Brokers expect Bank of America Co. (NYSE:BAC) to announce revenue of $23.17 billion for the current fiscal quarter, according to Zacks. Ten analysts released earnings estimates for Bank of America, with the lowest sales estimate of $22.63 billion and the highest estimate of $23.61 billion. Bank of America reported sales of $21.47 billion in the same quarter last year, indicating a positive year-over-year growth rate of 7.9%. The company is due to announce its next quarterly results on Monday, January 1.
According to Zacks, analysts expect Bank of America to report annual sales of $94.42 billion in the current fiscal year, with estimates ranging from $93.36 billion to $96.35 billion. . For the next fiscal year, analysts expect the company to post sales of $101.52 billion, with estimates ranging from $96.12 billion to $105.11 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that track Bank of America.
Bank of America (NYSE: BAC – Get a rating) last released its quarterly results on Monday, April 18. The financial services provider reported earnings per share (EPS) of $0.80 for the quarter, beating the consensus estimate of $0.79 by $0.01. The company posted revenue of $23.20 billion in the quarter, compared to $23.09 billion expected by analysts. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. The company’s revenue for the quarter increased by 1.8% compared to the same quarter last year. In the same quarter a year earlier, the company posted earnings of $0.86 per share.
The BAC has been the subject of a number of reports by research analysts. StockNews.com launched a hedge on Bank of America shares in a research note on Thursday, March 31. They set a “hold” rating on the stock. BMO Capital Markets cut its price target on Bank of America shares from $48.00 to $46.00 and set a “market performance” rating on the stock in a Tuesday, April 19 research report . Oppenheimer cut his price target on Bank of America shares from $52.00 to $50.00 in a Tuesday, May 3 research report. Robert W. Baird upgraded Bank of America shares from an ‘underperforming’ to a ‘neutral’ rating and set a price target of $42.00 on the stock in a Tuesday research report 8 March. Finally, JPMorgan Chase & Co. raised its price target on Bank of America shares from $52.50 to $53.50 in a Thursday, Feb. 3 research report. Nine research analysts gave the stock a hold rating and thirteen gave the company a buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $50.41.
A number of institutional investors and hedge funds have recently changed their positions in BAC. Camden National Bank increased its stake in Bank of America shares by 9.8% during the 4th quarter. Camden National Bank now owns 11,568 shares of the financial services provider worth $351,000 after buying an additional 1,030 shares during the period. New World Advisors LLC purchased a new position in Bank of America stock during Q3 for a value of approximately $471,000. EagleClaw Capital Management LLC increased its stake in Bank of America shares by 0.8% during the third quarter. EagleClaw Capital Management LLC now owns 92,730 shares of the financial services provider worth $3,934,000 after purchasing an additional 778 shares during the period. MV Capital Management Inc. increased its stake in Bank of America shares by 42.7% during the third quarter. MV Capital Management Inc. now owns 9,080 shares of the financial services provider worth $385,000 after purchasing an additional 2,719 shares during the period. Finally, Barings LLC increased its stake in Bank of America shares by 41.7% during the 3rd quarter. Barings LLC now owns 53,036 shares of the financial services provider worth $2,251,000 after purchasing an additional 15,602 shares during the period. Hedge funds and other institutional investors hold 70.46% of the company’s shares.
NYSE BAC opened at $35.65 on Wednesday. Bank of America has a 12-month low of $32.96 and a 12-month high of $50.11. The company has a debt ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $287.23 billion, a PE ratio of 10.19, a P/E/G ratio of 1.48 and a beta of 1.39. The company’s 50-day simple moving average is $38.75 and its 200-day simple moving average is $43.12.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 24. Investors of record on Friday, June 3 will receive a dividend of $0.21. The ex-dividend date is Thursday, June 2. This represents an annualized dividend of $0.84 and a yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is currently 24.00%.
About Bank of America (Get a rating)
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individuals, small and medium-sized businesses, institutional investors, large corporations and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, interest-free and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages and home equity loans, as well as direct and indirect loans, such as car loans, recreational vehicles and personal consumer loans.
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