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.
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 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.
ILLEGAL ACTIVITY NOTICE: This report was reported by Community Financial News and is the property of of Community Financial News. If you are reading this report on another website, it was illegally stolen and republished in violation of U.S. & international copyright law. The correct version of this report can be read at https://www.com-unik.info/2018/04/16/bank-of-america-bac-announces-earnings-results.html.
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.
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.