Zacks: Analysts Expect Bank of America Co. (NYSE: BAC) to Report Quarterly Sales of $23.17 Billion

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.

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The BAC has been the subject of a number of reports by research analysts. 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.

See also

Get a Free Copy of Zacks’ Research Report on Bank of America (BAC)

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Earnings history and estimates for Bank of America (NYSE:BAC)

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