Bank of America Corporation (NYSE:BAC) – Research analysts at Jefferies Group cut their Q4 2017 EPS estimates for Bank of America Corporation in a note issued to investors on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings per share of $0.49 for the quarter, down from their previous forecast of $0.50. Jefferies Group currently has a “Buy” rating and a $28.00 price target on the stock.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same quarter last year, the firm posted $0.41 earnings per share. Bank of America Corporation’s revenue for the quarter was up 2.1% compared to the same quarter last year.
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Several other research firms have also weighed in on BAC. Citigroup Inc. restated a “neutral” rating and issued a $27.00 target price (up from $25.00) on shares of Bank of America Corporation in a report on Monday. Vetr lowered Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 target price for the company. in a report on Wednesday, October 4th. Zacks Investment Research lowered Bank of America Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. Credit Suisse Group restated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday. Finally, Robert W. Baird restated a “hold” rating and issued a $24.00 target price on shares of Bank of America Corporation in a report on Sunday, October 1st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the stock. Bank of America Corporation currently has a consensus rating of “Buy” and a consensus price target of $24.88.
Bank of America Corporation (BAC) traded up 0.28% on Thursday, reaching $25.52. 32,419,536 shares of the company traded hands. The firm has a 50 day moving average price of $24.65 and a 200 day moving average price of $23.91. The stock has a market capitalization of $268.38 billion, a price-to-earnings ratio of 15.20 and a beta of 1.25. Bank of America Corporation has a 52-week low of $15.90 and a 52-week high of $26.30.
Bank of America Corporation declared that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.89%. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.18% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Northwest Investment Counselors LLC bought a new position in Bank of America Corporation in the second quarter valued at approximately $100,000. Armbruster Capital Management Inc. grew its stake in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC grew its stake in Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares in the last quarter. MPS Loria Financial Planners LLC bought a new position in Bank of America Corporation in the second quarter valued at approximately $115,000. Finally, Tarbox Family Office Inc. grew its stake in Bank of America Corporation by 0.4% in the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 61.64% of the company’s stock.
Bank of America Corporation 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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