Equities research analysts expect that Bank of America Corp (NYSE:BAC) will post $22.86 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Bank of America’s earnings, with the lowest sales estimate coming in at $22.53 billion and the highest estimate coming in at $23.07 billion. Bank of America reported sales of $22.25 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 2.7%. The business is scheduled to announce its next earnings report on Tuesday, April 17th.
On average, analysts expect that Bank of America will report full-year sales of $22.86 billion for the current financial year, with estimates ranging from $89.98 billion to $92.21 billion. For the next financial year, analysts anticipate that the company will post sales of $94.86 billion per share, with estimates ranging from $92.91 billion to $97.56 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Bank of America.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 EPS.
Several institutional investors have recently made changes to their positions in BAC. Vanguard Group Inc. grew its stake in Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after acquiring an additional 9,117,007 shares during the period. Bank of New York Mellon Corp grew its stake in Bank of America by 5.8% in the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock valued at $3,086,572,000 after buying an additional 5,720,403 shares during the last quarter. TIAA CREF Investment Management LLC grew its stake in Bank of America by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after buying an additional 1,079,788 shares during the last quarter. Legal & General Group Plc grew its stake in Bank of America by 0.7% in the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after buying an additional 379,854 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Bank of America by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after buying an additional 9,612,342 shares during the last quarter. 69.92% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America (BAC) traded up $0.15 during mid-day trading on Friday, hitting $32.87. The stock had a trading volume of 26,596,933 shares, compared to its average volume of 75,347,141. The firm has a market cap of $336,400.00, a PE ratio of 18.87, a PEG ratio of 1.66 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $33.05.
Bank of America declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.46%. Bank of America’s payout ratio is currently 27.59%.
TRADEMARK VIOLATION WARNING: “$22.86 Billion in Sales Expected for Bank of America Corp (BAC) This Quarter” was first posted by Markets Daily and is owned by of Markets Daily. If you are accessing this piece on another website, it was illegally stolen and reposted in violation of US and international copyright & trademark laws. The legal version of this piece can be accessed at https://www.themarketsdaily.com/2018/03/12/22-86-billion-in-sales-expected-for-bank-of-america-corp-bac-this-quarter.html.
About Bank of America
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.