Bank of America Co. (NYSE:BAC) posted its quarterly earnings results on Thursday. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.14, RTT News reports. Bank of America had a return on equity of 11.08% and a net margin of 30.82%. The business had revenue of $22.77 billion for the quarter, compared to analyst estimates of $21.60 billion. During the same period last year, the company earned $0.51 EPS. The firm’s revenue was up 11.9% on a year-over-year basis.
Shares of Bank of America stock opened at $45.07 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.08. The business has a 50-day moving average price of $41.73 and a two-hundred day moving average price of $40.83. Bank of America Co. has a 1-year low of $23.12 and a 1-year high of $45.10. The company has a market cap of $379.26 billion, a P/E ratio of 15.07, a PEG ratio of 1.72 and a beta of 1.55.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 24th. Shareholders of record on Friday, September 3rd were issued a dividend of $0.21 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.18. This represents a $0.84 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend was Thursday, September 2nd. Bank of America’s dividend payout ratio (DPR) is presently 44.92%.
In other news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the transaction, the insider now owns 337,006 shares of the company’s stock, valued at approximately $13,473,499.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.22% of the company’s stock.
An institutional investor recently raised its position in Bank of America stock. Camden National Bank lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 9.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 11,568 shares of the financial services provider’s stock after acquiring an additional 1,030 shares during the period. Camden National Bank’s holdings in Bank of America were worth $351,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 70.71% of the company’s stock.
About Bank of America
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
Further Reading: Average Daily Trade Volume Explained
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.