Bank of America (NYSE:BAC) Releases Earnings Results

Bank of America Co. (NYSE:BAC) released its quarterly earnings results on Tuesday. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06, Briefing.com reports. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS.

Bank of America Trading Up 1.5 %

Bank of America stock opened at $35.22 on Thursday. The stock has a market cap of $277.87 billion, a P/E ratio of 12.19, a PEG ratio of 1.58 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The firm’s 50 day moving average price is $35.55 and its 200-day moving average price is $32.21.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is currently 33.22%.

Institutional Investors Weigh In On Bank of America

Several institutional investors and hedge funds have recently modified their holdings of BAC. Quarry LP bought a new stake in Bank of America in the fourth quarter worth $25,000. SageView Advisory Group LLC increased its position in Bank of America by 25.0% in the fourth quarter. SageView Advisory Group LLC now owns 51,688 shares of the financial services provider’s stock worth $1,798,000 after purchasing an additional 10,341 shares during the last quarter. Harbour Investments Inc. increased its position in Bank of America by 30.7% in the fourth quarter. Harbour Investments Inc. now owns 21,992 shares of the financial services provider’s stock worth $740,000 after purchasing an additional 5,163 shares during the last quarter. Aspect Partners LLC bought a new stake in Bank of America in the fourth quarter worth $38,000. Finally, O Dell Group LLC bought a new stake in Bank of America in the fourth quarter worth $121,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. HSBC restated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Finally, UBS Group reiterated a “neutral” rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $38.23.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.