Bank of America Corp (NYSE:BAC) – Stock analysts at Oppenheimer raised their Q1 2018 earnings per share estimates for Bank of America in a report released on Wednesday. Oppenheimer analyst C. Kotowski now forecasts that the financial services provider will earn $0.61 per share for the quarter, up from their previous estimate of $0.59. Oppenheimer currently has a “Buy” rating on the stock. Oppenheimer also issued estimates for Bank of America’s Q2 2018 earnings at $0.61 EPS, Q3 2018 earnings at $0.60 EPS, Q4 2018 earnings at $0.59 EPS, FY2018 earnings at $2.41 EPS and FY2019 earnings at $2.64 EPS.
Other equities analysts also recently issued research reports about the stock. Barclays increased their price objective on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research report on Friday, December 8th. Instinet decreased their price objective on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. BMO Capital Markets reiterated a “hold” rating and set a $31.00 price objective on shares of Bank of America in a research report on Monday, January 8th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the company’s stock. Bank of America currently has an average rating of “Buy” and an average target price of $29.87.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the prior year, the business posted $0.40 EPS. The business’s revenue was up 3.5% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio is currently 31.17%.
Bank of America announced that its board has approved a stock repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Mitsubishi UFJ Asset Management UK Ltd. purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $5,343,000. Diversified Trust Co lifted its holdings in shares of Bank of America by 14.5% in the 4th quarter. Diversified Trust Co now owns 13,798 shares of the financial services provider’s stock valued at $407,000 after buying an additional 1,751 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Bank of America by 1,265.7% in the 4th quarter. State of Alaska Department of Revenue now owns 855,720 shares of the financial services provider’s stock valued at $25,259,000 after buying an additional 793,061 shares during the period. Syntal Capital Partners LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $353,000. Finally, Swarthmore Group Inc. lifted its holdings in shares of Bank of America by 2.4% in the 4th quarter. Swarthmore Group Inc. now owns 369,750 shares of the financial services provider’s stock valued at $10,915,000 after buying an additional 8,625 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.
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