Bank of America Co. (NYSE:BAC) posted its earnings results on Thursday. The financial services provider reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.15, RTT News reports. Bank of America had a net margin of 30.82% and a return on equity of 11.08%. The company had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $21.60 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. Bank of America’s revenue for the quarter was up 11.9% compared to the same quarter last year.
Shares of NYSE BAC opened at $43.14 on Thursday. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a fifty day moving average price of $41.61 and a 200 day moving average price of $40.80. Bank of America Co. has a 1-year low of $23.12 and a 1-year high of $44.87. The company has a market cap of $363.02 billion, a PE ratio of 14.43, a P/E/G ratio of 1.72 and a beta of 1.55.
The business also recently declared a quarterly dividend, which was paid on Friday, September 24th. Investors of record on Friday, September 3rd were issued a dividend of $0.21 per share. The ex-dividend date was Thursday, September 2nd. This is an increase from Bank of America’s previous quarterly dividend of $0.18. This represents a $0.84 annualized dividend and a dividend yield of 1.95%. Bank of America’s dividend payout ratio (DPR) is currently 44.92%.
In related news, Vice Chairman Thong M. Nguyen sold 80,000 shares of the stock in a transaction on Friday, August 6th. The stock was sold at an average price of $39.98, for a total transaction of $3,198,400.00. Following the completion of the sale, the insider now directly owns 337,006 shares of the company’s stock, valued at $13,473,499.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.22% of the stock is owned by company insiders.
A hedge fund recently raised its stake in Bank of America stock. Camden National Bank raised its holdings in Bank of America Co. (NYSE:BAC) by 9.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,568 shares of the financial services provider’s stock after acquiring an additional 1,030 shares during the quarter. Camden National Bank’s holdings in Bank of America were worth $351,000 as of its most recent filing with the SEC. 70.71% of the stock is owned by institutional investors.
About Bank of America
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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