Bank of America (NYSE:BAC) Reaches New 1-Year High Following Earnings Beat

Bank of America Co. (NYSE:BAC) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $44.91 and last traded at $44.82, with a volume of 3275861 shares traded. The stock had previously closed at $43.14.

The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.70 by $0.15. The firm had revenue of $22.77 billion during the quarter, compared to analysts’ expectations of $21.60 billion. Bank of America had a return on equity of 11.08% and a net margin of 30.82%. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 earnings per share.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 24th. Shareholders of record on Friday, September 3rd were paid a dividend of $0.21 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Thursday, September 2nd. This represents a $0.84 annualized dividend and a yield of 1.87%. Bank of America’s dividend payout ratio (DPR) is 44.92%.

Several research firms have issued reports on BAC. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday, June 18th. Credit Suisse Group raised their target price on Bank of America from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Friday, July 16th. Evercore ISI reissued a “buy” rating and set a $43.00 target price on shares of Bank of America in a research note on Friday, July 2nd. Royal Bank of Canada set a $37.69 price objective on Bank of America and gave the company a “buy” rating in a research note on Wednesday, July 21st. Finally, Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price objective for the company in a research note on Monday, September 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $41.25.

In related news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $13,473,499.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.22% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Robbins Farley LLC bought a new position in shares of Bank of America during the 1st quarter worth about $25,000. Newton One Investments LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $29,000. PrairieView Partners LLC boosted its position in shares of Bank of America by 162.5% during the 3rd quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 450 shares in the last quarter. Cowen Prime Advisors LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $31,000. Finally, Mascoma Wealth Management LLC acquired a new stake in shares of Bank of America during the 3rd quarter valued at about $36,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.74 and a current ratio of 0.74. The firm’s 50-day moving average price is $41.61 and its two-hundred day moving average price is $40.80. The firm has a market capitalization of $377.74 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 1.72 and a beta of 1.55.

Bank of America Company Profile (NYSE:BAC)

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.

Featured Story: Stocks Increasing Dividends

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.