Bank of America Co. (NYSE: BAC) expected sales of $ 21.92 billion this quarter
Wall Street analysts predict that Bank of America Co. (NYSE: BAC) will post revenue of $ 21.92 billion for the current fiscal quarter, Zacks reports. Four analysts made estimates for Bank of America’s earnings. The lowest sales estimate is $ 21.59 billion and the highest is $ 22.27 billion. Bank of America reported sales of $ 22.33 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 1.8%. The company is expected to release its next quarterly earnings report on Thursday, July 15.
According to Zacks, analysts expect Bank of America to report annual revenue of $ 88.19 billion for the current year, with estimates ranging from $ 87.41 billion to $ 89.15 billions of dollars. For the next fiscal year, analysts predict the company will post revenue of $ 90.33 billion, with estimates ranging from $ 88.91 billion to $ 93.02 billion. Zacks Investment Research sales averages are an average based on a survey of research analysts who cover Bank of America.
Bank of America (NYSE: BAC) last reported quarterly results on Thursday, April 15. The financial services provider reported earnings per share (EPS) of $ 0.86 for the quarter, beating the consensus estimate of $ 0.65 by $ 0.21. The company posted revenue of $ 22.80 billion in the quarter, compared to a consensus estimate of $ 21.67 billion. Bank of America had a return on equity of 8.90% and a net margin of 24.09%. The company’s revenue for the quarter increased 0.1% from the same quarter last year. During the same period of the previous year, the company achieved earnings per share of $ 0.40.
A number of brokerage firms have recently weighed in on LAC. Robert W. Baird reiterated a “neutral” rating and set a target price of $ 42.00 for Bank of America shares in a research note on Monday, May 10. Zacks investment research upgraded Bank of America from a “hold” rating to a “buy” rating and set a price target of $ 42.00 on the stock in a research note Friday. Truist Securities began covering Bank of America in a report on Wednesday, June 2. They set a “buy” rating on the stock. Morgan Stanley raised its price target on Bank of America from $ 36.00 to $ 38.00 and rated the company “underweight” in a report released on Monday March 1. Finally, the Royal Bank of Canada raised its price target on Bank of America from $ 37.00 to $ 44.00 and gave the stock an “outperformance” rating in a report released on Friday April 16. Two investment analysts gave the stock a sell rating, six assigned a conservation rating and fifteen gave the company a buy rating. The company has an average rating of “Buy” and an average target price of $ 38.78.
Several institutional investors have recently bought and sold shares of BAC. Coldstream Capital Management Inc. increased its stake in Bank of America by 178.9% in the 1st quarter. Coldstream Capital Management Inc. now owns 151,680 shares of the financial services provider valued at $ 5,868,000 after acquiring an additional 97,289 shares in the last quarter. Aspen Investment Management Inc increased its position in Bank of America shares by 2.5% in the 1st quarter. Aspen Investment Management Inc now owns 37,299 shares of the financial services provider valued at $ 1,443,000 after purchasing an additional 927 shares during the period. Lokken Investment Group LLC purchased a new equity stake in Bank of America in the 1st quarter valued at approximately $ 322,000. Tompkins Financial Corp increased its position in Bank of America by 168.6% in the first quarter. Tompkins Financial Corp now owns 3,000 shares of the financial services provider valued at $ 116,000 after acquiring an additional 1,883 shares in the last quarter. Finally, KB Financial Partners LLC purchased a new stake in Bank of America during the first quarter for a value of approximately $ 294,000. Hedge funds and other institutional investors hold 70.23% of the company’s shares.
NYSE BAC shares opened at $ 38.78 on Friday. Bank of America has a 52-week low of $ 22.39 and a 52-week high of $ 43.49. The company has a market cap of $ 332.32 billion, a PE ratio of 16.64, a PEG ratio of 1.92 and a beta of 1.56. The company’s 50-day moving average is $ 41.20. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt ratio of 1.01.
Bank of America announced that its board of directors authorized a share buyback program on Thursday, April 15 that allows the company to repurchase $ 25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy back up to 7.6% of its shares through open market purchases. Share buyback programs typically indicate that company management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 25. Shareholders of record on Friday, June 4 will receive a dividend of $ 0.18. This represents an annualized dividend of $ 0.72 and a return of 1.86%. The ex-dividend date is Thursday June 3. Bank of America’s payout ratio is currently 38.50%.
About Bank of America
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individuals, small and medium businesses, institutional investors, large corporations and governments around the world. Its Consumer Banking segment offers traditional savings and money market accounts, certificates of deposit and IRAs, interest-free and interest-free checking accounts, as well as investment accounts and products; and credit and debit cards, residential mortgages and home equity loans, as well as direct and indirect loans, such as auto loans, recreational vehicles, and personal consumer loans.
See also: Sell-side analysts
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