Bank of America Corporation (NYSE:BAC) announced its quarterly earnings data on Friday. The financial services provider reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02, RTT News reports. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. During the same period last year, the business earned $0.41 earnings per share.

Bank of America Corporation (NYSE BAC) opened at 25.45 on Friday. Bank of America Corporation has a 12 month low of $15.90 and a 12 month high of $26.30. The firm has a market capitalization of $267.64 billion, a price-to-earnings ratio of 15.16 and a beta of 1.25. The firm has a 50-day moving average price of $24.65 and a 200 day moving average price of $23.91.

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders 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 annualized dividend and a yield of 1.89%. The ex-dividend date 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 authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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Several equities research analysts have recently commented on BAC shares. Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 target price for the company in a report on Thursday, June 15th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. BidaskClub raised Bank of America Corporation from a “hold” rating to a “buy” rating in a report on Friday, July 7th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. Two investment 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 given a strong buy rating to the company. Bank of America Corporation has an average rating of “Buy” and a consensus price target of $24.88.

In other news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.18% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Epoch Investment Partners Inc. raised its holdings in Bank of America Corporation by 17.5% during the second quarter. Epoch Investment Partners Inc. now owns 14,672,508 shares of the financial services provider’s stock worth $355,954,000 after acquiring an additional 2,180,041 shares in the last quarter. Waters Parkerson & CO. LLC raised its holdings in Bank of America Corporation by 2.1% during the second quarter. Waters Parkerson & CO. LLC now owns 1,000,680 shares of the financial services provider’s stock worth $24,277,000 after acquiring an additional 20,967 shares in the last quarter. Veritable L.P. raised its holdings in Bank of America Corporation by 3.6% during the second quarter. Veritable L.P. now owns 384,870 shares of the financial services provider’s stock worth $9,337,000 after acquiring an additional 13,314 shares in the last quarter. Huber Capital Management LLC raised its holdings in Bank of America Corporation by 2.8% during the second quarter. Huber Capital Management LLC now owns 1,923,715 shares of the financial services provider’s stock worth $46,669,000 after acquiring an additional 52,100 shares in the last quarter. Finally, UBS Oconnor LLC raised its holdings in Bank of America Corporation by 169.0% during the second quarter. UBS Oconnor LLC now owns 346,606 shares of the financial services provider’s stock worth $8,409,000 after acquiring an additional 217,756 shares in the last quarter. Institutional investors own 61.64% of the company’s stock.

Bank of America Corporation Company Profile

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.

Earnings History for Bank of America Corporation (NYSE:BAC)

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