Bank of America Co. (NYSE:BAC) Expected to Announce Quarterly Sales of $21.34 Billion

Thursday, April 8, 2021 | MarketBeat

Equities analysts expect that Bank of America Co. (NYSE:BAC) will post $21.34 billion in sales for the current quarter, Zacks reports. Four analysts have made estimates for Bank of America's earnings. The highest sales estimate is $22.07 billion and the lowest is $20.15 billion. Bank of America reported sales of $22.77 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 6.3%. The firm is expected to issue its next earnings report before the market opens on Thursday, April 15th.

According to Zacks, analysts expect that Bank of America will report full year sales of $85.46 billion for the current year, with estimates ranging from $83.59 billion to $89.04 billion. For the next fiscal year, analysts expect that the company will post sales of $87.50 billion, with estimates ranging from $85.25 billion to $93.67 billion. Zacks' sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Bank of America.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.04. The firm had revenue of $20.10 billion during the quarter, compared to analysts' expectations of $20.76 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. Bank of America's revenue was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.74 EPS.

A number of brokerages recently commented on BAC. Smith Barney Citigroup upgraded Bank of America from a "neutral" rating to a "buy" rating in a research report on Monday, January 11th. Atlantic Securities upgraded shares of Bank of America from a "neutral" rating to an "overweight" rating and set a $40.00 price target for the company in a research report on Tuesday, January 26th. Robert W. Baird restated a "buy" rating and issued a $38.00 price objective on shares of Bank of America in a report on Friday, March 19th. Wolfe Research raised shares of Bank of America from a "peer perform" rating to an "outperform" rating and lifted their target price for the stock from $27.00 to $36.00 in a report on Tuesday, January 5th. Finally, Piper Sandler increased their price target on Bank of America from $28.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, January 11th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of "Buy" and a consensus price target of $34.55.

A number of hedge funds have recently added to or reduced their stakes in the business. Signature Estate & Investment Advisors LLC raised its position in Bank of America by 3.7% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 8,856 shares of the financial services provider's stock valued at $268,000 after buying an additional 312 shares during the last quarter. Miramar Capital LLC lifted its position in shares of Bank of America by 0.7% in the fourth quarter. Miramar Capital LLC now owns 44,797 shares of the financial services provider's stock worth $1,482,000 after purchasing an additional 314 shares in the last quarter. Circle Wealth Management LLC lifted its position in shares of Bank of America by 0.8% in the fourth quarter. Circle Wealth Management LLC now owns 40,430 shares of the financial services provider's stock worth $1,225,000 after purchasing an additional 316 shares in the last quarter. Headinvest LLC boosted its holdings in Bank of America by 2.1% during the third quarter. Headinvest LLC now owns 15,990 shares of the financial services provider's stock worth $385,000 after purchasing an additional 335 shares during the last quarter. Finally, Financial Advisory Service Inc. grew its position in Bank of America by 1.6% in the third quarter. Financial Advisory Service Inc. now owns 22,625 shares of the financial services provider's stock valued at $545,000 after purchasing an additional 364 shares in the last quarter. Hedge funds and other institutional investors own 68.10% of the company's stock.

BAC stock opened at $40.05 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America has a twelve month low of $20.10 and a twelve month high of $40.28. The company has a market cap of $345.52 billion, a P/E ratio of 19.83, a PEG ratio of 2.13 and a beta of 1.59. The business has a fifty day moving average of $37.14 and a 200-day moving average of $30.45.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 26th. Investors of record on Friday, March 5th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, March 4th. This represents a $0.72 dividend on an annualized basis and a yield of 1.80%. Bank of America's payout ratio is 24.49%.

Bank of America declared that its Board of Directors has authorized a share buyback program on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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