Bank of America (NYSE:BAC) Releases Quarterly Earnings Results

Bank of America Co. (NYSE:BAC) issued its quarterly earnings data on Tuesday. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10, Zacks reports. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion.

Bank of America Stock Down 1.7 %

NYSE:BAC opened at $37.35 on Thursday. The firm has a 50-day simple moving average of $41.65 and a two-hundred day simple moving average of $43.62. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $283.96 billion, a P/E ratio of 11.60, a P/E/G ratio of 1.21 and a beta of 1.24.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. Bank of America’s dividend payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Truist Financial reduced their price objective on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Barclays reduced their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.20.

Hedge Funds Weigh In On Bank of America

A hedge fund recently raised its stake in Bank of America stock. Brighton Jones LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 30.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 108,872 shares of the financial services provider’s stock after acquiring an additional 25,143 shares during the quarter. Brighton Jones LLC’s holdings in Bank of America were worth $4,785,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.