Bank of America (NYSE:BAC) Announces Quarterly Earnings Results

Bank of America Corporation (NYSE:BAC) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03, Zacks reports. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter in the prior year, the firm posted $0.83 earnings per share. Bank of America’s revenue for the quarter was up 4.3% compared to the same quarter last year.

Bank of America Stock Performance

Bank of America stock traded up $0.04 on Friday, hitting $47.06. The company’s stock had a trading volume of 7,628,179 shares, compared to its average volume of 40,390,580. The firm has a market cap of $354.48 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a fifty day moving average price of $45.42 and a 200-day moving average price of $43.62. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Institutional Investors Weigh In On Bank of America

A hedge fund recently raised its stake in Bank of America stock. Brighton Jones LLC raised its holdings in Bank of America Corporation (NYSE:BAC) by 30.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 108,872 shares of the financial services provider’s stock after buying an additional 25,143 shares during the quarter. Brighton Jones LLC’s holdings in Bank of America were worth $4,785,000 as of its most recent SEC filing. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 8th. Cfra Research upped their price objective on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Oppenheimer lowered their target price on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Citigroup upped their target price on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.55.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.