Equities Analysts Offer Predictions for Bank of America Corporation’s Q4 2017 Earnings (BAC)
Bank of America Corporation (NYSE:BAC) – Investment analysts at Jefferies Group dropped their Q4 2017 EPS estimates for shares of Bank of America Corporation in a report released on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings of $0.49 per share for the quarter, down from their prior estimate of $0.50. Jefferies Group has a “Buy” rating and a $28.00 price objective on the stock.
Other equities research analysts have also issued reports about the stock. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $30.00 target price (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Robert W. Baird restated a “hold” rating and issued a $24.00 price target on shares of Bank of America Corporation in a research report on Sunday, October 1st. Vetr upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 price target on the stock in a research report on Friday, July 14th. Finally, UBS AG restated a “neutral” rating and issued a $26.00 price target on shares of Bank of America Corporation in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $24.88.
Shares of Bank of America Corporation (NYSE BAC) traded down 0.74% during trading on Thursday, reaching $25.64. 17,827,712 shares of the company traded hands. Bank of America Corporation has a 12-month low of $15.60 and a 12-month high of $26.30. The firm has a market capitalization of $269.64 billion, a price-to-earnings ratio of 15.27 and a beta of 1.25. The company has a 50 day moving average price of $24.60 and a 200 day moving average price of $23.90.
Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same period in the prior year, the business posted $0.41 earnings per share. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year.
Bank of America Corporation declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were paid a $0.12 dividend. This is an increase 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 1.86%. The ex-dividend date of this dividend was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is currently 28.57%.
In related news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares of the company’s stock, valued at $1,208,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.18% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Northwest Investment Counselors LLC purchased a new stake in Bank of America Corporation in the second quarter valued at approximately $100,000. Armbruster Capital Management Inc. grew its position in Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in Bank of America Corporation by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC bought a new position in Bank of America Corporation during the second quarter valued at approximately $115,000. Finally, Tarbox Family Office Inc. grew its position in Bank of America Corporation by 0.4% during the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 21 shares during the last quarter. 61.64% of the stock is currently owned by institutional investors and hedge funds.
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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