Brokerages predict that Bank of America Corporation (NYSE:BAC) will announce $22.35 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Bank of America Corporation’s earnings, with the lowest sales estimate coming in at $22.03 billion and the highest estimate coming in at $22.69 billion. Bank of America Corporation reported sales of $21.64 billion during the same quarter last year, which indicates a positive year over year growth rate of 3.3%. The firm is expected to report its next earnings report on Monday, October 16th.
On average, analysts expect that Bank of America Corporation will report full-year sales of $22.35 billion for the current fiscal year, with estimates ranging from $88.33 billion to $90.61 billion. For the next year, analysts expect that the business will report sales of $92.03 billion per share, with estimates ranging from $90.30 billion to $93.31 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that cover Bank of America Corporation.
Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same period last year, the business posted $0.41 EPS. The company’s revenue was up 7.1% compared to the same quarter last year.
A number of equities analysts have recently issued reports on BAC shares. Vetr downgraded Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 price target on the stock. in a research report on Tuesday, July 4th. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Wednesday, April 19th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Wednesday, May 3rd. Jefferies Group LLC reissued a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research report on Friday, May 5th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $28.00 target price (up from $26.00) on shares of Bank of America Corporation in a research report on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $23.74.
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A number of hedge funds have recently added to or reduced their stakes in the stock. Dodge & Cox acquired a new stake in Bank of America Corporation during the fourth quarter worth approximately $4,159,570,000. Norges Bank acquired a new stake in Bank of America Corporation during the fourth quarter worth approximately $2,256,221,000. UBS Asset Management Americas Inc. increased its stake in Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock worth $933,718,000 after buying an additional 8,595,423 shares during the last quarter. Investec Asset Management LTD increased its stake in Bank of America Corporation by 163.4% in the first quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock worth $248,655,000 after buying an additional 6,538,908 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its stake in Bank of America Corporation by 87.2% in the fourth quarter. Westwood Holdings Group Inc. now owns 10,565,503 shares of the financial services provider’s stock worth $233,498,000 after buying an additional 4,920,814 shares during the last quarter. Institutional investors own 66.42% of the company’s stock.
Shares of Bank of America Corporation (NYSE:BAC) traded down 0.64% during mid-day trading on Friday, reaching $24.74. The company’s stock had a trading volume of 56,863,505 shares. Bank of America Corporation has a one year low of $14.70 and a one year high of $25.80. The firm’s 50 day moving average is $24.09 and its 200 day moving average is $23.71. The firm has a market cap of $260.18 billion, a PE ratio of 14.73 and a beta of 1.27.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.94%. Bank of America Corporation’s dividend payout ratio is presently 17.86%.
Bank of America Corporation announced that its board has approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
About Bank of America Corporation
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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