$0.63 Earnings Per Share Expected for Bank of America Corp (BAC) This Quarter
Equities research analysts expect Bank of America Corp (NYSE:BAC) to post earnings of $0.63 per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Bank of America’s earnings, with the highest EPS estimate coming in at $0.65 and the lowest estimate coming in at $0.61. Bank of America reported earnings of $0.48 per share in the same quarter last year, which indicates a positive year over year growth rate of 31.3%. The firm is expected to announce its next earnings report on Friday, October 12th.
On average, analysts expect that Bank of America will report full-year earnings of $2.52 per share for the current fiscal year, with EPS estimates ranging from $2.47 to $2.56. For the next year, analysts forecast that the business will post earnings of $2.87 per share, with EPS estimates ranging from $2.69 to $3.04. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow Bank of America.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.06. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The firm had revenue of $22.60 billion for the quarter, compared to analyst estimates of $22.49 billion. During the same period in the prior year, the firm posted $0.46 earnings per share. The company’s quarterly revenue was down .9% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.98%. Bank of America’s dividend payout ratio is presently 32.79%.
Bank of America declared that its Board of Directors has authorized a stock buyback plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of BAC. Janus Henderson Group PLC raised its stake in Bank of America by 74.9% during the second quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock worth $779,654,000 after acquiring an additional 11,842,467 shares during the period. Dimensional Fund Advisors LP grew its holdings in Bank of America by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock worth $1,800,203,000 after acquiring an additional 8,925,474 shares during the period. Natixis grew its holdings in Bank of America by 256.8% during the second quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock worth $242,851,000 after acquiring an additional 6,200,655 shares during the period. Schroder Investment Management Group grew its holdings in Bank of America by 47.3% during the first quarter. Schroder Investment Management Group now owns 18,515,313 shares of the financial services provider’s stock worth $555,274,000 after acquiring an additional 5,946,378 shares during the period. Finally, Hexavest Inc. purchased a new position in Bank of America during the second quarter worth approximately $78,512,000. 65.10% of the stock is currently owned by institutional investors.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
Read More: Average Daily Trade Volume Explained
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.