Bank of America (NYSE:BAC) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Bank of America Corporation (NYSE:BAC) announced its quarterly earnings data on Tuesday. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.08, FiscalAI reports. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $30.78 billion.

Bank of America Trading Down 0.3%

Shares of NYSE BAC opened at $59.49 on Tuesday. Bank of America Corporation has a one year low of $44.75 and a one year high of $60.83. The firm has a market capitalization of $422.18 billion, a PE ratio of 14.73, a PEG ratio of 1.00 and a beta of 1.17. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.18. The business has a 50-day moving average price of $54.62 and a two-hundred day moving average price of $52.98.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Bank of America’s dividend payout ratio is currently 27.72%.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America beat Wall Street’s EPS estimate, reporting $1.21 per share versus $1.13 expected, which supports the view that the bank is still delivering solid profitability. Article Title
• Positive Sentiment: Management also expanded its regional investment banking business with nine senior hires across major U.S. markets, a move that could help strengthen fee generation and middle-market lending over time. Article Title
• Neutral Sentiment: Pre-earnings coverage noted that investors were watching trading revenue, investment banking activity, loan demand, and interest-rate trends closely heading into the report, with expectations relatively high across the large-bank group.
• Neutral Sentiment: Bank of America’s own consumer data showed resilient June spending and wage growth, which reinforces confidence in the retail banking franchise but is not a direct earnings catalyst on its own. Article Title
• Negative Sentiment: Revenue came in well below the cited analyst expectation, suggesting some top-line pressure even though earnings per share exceeded forecasts, which may temper enthusiasm after the headline beat.

Analyst Ratings Changes

Several research firms have issued reports on BAC. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $57.50 to $62.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Wells Fargo & Company lifted their target price on Bank of America from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Piper Sandler upped their target price on Bank of America from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Argus lifted their price target on Bank of America from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $59.00 price objective on shares of Bank of America in a research note on Thursday, April 16th. Twenty-one research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.19.

Insider Buying and Selling at Bank of America

In other news, insider Geoffrey S. Greener sold 126,756 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the sale, the insider directly owned 1,373,397 shares of the company’s stock, valued at $72,803,774.97. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. GeoWealth Management LLC increased its stake in shares of Bank of America by 0.3% in the fourth quarter. GeoWealth Management LLC now owns 61,597 shares of the financial services provider’s stock worth $3,388,000 after acquiring an additional 191 shares during the last quarter. Richmond Investment Services LLC increased its position in Bank of America by 4.6% in the 4th quarter. Richmond Investment Services LLC now owns 4,420 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 195 shares during the last quarter. W Advisors LLC increased its position in Bank of America by 3.3% in the 3rd quarter. W Advisors LLC now owns 6,947 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 224 shares during the last quarter. Triumph Capital Management raised its stake in shares of Bank of America by 20.6% during the 4th quarter. Triumph Capital Management now owns 1,359 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 232 shares in the last quarter. Finally, Yukon Wealth Management Inc. raised its stake in shares of Bank of America by 4.7% during the 3rd quarter. Yukon Wealth Management Inc. now owns 5,243 shares of the financial services provider’s stock worth $271,000 after purchasing an additional 237 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.