Bank of America Co. (NYSE:BAC – Get Rating) – Analysts at Oppenheimer boosted their FY2022 EPS estimates for Bank of America in a report released on Monday, April 18th. Oppenheimer analyst C. Kotowski now forecasts that the financial services provider will post earnings of $3.34 per share for the year, up from their previous estimate of $3.33. Oppenheimer also issued estimates for Bank of America’s Q4 2022 earnings at $0.84 EPS and FY2023 earnings at $3.86 EPS.
Bank of America (NYSE:BAC – Get Rating) last issued its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.01. Bank of America had a net margin of 34.07% and a return on equity of 12.82%. The company had revenue of $23.20 billion during the quarter, compared to analyst estimates of $23.09 billion. During the same quarter last year, the business posted $0.86 EPS. Bank of America’s quarterly revenue was up 1.8% compared to the same quarter last year.
Shares of BAC stock opened at $37.56 on Thursday. The company has a 50 day moving average of $41.90 and a 200-day moving average of $44.72. The firm has a market cap of $302.92 billion, a P/E ratio of 10.55, a PEG ratio of 1.65 and a beta of 1.38. Bank of America has a 12-month low of $36.51 and a 12-month high of $50.11. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 1.14.
The company also recently announced a quarterly dividend, which was paid on Friday, March 25th. Stockholders of record on Friday, March 4th were paid a $0.21 dividend. The ex-dividend date was Thursday, March 3rd. This represents a $0.84 annualized dividend and a dividend yield of 2.24%. Bank of America’s dividend payout ratio is presently 23.60%.
In other news, insider Andrew M. Sieg sold 18,407 shares of the company’s stock in a transaction that occurred on Friday, January 28th. The shares were sold at an average price of $45.12, for a total value of $830,523.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.26% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Abundance Wealth Counselors purchased a new stake in Bank of America during the fourth quarter valued at approximately $1,882,000. Massmutual Trust Co. FSB ADV increased its holdings in Bank of America by 5.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 560,800 shares of the financial services provider’s stock valued at $23,806,000 after buying an additional 29,795 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in Bank of America by 30.9% during the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 787,624 shares of the financial services provider’s stock valued at $33,502,000 after buying an additional 186,131 shares during the last quarter. Beacon Pointe Advisors LLC increased its holdings in Bank of America by 7.2% during the third quarter. Beacon Pointe Advisors LLC now owns 432,566 shares of the financial services provider’s stock valued at $18,362,000 after buying an additional 29,140 shares during the last quarter. Finally, Richard P Slaughter Associates Inc increased its stake in shares of Bank of America by 0.8% in the fourth quarter. Richard P Slaughter Associates Inc now owns 73,899 shares of the financial services provider’s stock worth $3,287,000 after purchasing an additional 615 shares in the last quarter. 70.07% of the stock is owned by hedge funds and other institutional investors.
Bank of America Company Profile (Get Rating)
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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