts expect that Bank of America will report full year earnings of $2.55 per share for the current fiscal year, with EPS estimates ranging from $2.45 to $2.62. For the next financial year, analysts forecast that the company will report earnings of $2.84 per share, with EPS estimates ranging from $2.70 to $3.04. Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow Bank of America.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The firm had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.41 earnings per share.

A number of brokerages have commented on BAC. Barclays increased their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 17th. Vetr cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price target for the company. in a research note on Monday, March 12th. Vining Sparks began coverage on shares of Bank of America in a research note on Monday, April 16th. They issued a “buy” rating and a $35.00 price target for the company. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $35.00 price target on shares of Bank of America in a research note on Thursday, April 5th. Finally, Morgan Stanley increased their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Nine analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $32.13.

A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp raised its stake in Bank of America by 5.8% in the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after purchasing an additional 5,720,403 shares in the last quarter. Legal & General Group Plc raised its stake 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 worth $1,296,863,000 after purchasing an additional 379,854 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Bank of America by 1.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 44,255,820 shares of the financial services provider’s stock worth $1,327,233,000 after purchasing an additional 452,837 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in Bank of America by 3.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock worth $1,175,286,000 after purchasing an additional 1,403,412 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Bank of America by 0.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 34,514,599 shares of the financial services provider’s stock worth $1,035,093,000 after purchasing an additional 247,700 shares in the last quarter. Institutional investors and hedge funds own 67.22% of the company’s stock.

BAC stock traded up $0.34 during trading hours on Tuesday, reaching $30.89. The stock had a trading volume of 61,032,112 shares, compared to its average volume of 71,435,172. The stock has a market cap of $309.97 billion, a P/E ratio of 16.88, a P/E/G ratio of 1.48 and a beta of 1.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $33.05.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.55%. The ex-dividend date is Thursday, May 31st. Bank of America’s dividend payout ratio (DPR) is 26.23%.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Earnings History and Estimates for Bank of America (NYSE:BAC)

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