Bank of America Corp (NYSE:BAC) Forecasted to Post FY2020 Earnings of $3.05 Per Share

Bank of America Corp (NYSE:BAC) – Research analysts at Piper Sandler issued their FY2020 earnings per share estimates for shares of Bank of America in a report released on Tuesday, January 14th. Piper Sandler analyst J. Harte anticipates that the financial services provider will post earnings per share of $3.05 for the year.

Several other equities research analysts have also commented on BAC. Argus reaffirmed a “buy” rating and set a $39.00 price target (up previously from $35.00) on shares of Bank of America in a research report on Wednesday. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $33.00 price target (up previously from $30.00) on shares of Bank of America in a research report on Monday, November 4th. UBS Group lowered shares of Bank of America from a “buy” rating to a “neutral” rating and upped their price target for the company from $34.00 to $36.00 in a research report on Monday, January 6th. Barclays raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price target for the company in a research report on Monday, January 6th. Finally, Credit Suisse Group upped their price target on shares of Bank of America from $38.00 to $39.00 and gave the company an “outperform” rating in a research report on Thursday. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $34.99.

Shares of NYSE BAC traded down $0.06 during midday trading on Friday, hitting $34.66. 19,516,315 shares of the company’s stock traded hands, compared to its average volume of 47,250,813. Bank of America has a 1 year low of $26.21 and a 1 year high of $35.72. The stock has a market capitalization of $313.16 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 1.30 and a beta of 1.64. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a fifty day moving average of $34.54 and a 200 day moving average of $30.91.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm had revenue of $22.30 billion during the quarter, compared to analyst estimates of $22.30 billion. During the same quarter in the prior year, the firm earned $0.70 EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year.

Hedge funds have recently bought and sold shares of the business. Nvwm LLC boosted its position in shares of Bank of America by 0.9% during the 3rd quarter. Nvwm LLC now owns 34,592 shares of the financial services provider’s stock valued at $1,009,000 after acquiring an additional 321 shares during the last quarter. Signature Estate & Investment Advisors LLC boosted its position in shares of Bank of America by 4.7% during the 3rd quarter. Signature Estate & Investment Advisors LLC now owns 7,325 shares of the financial services provider’s stock valued at $214,000 after acquiring an additional 326 shares during the last quarter. FTB Advisors Inc. boosted its position in shares of Bank of America by 0.4% during the 4th quarter. FTB Advisors Inc. now owns 83,419 shares of the financial services provider’s stock valued at $2,937,000 after acquiring an additional 329 shares during the last quarter. Enterprise Trust & Investment Co boosted its position in shares of Bank of America by 1.9% during the 4th quarter. Enterprise Trust & Investment Co now owns 18,778 shares of the financial services provider’s stock valued at $661,000 after acquiring an additional 349 shares during the last quarter. Finally, Wendell David Associates Inc. boosted its position in shares of Bank of America by 1.5% during the 3rd quarter. Wendell David Associates Inc. now owns 24,452 shares of the financial services provider’s stock valued at $713,000 after acquiring an additional 350 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

In related news, Director Frank P. Bramble sold 6,500 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,566,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.17% of the company’s stock.

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Thursday, December 5th. Bank of America’s dividend payout ratio is 27.59%.

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 and Estimates for Bank of America (NYSE:BAC)

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