Equities analysts expect Bank of America Corp (NYSE:BAC) to announce sales of $22.11 billion for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Bank of America’s earnings, with the highest sales estimate coming in at $22.76 billion and the lowest estimate coming in at $20.49 billion. Bank of America reported sales of $22.78 billion during the same quarter last year, which suggests a negative year over year growth rate of 2.9%. The company is expected to issue its next earnings results on Monday, October 21st.
According to Zacks, analysts expect that Bank of America will report full-year sales of $90.80 billion for the current financial year, with estimates ranging from $88.80 billion to $91.86 billion. For the next financial year, analysts anticipate that the business will post sales of $91.10 billion, with estimates ranging from $89.80 billion to $92.76 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow Bank of America.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period in the prior year, the company posted $0.63 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis.
Shares of NYSE:BAC traded up $0.56 on Friday, reaching $28.37. 42,838,443 shares of the company were exchanged, compared to its average volume of 56,551,215. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America has a 1-year low of $22.66 and a 1-year high of $31.17. The firm has a market cap of $264.08 billion, a price-to-earnings ratio of 10.87, a price-to-earnings-growth ratio of 1.13 and a beta of 1.60. The company has a 50-day moving average of $28.24 and a 200-day moving average of $28.73.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.54%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, September 5th. Bank of America’s dividend payout ratio is presently 27.59%.
Bank of America announced that its Board of Directors has approved a share buyback plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in BAC. Altman Advisors Inc. grew its holdings in Bank of America by 1.9% during the first quarter. Altman Advisors Inc. now owns 72,898 shares of the financial services provider’s stock worth $2,011,000 after acquiring an additional 1,347 shares during the period. Mechanics Bank Trust Department grew its holdings in Bank of America by 23.0% during the first quarter. Mechanics Bank Trust Department now owns 70,412 shares of the financial services provider’s stock worth $1,943,000 after acquiring an additional 13,145 shares during the period. Steinberg Global Asset Management grew its holdings in Bank of America by 31.7% during the first quarter. Steinberg Global Asset Management now owns 36,149 shares of the financial services provider’s stock worth $997,000 after acquiring an additional 8,710 shares during the period. Brooks Moore & Associates Inc. acquired a new position in Bank of America during the first quarter worth about $491,000. Finally, Field & Main Bank acquired a new position in Bank of America during the first quarter worth about $546,000. Institutional investors own 68.48% of the company’s stock.
About Bank of America
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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