Equities Analysts Set Expectations for Bank of America Corp’s Q1 2018 Earnings (BAC)

Bank of America Corp (NYSE:BAC) – Equities researchers at Oppenheimer lowered their Q1 2018 earnings estimates for Bank of America in a report issued on Wednesday. Oppenheimer analyst C. Kotowski now forecasts that the financial services provider will post earnings per share of $0.59 for the quarter, down from their prior forecast of $0.61. Oppenheimer currently has a “Buy” rating on the stock.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. Bank of America’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 EPS.

Several other research firms have also weighed in on BAC. Royal Bank of Canada lifted their price objective on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Vetr lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price objective for the company. in a research note on Friday, January 19th. ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Vining Sparks reiterated a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research note on Wednesday, January 17th. Finally, BMO Capital Markets lifted their price objective on shares of Bank of America to $34.00 and gave the company an “average” rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. 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. The stock presently has a consensus rating of “Buy” and a consensus target price of $29.87.

Shares of Bank of America (BAC) opened at $32.20 on Monday. The firm has a market cap of $335,870.00, a price-to-earnings ratio of 20.91, a PEG ratio of 1.63 and a beta of 1.32. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a one year low of $22.07 and a one year high of $32.25.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Chicago Partners Investment Group LLC grew its stake in shares of Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 450 shares in the last quarter. Burt Wealth Advisors grew its stake in shares of Bank of America by 4,013.1% in the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America in the 2nd quarter worth $115,000. Legacy Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth $115,000. Finally, HWG Holdings LP bought a new stake in shares of Bank of America in the 3rd quarter worth $116,000. Hedge funds and other institutional investors own 68.47% of the company’s stock.

Bank of America announced that its board has initiated a stock buyback 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 generally an indication that the company’s board of directors believes its stock is undervalued.

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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.

Earnings History and Estimates for Bank of America (NYSE:BAC)

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