Bank of America Corp (BAC) Expected to Post Earnings of $0.63 Per Share

Wall Street analysts predict that Bank of America Corp (NYSE:BAC) will post earnings per share of $0.63 for the current quarter, Zacks reports. Four analysts have provided estimates for Bank of America’s earnings, with the lowest EPS estimate coming in at $0.61 and the highest estimate coming in at $0.65. Bank of America reported earnings per share of $0.48 during the same quarter last year, which suggests a positive year-over-year growth rate of 31.3%. The firm is expected to report its next earnings report on Friday, October 12th.

According to Zacks, analysts expect that Bank of America will report full year earnings of $2.52 per share for the current fiscal year, with EPS estimates ranging from $2.47 to $2.56. For the next financial year, analysts forecast that the business will report earnings of $2.87 per share, with EPS estimates ranging from $2.69 to $3.04. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that follow Bank of America.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Monday, July 16th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $22.60 billion during the quarter, compared to analyst estimates of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The business’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.46 earnings per share.

In other news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the sale, the insider now directly owns 483,680 shares in the company, valued at $15,289,124.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.10% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of BAC. CSat Investment Advisory L.P. purchased a new position in shares of Bank of America during the second quarter worth about $103,000. McKinley Carter Wealth Services Inc. acquired a new position in shares of Bank of America during the 1st quarter worth approximately $105,000. Quad Cities Investment Group LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $112,000. Ballew Advisors Inc acquired a new position in shares of Bank of America during the 1st quarter worth approximately $129,000. Finally, Whitnell & Co. acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $134,000. Institutional investors own 65.10% of the company’s stock.

Shares of NYSE BAC traded up $0.23 during mid-day trading on Thursday, hitting $30.37. The company had a trading volume of 33,598,584 shares, compared to its average volume of 42,666,204. The stock has a market cap of $311.72 billion, a P/E ratio of 16.60, a PEG ratio of 1.51 and a beta of 1.27. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. Bank of America has a 1-year low of $24.15 and a 1-year high of $33.05.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be paid a $0.15 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Thursday, September 6th. Bank of America’s dividend payout ratio (DPR) is presently 32.79%.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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