Bank of America Corp (NYSE:BAC) – Analysts at Jefferies Group upped their Q1 2018 earnings per share (EPS) estimates for Bank of America in a research report issued on Wednesday, according to Zacks Investment Research. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will earn $0.59 per share for the quarter, up from their previous estimate of $0.57. Jefferies Group also issued estimates for Bank of America’s Q2 2018 earnings at $0.61 EPS, Q3 2018 earnings at $0.64 EPS, FY2018 earnings at $2.45 EPS and FY2019 earnings at $2.85 EPS.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping 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%. Bank of America’s revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.40 earnings per share.
Several other analysts have also recently commented on the company. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $34.13 target price for the company. in a research report on Monday. Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Morgan Stanley lifted their price objective on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Royal Bank of Canada lifted their price objective on Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the stock. Bank of America has an average rating of “Buy” and an average price target of $30.35.
Shares of Bank of America (BAC) traded down $0.22 during trading on Monday, hitting $32.14. The stock had a trading volume of 57,960,000 shares, compared to its average volume of 81,010,000. The firm has a market capitalization of $329,230.00, a PE ratio of 18.47, a PEG ratio of 1.67 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 1-year low of $22.07 and a 1-year high of $33.05.
Several institutional investors have recently bought and sold shares of BAC. Burt Wealth Advisors increased its stake in shares of Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares during the period. MPS Loria Financial Planners LLC bought a new position in shares of Bank of America in the second quarter worth about $115,000. Legacy Advisors LLC bought a new position in shares of Bank of America in the third quarter worth about $115,000. HWG Holdings LP bought a new position in shares of Bank of America in the third quarter worth about $116,000. Finally, Bristlecone Advisors LLC bought a new position in shares of Bank of America in the third quarter worth about $128,000. Institutional investors and hedge funds own 69.92% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.49%. Bank of America’s dividend payout ratio is currently 27.59%.
Bank of America declared that its board has approved a share repurchase program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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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.
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