Bank of America Corp (NYSE:BAC) – Investment analysts at Jefferies Group increased their FY2018 earnings estimates for shares of Bank of America in a note issued to investors on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings per share of $2.45 for the year, up from their previous estimate of $2.10. Jefferies Group also issued estimates for Bank of America’s FY2019 earnings at $2.85 EPS.
Other analysts have also issued research reports about the stock. Instinet lowered their target price on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a research report on Monday, October 16th. Oppenheimer restated a “buy” rating on shares of Bank of America in a research report on Friday, October 13th. Nomura upped their price target on shares of Bank of America from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, October 16th. Finally, BidaskClub downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $27.56.
Bank of America (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year.
Large investors have recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new position in Bank of America during the second quarter worth about $100,000. Chicago Partners Investment Group LLC boosted its holdings in Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares during the last quarter. Burt Wealth Advisors boosted its holdings in Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC bought a new position in Bank of America during the second quarter worth about $115,000. Finally, Legacy Advisors LLC bought a new position in Bank of America during the third quarter worth about $115,000. Institutional investors own 68.43% of the company’s stock.
Bank of America declared that its board has authorized a stock buyback plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.59%. Bank of America’s dividend payout ratio is currently 27.91%.
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About Bank of America
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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