Bank of America Corp (BAC) Expected to Post Earnings of $0.65 Per Share

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Equities analysts predict that Bank of America Corp (NYSE:BAC) will post $0.65 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Bank of America’s earnings. The lowest EPS estimate is $0.62 and the highest is $0.66. Bank of America posted earnings per share of $0.47 in the same quarter last year, which would suggest a positive year over year growth rate of 38.3%. The firm is expected to issue its next quarterly earnings results on Wednesday, January 16th.

On average, analysts expect that Bank of America will report full-year earnings of $2.55 per share for the current year, with EPS estimates ranging from $2.53 to $2.56. For the next year, analysts forecast that the business will report earnings of $2.85 per share, with EPS estimates ranging from $2.70 to $3.00. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that cover Bank of America.

Bank of America (NYSE:BAC) last issued its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. During the same period in the previous year, the firm earned $0.48 earnings per share. Bank of America’s quarterly revenue was up 3.2% compared to the same quarter last year.

A number of equities analysts have commented on BAC shares. BMO Capital Markets lifted their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday. Wolfe Research began coverage on shares of Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Bank of America has an average rating of “Buy” and an average target price of $34.19.

Shares of BAC stock opened at $28.32 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.98. Bank of America has a 12 month low of $25.81 and a 12 month high of $33.05. The stock has a market cap of $289.38 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 1.39 and a beta of 1.30.

The business also recently declared a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 7th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.12%. This is an increase from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, September 6th. Bank of America’s payout ratio is 32.79%.

Bank of America announced that its board has initiated a share repurchase plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

In other news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the sale, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.10% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in BAC. CSat Investment Advisory L.P. acquired a new position in shares of Bank of America in the second quarter valued at approximately $103,000. McKinley Carter Wealth Services Inc. acquired a new position in shares of Bank of America in the first quarter valued at approximately $105,000. Cardinal Capital Management Inc. acquired a new position in shares of Bank of America in the third quarter valued at approximately $106,000. Quad Cities Investment Group LLC acquired a new position in shares of Bank of America in the second quarter valued at approximately $112,000. Finally, Whitnell & Co. acquired a new position in shares of Bank of America in the second quarter valued at approximately $134,000. Hedge funds and other institutional investors own 65.15% of the company’s stock.

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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