Bank of America (BAC) Announces Earnings Results

Bank of America (NYSE:BAC) announced its quarterly earnings data on Monday. The financial services provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03, Bloomberg Earnings reports. The firm had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.04 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the company earned $0.41 EPS.

BAC stock opened at $29.93 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market cap of $305,261.97, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.49 and a beta of 1.37. Bank of America has a 1-year low of $22.07 and a 1-year high of $33.05.

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The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.60%. Bank of America’s dividend payout ratio is presently 26.23%.

A number of hedge funds have recently bought and sold shares of the business. Altavista Wealth Management Inc. lifted its holdings 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 worth $247,000 after acquiring an additional 68 shares in the last quarter. First City Capital Management Inc. lifted its holdings in Bank of America by 0.7% during the second quarter. First City Capital Management Inc. now owns 66,982 shares of the financial services provider’s stock worth $1,625,000 after acquiring an additional 453 shares in the last quarter. Gofen & Glossberg LLC IL lifted its holdings in Bank of America by 1.6% during the second quarter. Gofen & Glossberg LLC IL now owns 33,823 shares of the financial services provider’s stock worth $821,000 after acquiring an additional 521 shares in the last quarter. Miles Capital Inc. lifted its holdings in Bank of America by 5.8% during the second quarter. Miles Capital Inc. now owns 19,089 shares of the financial services provider’s stock worth $463,000 after acquiring an additional 1,053 shares in the last quarter. Finally, Abbrea Capital LLC lifted its holdings in Bank of America by 2.6% during the fourth quarter. Abbrea Capital LLC now owns 61,950 shares of the financial services provider’s stock worth $1,829,000 after acquiring an additional 1,566 shares in the last quarter. Hedge funds and other institutional investors own 69.85% of the company’s stock.

A number of brokerages have commented on BAC. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $35.00 price objective on shares of Bank of America in a research report on Thursday, April 5th. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $34.96 price objective on the stock in a research report on Friday, March 23rd. Credit Suisse Group increased their price objective on Bank of America from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, March 16th. Zacks Investment Research lowered Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Finally, Morgan Stanley increased their price objective on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Nine research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus price target of $30.97.

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Bank of America Company Profile

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.

Earnings History for Bank of America (NYSE:BAC)

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