Bank of America (BAC) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Bank of America Corp (NYSE:BAC) released its quarterly earnings results on Tuesday. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.65 by $0.05, MarketWatch Earnings reports. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The business had revenue of $23 billion during the quarter, compared to analyst estimates of $23.24 billion. During the same period last year, the business posted $0.62 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis.

Shares of NYSE BAC opened at $29.88 on Wednesday. The stock has a market cap of $305.67 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.31 and a beta of 1.47. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.91.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend was Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is 22.99%.

A number of research analysts recently issued reports on BAC shares. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Wells Fargo & Co set a $36.00 target price on Bank of America and gave the company a “buy” rating in a report on Wednesday, January 16th. Daiwa Capital Markets lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Friday, February 8th. Edward Jones upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, January 9th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Bank of America in a report on Tuesday, January 8th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $33.24.

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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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Earnings History for Bank of America (NYSE:BAC)

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