Analysts forecast that Bank of America Corp (NYSE:BAC) will report sales of $22.43 billion for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Bank of America’s earnings. The lowest sales estimate is $22.40 billion and the highest is $22.48 billion. Bank of America reported sales of $20.44 billion in the same quarter last year, which indicates a positive year over year growth rate of 9.7%. The company is scheduled to announce its next quarterly earnings report on Wednesday, January 16th.

On average, analysts expect that Bank of America will report full-year sales of $91.16 billion for the current financial year, with estimates ranging from $90.91 billion to $92.12 billion. For the next fiscal year, analysts expect that the company will report sales of $94.32 billion, with estimates ranging from $93.26 billion to $96.54 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Bank of America.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. The firm had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 earnings per share.

A number of equities analysts have commented on BAC shares. Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. BMO Capital Markets boosted their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and an average target price of $34.19.

In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the business’s 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 completion of 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 SEC, which is available at this hyperlink. Insiders own 0.10% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of BAC. McKinley Carter Wealth Services Inc. bought a new stake in Bank of America in the first quarter valued at approximately $105,000. Cardinal Capital Management Inc. bought a new stake in Bank of America in the third quarter valued at approximately $106,000. CSat Investment Advisory L.P. bought a new stake in Bank of America in the second quarter valued at approximately $103,000. Quad Cities Investment Group LLC bought a new stake in Bank of America in the second quarter valued at approximately $112,000. Finally, WealthTrust Fairport LLC bought a new stake in Bank of America in the first quarter valued at approximately $141,000. 65.08% of the stock is owned by institutional investors and hedge funds.

NYSE:BAC opened at $28.25 on Friday. The stock has a market capitalization of $301.78 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.46 and a beta of 1.30. Bank of America has a 12 month low of $25.81 and a 12 month high of $33.05. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94.

Bank of America declared that its Board of Directors has authorized a share buyback program on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were paid a $0.15 dividend. The ex-dividend date was Thursday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.12%. Bank of America’s payout ratio is currently 32.79%.

Bank of America Company Profile

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.

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

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