Bank of America (NYSE:BAC) announced a quarterly dividend on Wednesday, April 25th, Zacks reports. Investors of record on Friday, June 1st will be given a dividend of 0.12 per share by the financial services provider on Friday, June 29th. This represents a $0.48 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Thursday, May 31st.
Bank of America has raised its dividend by an average of 48.1% per year over the last three years and has increased its dividend every year for the last 4 years. Bank of America has a dividend payout ratio of 20.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of America to earn $2.84 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 16.9%.
BAC stock traded down $0.05 during trading on Friday, hitting $30.16. The company had a trading volume of 44,123,891 shares, compared to its average volume of 58,006,944. The company has a market capitalization of $309.46 billion, a P/E ratio of 16.48, a PEG ratio of 1.48 and a beta of 1.37. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $33.05. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.03. The business had revenue of $23.10 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. equities analysts anticipate that Bank of America will post 2.55 EPS for the current year.
Several research firms recently weighed in on BAC. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Bank of America in a report on Thursday, April 5th. Vining Sparks began coverage on shares of Bank of America in a report on Monday, April 16th. They issued a “buy” rating and a $35.00 price objective for the company. Morgan Stanley upped their price objective on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Vetr raised shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $34.96 price objective for the company in a report on Friday, March 23rd. Nine analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $32.13.
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.
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.