Bank of America logo” title=”Bank of America” class=”companylogo”/>Wall Street analysts forecast that Bank of America Co. ((NYSE:(BA))C) will post $21.92 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Bank of America‘s earnings. The lowest sales estimate is $21.59 billion and the highest is $22.27 billion. Bank of America reported sales of $22.33 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 1.8%. The company is expected to report its next quarterly earnings report on Thursday, July 15th.
According to Zacks, analysts expect that Bank of America will report full year sales of $88.19 billion for the current year, with estimates ranging from $87.41 billion to $89.15 billion. For the next fiscal year, analysts forecast that the business will post sales of $90.33 billion, with estimates ranging from $88.91 billion to $93.02 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Bank of America.
Bank of America ((NYSE:(BA))C) last announced its quarterly earnings results on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.21. The company had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.67 billion. Bank of America had a return on equity of 8.90% and a net margin of 24.09%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.40 earnings per share.
A number of brokerages have recently weighed in on (BA)C. Robert W. Baird reiterated a “neutral” rating and set a $42.00 target price on shares of Bank of America in a research note on Monday, May 10th. 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 note on Friday. Truist Securities started coverage on Bank of America in a report on Wednesday, June 2nd. They set a “buy” rating on the stock. Morgan Stanley raised their price objective on Bank of America from $36.00 to $38.00 and gave the company an “underweight” rating in a report on Monday, March 1st. Finally, Royal Bank of Canada lifted their target price on Bank of America from $37.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, April 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $38.78.
Several institutional investors have recently bought and sold shares of (BA)C. Coldstream Capital Management Inc. grew its stake in Bank of America by 178.9% in the 1st quarter. Coldstream Capital Management Inc. now owns 151,680 shares of the financial services provider’s stock worth $5,868,000 after acquiring an additional 97,289 shares in the last quarter. Aspen Investment Management Inc lifted its position in shares of Bank of America by 2.5% in the 1st quarter. Aspen Investment Management Inc now owns 37,299 shares of the financial services provider’s stock worth $1,443,000 after purchasing an additional 927 shares during the period. Lokken Investment Group LLC purchased a new stake in shares of Bank of America in the 1st quarter worth approximately $322,000. Tompkins Financial Corp lifted its position in Bank of America by 168.6% during the first quarter. Tompkins Financial Corp now owns 3,000 shares of the financial services provider’s stock valued at $116,000 after acquiring an additional 1,883 shares during the last quarter. Finally, KB Financial Partners LLC purchased a new stake in Bank of America during the first quarter valued at approximately $294,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.
Shares of NYSE (BA)C opened at $38.78 on Friday. Bank of America has a 52 week low of $22.39 and a 52 week high of $43.49. The firm has a market capitalization of $332.32 billion, a PE ratio of 16.64, a PEG ratio of 1.92 and a beta of 1.56. The company’s 50 day moving average is $41.20. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.01.
Bank of America announced that its board has authorized a share repurchase program on Thursday, April 15th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.86%. The ex-dividend date is Thursday, June 3rd. Bank of America‘s payout ratio is currently 38.50%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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