Bank of America Corp (NYSE:BAC) Expected to Post Q4 2020 Earnings of $0.79 Per Share

Bank of America Corp (NYSE:BAC) – Equities researchers at Jefferies Financial Group increased their Q4 2020 earnings per share (EPS) estimates for Bank of America in a research report issued on Wednesday, January 15th. Jefferies Financial Group analyst K. Usdin now anticipates that the financial services provider will post earnings per share of $0.79 for the quarter, up from their prior forecast of $0.74. Jefferies Financial Group also issued estimates for Bank of America’s Q1 2021 earnings at $0.79 EPS and Q4 2021 earnings at $0.84 EPS.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The company had revenue of $22.30 billion during the quarter, compared to the consensus estimate of $22.30 billion. During the same period last year, the firm earned $0.70 EPS. Bank of America’s revenue for the quarter was down 1.8% on a year-over-year basis.

Several other brokerages also recently commented on BAC. Barclays raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price target for the company in a report on Monday, January 6th. UBS Group downgraded shares of Bank of America from a “buy” rating to a “neutral” rating and raised their price target for the company from $34.00 to $36.00 in a report on Monday, January 6th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $33.00 price target (up from $30.00) on shares of Bank of America in a report on Monday, November 4th. BMO Capital Markets downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price target for the company. in a report on Thursday, January 2nd. Finally, DA Davidson started coverage on shares of Bank of America in a report on Wednesday, January 8th. They issued a “neutral” rating and a $36.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $35.29.

Shares of NYSE:BAC opened at $34.26 on Monday. The firm has a fifty day moving average price of $34.66 and a two-hundred day moving average price of $31.05. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a one year low of $26.21 and a one year high of $35.72. The company has a market cap of $308.17 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.27 and a beta of 1.64.

Several hedge funds and other institutional investors have recently bought and sold shares of BAC. Arjuna Capital lifted its holdings in shares of Bank of America by 1.9% during the 2nd quarter. Arjuna Capital now owns 51,588 shares of the financial services provider’s stock worth $1,496,000 after acquiring an additional 956 shares during the last quarter. Pictet Asset Management Ltd. lifted its holdings in shares of Bank of America by 3.4% during the 2nd quarter. Pictet Asset Management Ltd. now owns 4,370,138 shares of the financial services provider’s stock worth $126,734,000 after acquiring an additional 144,700 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Bank of America by 24.9% during the 2nd quarter. AQR Capital Management LLC now owns 2,331,450 shares of the financial services provider’s stock worth $67,612,000 after acquiring an additional 464,763 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Bank of America during the 2nd quarter worth $218,000. Finally, Townsquare Capital LLC lifted its holdings in shares of Bank of America by 19.0% during the 2nd quarter. Townsquare Capital LLC now owns 96,371 shares of the financial services provider’s stock worth $2,831,000 after acquiring an additional 15,363 shares during the last quarter. 69.21% of the stock is owned by institutional investors.

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

Further Reading: Risk Tolerance

Earnings History and Estimates for Bank of America (NYSE:BAC)

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