Bank of America Co. (NYSE:BAC) Expected to Announce Earnings of $0.71 Per Share

Equities research analysts forecast that Bank of America Co. (NYSE:BAC) will report earnings of $0.71 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Bank of America’s earnings. The highest EPS estimate is $0.75 and the lowest is $0.67. Bank of America posted earnings of $0.51 per share during the same quarter last year, which would suggest a positive year over year growth rate of 39.2%. The firm is expected to announce its next quarterly earnings report before the market opens on Thursday, October 14th.

According to Zacks, analysts expect that Bank of America will report full-year earnings of $3.33 per share for the current year, with EPS estimates ranging from $3.27 to $3.39. For the next financial year, analysts anticipate that the company will post earnings of $3.09 per share, with EPS estimates ranging from $2.98 to $3.22. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow Bank of America.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 14th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The business had revenue of $21.50 billion during the quarter, compared to analyst estimates of $21.77 billion. During the same quarter in the previous year, the business posted $0.37 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis.

Several equities research analysts have issued reports on the stock. Evercore ISI reiterated a “buy” rating and set a $43.00 price objective on shares of Bank of America in a research note on Friday, July 2nd. Odeon Capital Group upgraded shares of 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. Morgan Stanley boosted their price objective on shares of Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a research note on Thursday, July 29th. Keefe, Bruyette & Woods assumed coverage on shares of Bank of America in a research note on Wednesday, July 7th. They set a “market perform” rating and a $43.87 price objective for the company. Finally, Royal Bank of Canada set a $37.69 price objective on shares of Bank of America and gave the stock a “buy” rating in a research note on Wednesday, July 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Bank of America currently has an average rating of “Buy” and a consensus target price of $41.25.

BAC stock traded down $0.40 on Wednesday, hitting $43.14. 43,866,713 shares of the company were exchanged, compared to its average volume of 49,374,215. Bank of America has a twelve month low of $23.12 and a twelve month high of $44.87. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.74 and a quick ratio of 0.74. The business’s fifty day moving average is $41.52 and its two-hundred day moving average is $40.78. The stock has a market capitalization of $363.02 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.72 and a beta of 1.55.

The business also recently disclosed 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 represents a $0.84 dividend on an annualized basis and a yield of 1.95%. This is an increase from Bank of America’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, September 2nd. Bank of America’s dividend payout ratio is 44.92%.

In other Bank of America news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the stock in a transaction 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 directly owns 337,006 shares in the company, valued at approximately $13,473,499.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.22% of the company’s stock.

Several large investors have recently modified their holdings of BAC. Robbins Farley LLC acquired a new stake in shares of Bank of America during the first quarter worth $25,000. Newton One Investments LLC acquired a new stake in shares of Bank of America during the second quarter worth $29,000. Cowen Prime Advisors LLC acquired a new stake in shares of Bank of America during the second quarter worth $31,000. PrairieView Partners LLC raised its holdings in shares of Bank of America by 162.5% during the third quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 450 shares during the period. Finally, Elmwood Wealth Management Inc. raised its holdings in shares of Bank of America by 138.9% during the second quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 500 shares during the period. 70.71% of the stock is currently owned by institutional investors.

About Bank of America

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.

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Earnings History and Estimates for Bank of America (NYSE:BAC)

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