Bank of America (NYSE:BAC) Issues Earnings Results

Bank of America Corp (NYSE:BAC) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04, Morningstar.com reports. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The firm had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.13 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year.

Shares of NYSE:BAC opened at $29.40 on Friday. The stock has a market capitalization of $280.30 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 1.17 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.91. The firm’s 50 day moving average is $28.47.

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, June 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.04%. Bank of America’s payout ratio is 22.99%.



Bank of America declared that its Board of Directors has initiated a stock buyback plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

A number of equities research analysts have commented on BAC shares. Oppenheimer set a $15.00 price objective on Strongbridge Biopharma and gave the company a “buy” rating in a research note on Tuesday, March 26th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a research note on Monday, June 17th. HSBC reissued a “hold” rating on shares of Societe Generale in a research note on Thursday, April 4th. JPMorgan Chase & Co. started coverage on Pinduoduo in a research note on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 price objective for the company. Finally, Jefferies Financial Group set a $158.00 price objective on HCA Healthcare and gave the company a “buy” rating in a research note on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. Bank of America presently has an average rating of “Hold” and an average target price of $32.52.

Institutional investors have recently modified their holdings of the stock. CNB Bank lifted its holdings in Bank of America by 188.4% during the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 620 shares during the period. Cranbrook Wealth Management LLC lifted its holdings in Bank of America by 86.1% during the fourth quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 500 shares during the period. Karp Capital Management Corp bought a new stake in Bank of America during the fourth quarter worth $31,000. Paragon Capital Management LLC bought a new stake in Bank of America during the first quarter worth $33,000. Finally, Semmax Financial Advisors Inc. bought a new stake in Bank of America during the fourth quarter worth $34,000. Institutional investors and hedge funds own 68.20% of the company’s stock.

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.

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Earnings History for Bank of America (NYSE:BAC)

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