Bank of America (NYSE:BAC) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03, Briefing.com reports. The company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS.
Bank of America (NYSE BAC) opened at $31.18 on Thursday. The firm has a market cap of $325,230.00, a P/E ratio of 18.13, a PEG ratio of 1.70 and a beta of 1.32. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. Bank of America has a 1 year low of $22.07 and a 1 year high of $31.79.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is currently 27.91%.
Bank of America declared that its board has authorized a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several institutional investors have recently added to or reduced their stakes in BAC. Gateway Advisory LLC grew its position in Bank of America by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 45 shares in the last quarter. Arbor Investment Advisors LLC grew its position in Bank of America by 0.3% during the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 46 shares in the last quarter. Lbmc Investment Advisors LLC grew its position in Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares in the last quarter. TCI Wealth Advisors Inc. grew its position in Bank of America by 0.4% during the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 54 shares in the last quarter. Finally, Altavista Wealth Management Inc. grew its position in Bank of America by 0.7% during the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after purchasing an additional 68 shares in the last quarter. 68.46% of the stock is currently owned by institutional investors and hedge funds.
Bank of America 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.
What are top analysts saying about Bank of America? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Bank of America and related companies.