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

Bank of America Co. (NYSE:BAC) released its quarterly earnings data on Tuesday. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 return on equity of 11.38% and a net margin of 15.42%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 earnings per share.

Bank of America Price Performance

BAC traded up $0.55 during trading on Wednesday, hitting $35.23. 64,457,909 shares of the stock traded hands, compared to its average volume of 41,372,754. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a market cap of $277.99 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 1.64 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50 day moving average price of $35.51 and a 200 day moving average price of $32.19.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.72%. Bank of America’s dividend payout ratio is currently 31.27%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Bank of America during the fourth quarter valued at approximately $25,000. Castleview Partners LLC acquired a new position in shares of Bank of America during the first quarter worth $28,000. Aspect Partners LLC acquired a new position in shares of Bank of America during the fourth quarter worth $38,000. Live Oak Investment Partners acquired a new position in shares of Bank of America during the fourth quarter worth $39,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Bank of America during the first quarter worth $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. BMO Capital Markets reduced their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. Citigroup boosted their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Barclays boosted their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $38.23.

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.