Bank of America Co. (NYSE:BAC) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06, Briefing.com reports. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 earnings per share.
Bank of America Stock Up 1.7 %
Shares of NYSE BAC traded up $0.58 during trading on Wednesday, reaching $35.26. 52,191,594 shares of the stock were exchanged, compared to its average volume of 41,310,285. The company has a market capitalization of $278.22 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. The business’s 50-day moving average price is $35.51 and its 200 day moving average price is $32.19. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35.
Bank of America Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.72%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 31.27%.
Wall Street Analysts Forecast Growth
Check Out Our Latest Research Report on Bank of America
Institutional Investors Weigh In On Bank of America
Large investors have recently added to or reduced their stakes in the company. Roundview Capital LLC lifted its holdings in Bank of America by 1.5% in the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after acquiring an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P grew its position in shares of Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 1,192 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after acquiring an additional 16,319 shares during the period. First Western Trust Bank acquired a new position in Bank of America during the 1st quarter valued at about $586,000. Finally, Pearl River Capital LLC bought a new stake in shares of Bank of America during the first quarter valued at approximately $534,000. 70.71% of the stock is owned by institutional investors and hedge funds.
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.
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