Bank of America Corp (NYSE:BAC) Expected to Announce Quarterly Sales of $22.11 Billion

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.

A number of research firms have recently weighed in on BAC. Wells Fargo & Co set a $34.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a research note on Monday, June 17th. Raymond James cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Finally, Morgan Stanley lowered their price objective on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $32.29.

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.

Read More: What causes a stock to be most active?

Get a free copy of the Zacks research report on Bank of America (BAC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Bank of America (NYSE:BAC)

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.