Bank of America Corp (NYSE:BAC) announced a quarterly dividend on Tuesday, October 22nd, RTT News reports. Investors of record on Friday, December 6th will be paid a dividend of 0.18 per share by the financial services provider on Friday, December 27th. This represents a $0.72 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, December 5th.
Shares of BAC opened at $33.43 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America has a twelve month low of $22.66 and a twelve month high of $33.75. The firm’s 50 day moving average price is $32.16 and its two-hundred day moving average price is $29.42. The firm has a market cap of $299.72 billion, a P/E ratio of 12.81, a PEG ratio of 1.28 and a beta of 1.63.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The business’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of America will post 2.89 earnings per share for the current fiscal year.
Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. Raymond James cut Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. Morgan Stanley reaffirmed a “buy” rating and set a $38.00 price target (up from $35.00) on shares of Bank of America in a report on Monday, November 18th. Odeon Capital Group raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Finally, Societe Generale lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $33.05.
In other news, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,566,500. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kathleen A. Knox sold 40,000 shares of Bank of America stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $30.23, for a total value of $1,209,200.00. Following the sale, the insider now owns 43,744 shares in the company, valued at $1,322,381.12. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by company insiders.
Bank of America Company Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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