Bank of America Corporation (BAC) to Issue Quarterly Dividend of $0.28 on March 27th

Bank of America Corporation (NYSE:BAC) declared a quarterly dividend on Tuesday, February 3rd. Shareholders of record on Friday, March 6th will be given a dividend of 0.28 per share by the financial services provider on Friday, March 27th. This represents a c) annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, March 6th.

Bank of America has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Bank of America has a dividend payout ratio of 26.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of America to earn $4.36 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 25.7%.

Bank of America Stock Performance

Shares of NYSE BAC opened at $49.97 on Wednesday. Bank of America has a 52-week low of $33.06 and a 52-week high of $57.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $358.62 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 1.21 and a beta of 1.28. The stock’s fifty day simple moving average is $53.67 and its 200 day simple moving average is $52.52.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $27.73 billion. During the same quarter last year, the firm earned $0.82 earnings per share. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America will post 3.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $64.00 to $63.00 and set an “outperform” rating for the company in a research note on Thursday, January 15th. The Goldman Sachs Group upped their price objective on Bank of America from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Evercore set a $59.00 target price on Bank of America in a research report on Thursday, January 15th. Finally, TD Cowen lowered their price target on Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Twenty-two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.30.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.