Bank of America (BAC) to Release Quarterly Earnings on Wednesday

Bank of America (NYSE:BAC) is scheduled to be releasing its earnings data before the market opens on Wednesday, January 17th. Analysts expect Bank of America to post earnings of $0.46 per share for the quarter.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Bank of America’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $0.41 earnings per share. On average, analysts expect Bank of America to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Shares of Bank of America (NYSE:BAC) opened at $30.27 on Wednesday. The firm has a market cap of $315,730.00, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America has a one year low of $22.01 and a one year high of $30.54. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.

The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.59%. Bank of America’s dividend payout ratio (DPR) is 27.91%.

Bank of America announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

A number of research analysts have issued reports on the stock. Societe Generale cut shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday. BMO Capital Markets reaffirmed a “hold” rating and issued a $31.00 price target on shares of Bank of America in a report on Monday. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, January 2nd. Instinet decreased their price target on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. Finally, Credit Suisse Group raised shares of Bank of America to an “outperform” rating and raised their price target for the stock from $32.00 to $35.00 in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have issued a buy rating and three have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $27.56.

Hedge funds and other institutional investors have recently made changes to their positions in the company. GRATRY & Co LLC acquired a new stake in shares of Bank of America in the second quarter valued at about $201,000. Altavista Wealth Management Inc. boosted its position in Bank of America by 0.7% during the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after acquiring an additional 68 shares during the last quarter. BB&T Investment Services Inc. acquired a new position in Bank of America during the second quarter worth about $275,000. Clear Perspective Advisors LLC boosted its position in Bank of America by 378.2% during the second quarter. Clear Perspective Advisors LLC now owns 11,380 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 9,000 shares during the last quarter. Finally, Logan Capital Management Inc. boosted its position in Bank of America by 18.5% during the second quarter. Logan Capital Management Inc. now owns 17,338 shares of the financial services provider’s stock worth $421,000 after acquiring an additional 2,706 shares during the last quarter. Institutional investors and hedge funds own 68.43% of the company’s stock.

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Bank of America Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Earnings History for Bank of America (NYSE:BAC)

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