Bank of America (NYSE:BAC) Issues Earnings Results, Beats Expectations By $0.06 EPS

Bank of America Co. (NYSE:BAC) issued its earnings results on Tuesday. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06, Briefing.com reports. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share.

Bank of America Stock Up 2.0 %

Shares of Bank of America stock traded up $0.69 during midday trading on Wednesday, reaching $35.37. 47,300,509 shares of the company’s stock traded hands, compared to its average volume of 41,236,453. The company has a market cap of $279.09 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. The company’s 50 day simple moving average is $35.51 and its 200 day simple moving average is $32.19. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.35.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.71%. Bank of America’s dividend payout ratio is currently 31.27%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Evercore ISI raised their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Barclays raised their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Oppenheimer reduced their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. Finally, BMO Capital Markets decreased their price objective on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Hold” and an average price target of $38.23.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BAC. Quarry LP bought a new position in Bank of America in the 4th quarter worth $25,000. Castleview Partners LLC acquired a new stake in shares of Bank of America during the 1st quarter valued at about $28,000. Strategic Investment Solutions Inc. IL acquired a new position in Bank of America in the first quarter valued at about $34,000. Aspect Partners LLC acquired a new position in Bank of America in the fourth quarter valued at about $38,000. Finally, Live Oak Investment Partners acquired a new position in Bank of America in the fourth quarter valued at about $39,000. Institutional investors own 70.71% of the company’s stock.

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.