Bank of America (BAC) Set to Announce Earnings on Thursday

Thursday, April 8, 2021 | MarketBeat

Bank of America (NYSE:BAC) will announce its earnings results before the market opens on Thursday, April 15th. Analysts expect the company to announce earnings of $0.60 per share for the quarter. Individual interested in participating in the company's earnings conference call can do so using this link.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.55 by $0.04. The firm had revenue of $20.10 billion for 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%. The company's revenue for the quarter was down 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.74 earnings per share. On average, analysts expect Bank of America to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Bank of America stock opened at $40.05 on Thursday. Bank of America has a 1-year low of $20.10 and a 1-year high of $40.28. The firm has a market cap of $345.52 billion, a P/E ratio of 19.83, a P/E/G ratio of 2.13 and a beta of 1.59. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average of $37.14 and a 200-day moving average of $30.45.

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

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

A number of brokerages have recently weighed in on BAC. Barclays lifted their target price on shares of Bank of America from $40.00 to $45.00 and gave the company an "overweight" rating in a research note on Wednesday. Wolfe Research upgraded Bank of America from a "peer perform" rating to an "outperform" rating and upped their target price for the stock from $27.00 to $36.00 in a report on Tuesday, January 5th. Credit Suisse Group raised their target price on Bank of America from $36.00 to $38.00 and gave the company an "outperform" rating in a research note on Wednesday, January 20th. Atlantic Securities raised Bank of America from a "neutral" rating to an "overweight" rating and set a $40.00 price target on the stock in a research note on Tuesday, January 26th. Finally, Piper Sandler raised their price objective on Bank of America from $28.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, January 11th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the stock. Bank of America currently has a consensus rating of "Buy" and a consensus price target of $34.55.

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

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Earnings History for Bank of America (NYSE:BAC)

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