Bank of America Corporation Expected to Post Q4 2017 Earnings of $0.49 Per Share (BAC)

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.

WARNING: “Bank of America Corporation Expected to Post Q4 2017 Earnings of $0.49 Per Share (BAC)” was originally reported by Ticker Report and is the sole property of of Ticker Report. If you are reading this article on another website, it was illegally stolen and reposted in violation of United States & international copyright & trademark law. The correct version of this article can be read at https://www.tickerreport.com/banking-finance/2957495/bank-of-america-corporation-expected-to-post-q4-2017-earnings-of-0-49-per-share-bac.html.

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.

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

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


Leave a Reply

© 2006-2017 Ticker Report. Google+.