$22.96 Billion in Sales Expected for Bank of America Corp (BAC) This Quarter
Equities research analysts predict that Bank of America Corp (NYSE:BAC) will announce $22.96 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Bank of America’s earnings. The lowest sales estimate is $22.70 billion and the highest is $23.19 billion. Bank of America reported sales of $22.25 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.2%. The company is expected to announce its next quarterly earnings report on Tuesday, April 17th.
According to Zacks, analysts expect that Bank of America will report full year sales of $22.96 billion for the current financial year, with estimates ranging from $89.94 billion to $93.10 billion. For the next financial year, analysts forecast that the business will post sales of $95.12 billion per share, with estimates ranging from $92.91 billion to $98.98 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Bank of America.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping the consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. During the same period last year, the company posted $0.40 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis.
Shares of Bank of America (NYSE BAC) traded up $0.30 on Thursday, hitting $31.48. 76,371,390 shares of the company’s stock traded hands, compared to its average volume of 71,170,000. Bank of America has a one year low of $22.07 and a one year high of $31.79. The firm has a market capitalization of $328,360.00, a PE ratio of 20.44, a price-to-earnings-growth ratio of 1.70 and a beta of 1.32. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.
Bank of America declared that its Board of Directors has approved a stock repurchase plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.52%. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.
Hedge funds have recently made changes to their positions in the business. 1ST Source Bank grew its holdings in Bank of America by 4.8% during the third quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock valued at $2,056,000 after purchasing an additional 3,690 shares during the last quarter. TIAA FSB acquired a new stake in shares of Bank of America in the second quarter worth $2,400,000. Personal Capital Advisors Corp acquired a new stake in shares of Bank of America in the third quarter worth $311,000. Lbmc Investment Advisors LLC grew its stake in shares of Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 51 shares during the last quarter. Finally, Beaton Management Co. Inc. acquired a new stake in shares of Bank of America in the second quarter worth $2,081,000. Institutional investors own 68.46% of the company’s stock.
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Bank of America 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.
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