FY2017 Earnings Estimate for Bank of America Corporation Issued By Jefferies Group (BAC)
Bank of America Corporation (NYSE:BAC) – Investment analysts at Jefferies Group lifted their FY2017 earnings per share estimates for Bank of America Corporation in a research report issued on Monday. Jefferies Group analyst K. Usdin now expects that the financial services provider will post earnings per share of $1.84 for the year, up from their prior estimate of $1.83. 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 Q1 2018 earnings at $0.43 EPS, Q3 2018 earnings at $0.56 EPS, FY2018 earnings at $2.10 EPS and FY2019 earnings at $2.40 EPS.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.41 earnings per share.
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Several other research analysts have also issued reports on BAC. Citigroup Inc. reaffirmed a “neutral” rating and set a $27.00 target price (up from $25.00) on shares of Bank of America Corporation in a research report on Monday, October 9th. Vetr raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a research report on Monday. Royal Bank Of Canada raised their target price on Bank of America Corporation from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Monday. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. 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 analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $25.47.
Bank of America Corporation declared that its board has approved a stock repurchase plan 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 buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed 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. The ex-dividend date was Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.83%. Bank of America Corporation’s dividend payout ratio is presently 27.43%.
In related news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.18% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of BAC. Janus Henderson Group PLC lifted its stake in Bank of America Corporation by 587.0% in the second 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 last quarter. The Manufacturers Life Insurance Company lifted its stake in Bank of America Corporation by 27.8% in the second 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 last quarter. Vanguard Group Inc. lifted its stake in Bank of America Corporation by 1.4% in the second 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 last quarter. Parametric Portfolio Associates LLC lifted its stake in Bank of America Corporation by 52.4% in the second 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 last quarter. Finally, Investec Asset Management LTD lifted its stake in Bank of America Corporation by 68.6% in the second 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 last quarter. Institutional investors and hedge funds own 61.61% of the company’s stock.
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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