Bank of America (BAC) Set to Announce Earnings on Tuesday

Bank of America (NYSE:BACGet Free Report) is set to release its earnings data before the market opens on Tuesday, October 15th. Analysts expect Bank of America to post earnings of $0.81 per share for the quarter. Persons interested in registering for the company’s earnings conference call can do so using this link.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. During the same period in the prior year, the business posted $0.88 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts expect Bank of America to post $3 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Bank of America Stock Up 5.0 %

Shares of Bank of America stock opened at $41.95 on Monday. The company has a market capitalization of $328.06 billion, a P/E ratio of 14.52, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America has a 52-week low of $24.96 and a 52-week high of $44.44. The company has a 50 day moving average of $39.41 and a 200 day moving average of $39.27.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 6th. This is a boost from Bank of America’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. Bank of America’s dividend payout ratio is 35.99%.

Bank of America announced that its board has initiated a share buyback program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BAC. BMO Capital Markets raised their target price on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a research note on Thursday, July 18th. Oppenheimer raised their price objective on Bank of America from $48.00 to $49.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Evercore ISI boosted their price objective on Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Barclays increased their price target on Bank of America from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $42.27.

View Our Latest Stock Report on Bank of America

Insider Buying and Selling at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the transaction, the insider now owns 776,614,511 shares of the company’s stock, valued at $31,173,306,471.54. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the sale, the insider now directly owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 160,921,082 shares of company stock worth $6,582,343,525. Corporate insiders own 0.29% of the company’s stock.

About Bank of America

(Get Free Report)

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.

See Also

Earnings History for Bank of America (NYSE:BAC)

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