Bank of America (NYSE:BAC) Announces Quarterly Earnings Results

Bank of America Corporation (NYSE:BAC) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.89, Zacks reports. Bank of America had a return on equity of 10.25% and a net margin of 14.56%.

Bank of America Price Performance

Shares of Bank of America stock opened at $46.09 on Wednesday. The firm has a fifty day simple moving average of $45.21 and a 200-day simple moving average of $43.58. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. The stock has a market capitalization of $347.14 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.28 and a beta of 1.30.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Morgan Stanley raised their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday, June 23rd. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Finally, Robert W. Baird restated a “neutral” rating and set a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.89.

Institutional Trading of Bank of America

An institutional investor recently raised its position in Bank of America stock. Brighton Jones LLC lifted its position in Bank of America Corporation (NYSE:BAC) by 30.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 108,872 shares of the financial services provider’s stock after buying an additional 25,143 shares during the quarter. Brighton Jones LLC’s holdings in Bank of America were worth $4,785,000 as of its most recent filing with the Securities and Exchange Commission. 70.71% of the stock is currently owned by 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.