Bank of America Corp Forecasted to Post Q1 2018 Earnings of $0.58 Per Share (BAC)
Bank of America Corp (NYSE:BAC) – Jefferies Group issued their Q1 2018 earnings estimates for Bank of America in a research note issued on Tuesday. Jefferies Group analyst K. Usdin anticipates that the financial services provider will post earnings per share of $0.58 for the quarter. Jefferies Group also issued estimates for Bank of America’s Q2 2018 earnings at $0.61 EPS, Q3 2018 earnings at $0.64 EPS and Q4 2018 earnings at $0.62 EPS.
A number of other equities research analysts also recently commented on BAC. Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective for the company. in a research report on Wednesday. Robert W. Baird restated a “hold” rating and issued a $24.00 price objective on shares of Bank of America in a research report on Sunday, October 1st. Deutsche Bank restated a “hold” rating and issued a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. BMO Capital Markets restated a “hold” rating and issued a $31.00 price objective on shares of Bank of America in a research report on Monday, January 8th. Finally, BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. Bank of America has a consensus rating of “Buy” and an average price target of $29.14.
Shares of Bank of America (BAC) opened at $31.19 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $325,330.00, a PE ratio of 18.13, a P/E/G ratio of 1.67 and a beta of 1.32. Bank of America has a 12-month low of $22.01 and a 12-month high of $31.20.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share.
Bank of America declared that its Board of Directors has initiated a stock buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.54%. Bank of America’s payout ratio is 27.91%.
Several hedge funds have recently bought and sold shares of BAC. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $100,000. Chicago Partners Investment Group LLC raised its position in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the last quarter. Burt Wealth Advisors raised its position in shares of Bank of America by 4,013.1% during the 3rd 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 last quarter. MPS Loria Financial Planners LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $115,000. Finally, Legacy Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $115,000. Institutional investors own 68.43% of the company’s stock.
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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