$21.99 Billion in Sales Expected for Bank of America Co. (NYSE:BAC) This Quarter

Equities research analysts predict that Bank of America Co. (NYSE:BAC) will post sales of $21.99 billion for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Bank of America’s earnings. The highest sales estimate is $22.76 billion and the lowest is $21.58 billion. Bank of America reported sales of $20.10 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 9.4%. The company is expected to announce its next earnings results before the market opens on Wednesday, January 19th.

According to Zacks, analysts expect that Bank of America will report full-year sales of $89.18 billion for the current year, with estimates ranging from $88.63 billion to $90.13 billion. For the next financial year, analysts forecast that the business will post sales of $93.16 billion, with estimates ranging from $90.59 billion to $103.89 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Bank of America.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.14. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The firm had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $21.60 billion. During the same quarter last year, the business earned $0.51 earnings per share. The business’s revenue was up 11.9% on a year-over-year basis.

Several equities analysts have commented on BAC shares. Wolfe Research lowered Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 price objective for the company. in a research report on Wednesday, October 13th. Robert W. Baird lowered Bank of America from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $47.17 to $42.00 in a research report on Monday, November 1st. They noted that the move was a valuation call. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price objective for the company in a research report on Monday, September 13th. Jefferies Financial Group raised their price objective on Bank of America from $41.00 to $48.00 and gave the company a “hold” rating in a research report on Monday, October 11th. Finally, Morgan Stanley raised their price objective on Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a research report on Thursday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Buy” and an average target price of $44.04.

NYSE:BAC traded up $0.13 during trading hours on Monday, hitting $47.63. The company had a trading volume of 40,059,953 shares, compared to its average volume of 48,298,340. The company has a market capitalization of $389.81 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 1.86 and a beta of 1.53. The stock has a 50-day moving average price of $45.21 and a 200 day moving average price of $42.33. Bank of America has a 52 week low of $28.10 and a 52 week high of $48.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.74 and a quick ratio of 0.73.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Friday, December 3rd will be issued a $0.21 dividend. The ex-dividend date is Thursday, December 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 1.76%. Bank of America’s dividend payout ratio is presently 25.23%.

In related news, Director Frank P. Bramble sold 2,200 shares of the stock in a transaction on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total transaction of $106,084.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dean C. Athanasia sold 108,478 shares of the company’s stock in a transaction on Friday, October 15th. The shares were sold at an average price of $45.77, for a total value of $4,965,038.06. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in BAC. Centerpoint Advisors LLC grew its holdings in shares of Bank of America by 2.7% during the 3rd quarter. Centerpoint Advisors LLC now owns 8,523 shares of the financial services provider’s stock valued at $362,000 after acquiring an additional 221 shares in the last quarter. BT Wealth Management LLC boosted its holdings in Bank of America by 3.0% in the third quarter. BT Wealth Management LLC now owns 7,666 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 225 shares in the last quarter. Keel Point LLC boosted its holdings in Bank of America by 1.4% in the third quarter. Keel Point LLC now owns 15,922 shares of the financial services provider’s stock worth $676,000 after purchasing an additional 226 shares in the last quarter. Probity Advisors Inc. boosted its holdings in Bank of America by 0.5% in the third quarter. Probity Advisors Inc. now owns 46,843 shares of the financial services provider’s stock worth $1,988,000 after purchasing an additional 227 shares in the last quarter. Finally, Garrett Investment Advisors LLC boosted its holdings in Bank of America by 4.2% in the third quarter. Garrett Investment Advisors LLC now owns 5,700 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 228 shares in the last quarter. Hedge funds and other institutional investors own 70.67% of the company’s stock.

About Bank of America

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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