Q3 2017 EPS Estimates for Bank of America Corporation (BAC) Lifted by Analyst
Bank of America Corporation (NYSE:BAC) – Analysts at Jefferies Group lifted their Q3 2017 earnings per share estimates for Bank of America Corporation in a report released on Tuesday. Jefferies Group analyst K. Usdin now anticipates that the financial services provider will post earnings per share of $0.47 for the quarter, up from their prior estimate of $0.45. Jefferies Group currently has a “Buy” rating and a $28.00 target price on the stock. Jefferies Group also issued estimates for Bank of America Corporation’s FY2017 earnings at $1.83 EPS, Q1 2018 earnings at $0.45 EPS, Q2 2018 earnings at $0.54 EPS, Q3 2018 earnings at $0.57 EPS and Q4 2018 earnings at $0.57 EPS.
Other equities analysts have also issued reports about the company. Zacks Investment Research lowered Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday. Credit Suisse Group reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $24.00 target price on shares of Bank of America Corporation in a research report on Sunday, October 1st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the stock. Bank of America Corporation currently has a consensus rating of “Buy” and a consensus price target of $24.88.
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Bank of America Corporation (NYSE:BAC) opened at 25.93 on Wednesday. The stock’s 50 day moving average is $24.54 and its 200 day moving average is $23.89. The company has a market capitalization of $272.69 billion, a PE ratio of 15.44 and a beta of 1.25. Bank of America Corporation has a 52 week low of $15.60 and a 52 week high of $26.30.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the business earned $0.41 EPS.
A number of large investors have recently made changes to their positions in BAC. Janus Henderson Group PLC grew its stake in Bank of America Corporation by 587.0% in the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after purchasing an additional 11,619,173 shares during the period. The Manufacturers Life Insurance Company grew its stake in Bank of America Corporation by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares during the period. Vanguard Group Inc. grew its stake in Bank of America Corporation by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. Parametric Portfolio Associates LLC grew its stake in Bank of America Corporation by 52.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after purchasing an additional 8,261,288 shares during the period. Finally, Investec Asset Management LTD grew its stake in Bank of America Corporation by 68.6% in the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after purchasing an additional 7,231,615 shares during the period. Hedge funds and other institutional investors own 61.64% of the company’s stock.
In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.18% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were given a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 28.57%.
Bank of America Corporation declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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