Equities analysts expect Bank of America Corp (NYSE:BAC) to report sales of $22.81 billion for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Bank of America’s earnings, with estimates ranging from $22.53 billion to $22.99 billion. Bank of America posted sales of $22.25 billion during the same quarter last year, which suggests a positive year over year growth rate of 2.5%. The business is scheduled to report its next quarterly earnings results on Tuesday, April 17th.
On average, analysts expect that Bank of America will report full year sales of $22.81 billion for the current year, with estimates ranging from $89.98 billion to $92.21 billion. For the next year, analysts expect that the company will post sales of $94.75 billion per share, with estimates ranging from $92.91 billion to $97.56 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Bank of America.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $20.69 billion for 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 quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 earnings per share.
Bank of America (NYSE BAC) opened at $31.95 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The company has a market cap of $333,260.00, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 1.62 and a beta of 1.41. Bank of America has a one year low of $22.07 and a one year high of $32.67.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio is currently 31.17%.
Bank of America announced that its board has approved a share repurchase program 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. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Hedge funds have recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC boosted its holdings in Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares in the last quarter. Burt Wealth Advisors raised its position in Bank of America by 4,013.1% during the third 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 during the last quarter. MPS Loria Financial Planners LLC acquired a new position in Bank of America during the second quarter worth about $115,000. Legacy Advisors LLC acquired a new position in Bank of America during the third quarter worth about $115,000. Finally, HWG Holdings LP acquired a new position in Bank of America during the third quarter worth about $116,000. 69.51% of the stock is currently owned by hedge funds and other institutional investors.
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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