Bank of America (NYSE:BAC) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

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%.

Several research analysts have recently issued reports on BAC shares. Morgan Stanley raised their price target on Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a research report on Thursday, July 29th. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Friday, June 18th. Jefferies Financial Group lifted their target price on Bank of America from $41.00 to $48.00 and gave the stock a “hold” rating in a report on Monday. Credit Suisse Group lifted their target price on Bank of America from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, July 16th. Finally, Evercore ISI reaffirmed a “buy” rating and issued a $43.00 target price on shares of Bank of America in a research report on Friday, July 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $41.25.

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

Earnings History for Bank of America (NYSE:BAC)

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