Equities research analysts expect Bank of America Corp (NYSE:BAC) to announce sales of $22.39 billion for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Bank of America’s earnings, with the lowest sales estimate coming in at $22.28 billion and the highest estimate coming in at $22.45 billion. Bank of America reported sales of $20.44 billion during the same quarter last year, which indicates a positive year over year growth rate of 9.5%. The firm is scheduled to report its next quarterly earnings results on Wednesday, January 16th.

On average, analysts expect that Bank of America will report full year sales of $91.18 billion for the current year, with estimates ranging from $90.79 billion to $92.01 billion. For the next year, analysts forecast that the firm will post sales of $94.14 billion, with estimates ranging from $92.88 billion to $96.05 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Bank of America.

Bank of America (NYSE:BAC) last announced its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. The business 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 21.85% and a return on equity of 10.82%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the firm posted $0.48 earnings per share.

A number of equities analysts have recently issued reports on BAC shares. BMO Capital Markets raised 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 report on Tuesday, October 16th. Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. Finally, ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $34.63.

Shares of BAC traded down $0.37 during mid-day trading on Tuesday, reaching $27.38. 92,321,038 shares of the company’s stock were exchanged, compared to its average volume of 66,250,922. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. The firm has a market cap of $284.26 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.36 and a beta of 1.31. Bank of America has a 52-week low of $25.88 and a 52-week high of $33.05.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.

Several hedge funds and other institutional investors have recently modified their holdings of BAC. Bartlett & Co. LLC raised its stake in shares of Bank of America by 35.8% during the 2nd quarter. Bartlett & Co. LLC now owns 6,146 shares of the financial services provider’s stock worth $173,000 after buying an additional 1,621 shares during the last quarter. RNC Capital Management LLC raised its stake in shares of Bank of America by 4.6% during the 2nd quarter. RNC Capital Management LLC now owns 38,237 shares of the financial services provider’s stock worth $1,078,000 after buying an additional 1,690 shares during the last quarter. Martin Investment Management LLC raised its stake in shares of Bank of America by 0.4% during the 2nd quarter. Martin Investment Management LLC now owns 453,072 shares of the financial services provider’s stock worth $12,772,000 after buying an additional 1,701 shares during the last quarter. Hartford Financial Management Inc. raised its stake in shares of Bank of America by 7.7% during the 2nd quarter. Hartford Financial Management Inc. now owns 23,689 shares of the financial services provider’s stock worth $668,000 after buying an additional 1,703 shares during the last quarter. Finally, Reliant Investment Management LLC raised its stake in shares of Bank of America by 1.7% during the 2nd quarter. Reliant Investment Management LLC now owns 103,355 shares of the financial services provider’s stock worth $2,914,000 after buying an additional 1,745 shares during the last quarter. 63.75% of the stock is owned by hedge funds and other 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.

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

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