Bank of America (NYSE:BAC) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03, Briefing.com reports. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. During the same quarter last year, the firm earned $0.40 EPS. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis.

Bank of America (NYSE BAC) opened at $31.24 on Wednesday. The company has a market capitalization of $325,850.00, a P/E ratio of 18.16, a PEG ratio of 1.70 and a beta of 1.32. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a 12-month low of $22.01 and a 12-month high of $31.79.

The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. Bank of America’s payout ratio is 27.91%.

BAC has been the subject of a number of recent analyst reports. BidaskClub upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Deutsche Bank restated a “hold” rating and set a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Robert W. Baird restated a “hold” rating and set a $24.00 price objective on shares of Bank of America in a research note on Sunday, October 1st. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $25.08 price objective for the company. in a research note on Wednesday, October 4th. Finally, Citigroup restated a “neutral” rating and set a $27.00 price objective (up previously from $25.00) on shares of Bank of America in a research note on Monday, October 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $29.14.

Bank of America declared that its Board of Directors has approved a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

A number of large investors have recently added to or reduced their stakes in BAC. Janus Henderson Group PLC boosted its position in Bank of America by 587.0% during 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 boosted its position in Bank of America by 27.8% during 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. boosted its position in Bank of America by 1.4% during 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 boosted its position in Bank of America by 52.4% during 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 boosted its position in Bank of America by 68.6% during 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. Institutional investors and hedge funds own 68.46% of the company’s stock.

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About Bank of America

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 (NYSE:BAC)

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