Bank of America (NYSE:BAC) Announces Earnings Results, Beats Estimates By $0.03 EPS

Bank of America Corporation (NYSE:BAC) released its quarterly earnings data on Wednesday. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03, Zacks reports. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analysts' expectations of $26.79 billion. During the same period last year, the business earned $0.83 earnings per share. Bank of America's revenue was up 4.3% compared to the same quarter last year.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.19 during trading on Friday, reaching $47.21. The company's stock had a trading volume of 12,650,299 shares, compared to its average volume of 40,409,843. The company has a 50-day moving average price of $45.42 and a two-hundred day moving average price of $43.62. The firm has a market cap of $355.55 billion, a PE ratio of 13.79, a P/E/G ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The company has a current ratio of 0.80, a quick ratio of 0.78 and a debt-to-equity ratio of 1.14.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.20%. Bank of America's payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAC shares. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Cowen started coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective for the company. Finally, Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $49.55.

Hedge Funds Weigh In On Bank of America

A hedge fund recently raised its stake in Bank of America stock. Brighton Jones LLC increased its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 30.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

About Bank of America

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.