Bank of America (NYSE:BAC) Releases Earnings Results, Beats Estimates By $0.03 EPS

Bank of America Corporation (NYSE:BAC) released its quarterly earnings results on Wednesday. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03, Zacks reports. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.83 EPS.

Bank of America Stock Performance

NYSE:BAC opened at $46.09 on Wednesday. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The firm has a market capitalization of $347.14 billion, a PE ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.30. The stock has a 50-day simple moving average of $45.21 and a two-hundred day simple moving average of $43.58. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. Bank of America’s dividend payout ratio is currently 30.95%.

Institutional Trading of Bank of America

A hedge fund recently raised its stake in Bank of America stock. Brighton Jones LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 30.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,872 shares of the financial services provider’s stock after buying an additional 25,143 shares during the quarter. Brighton Jones LLC’s holdings in Bank of America were worth $4,785,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BAC. Citigroup boosted their target price on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Piper Sandler reduced their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Hsbc Global Res downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Finally, Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.89.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.