Bank of America Corporation (BAC) to Post FY2018 Earnings of $2.13 Per Share, Jefferies Group Forecasts

Bank of America Corporation (NYSE:BAC) – Jefferies Group decreased their FY2018 earnings per share estimates for shares of Bank of America Corporation in a report released on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will earn $2.13 per share for the year, down from their previous estimate of $2.15. Jefferies Group currently has a “Buy” rating and a $28.00 target price on the stock. Jefferies Group also issued estimates for Bank of America Corporation’s FY2019 earnings at $2.45 EPS.

BAC has been the subject of a number of other research reports. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective for the company. in a report on Wednesday, June 28th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $25.00 price objective (up previously from $23.00) on shares of Bank of America Corporation in a report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $24.88.

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Shares of Bank of America Corporation (NYSE:BAC) traded down 0.23% on Tuesday, reaching $25.87. The company had a trading volume of 28,320,340 shares. Bank of America Corporation has a one year low of $15.60 and a one year high of $26.30. The company has a 50-day moving average price of $24.54 and a 200-day moving average price of $23.89. The firm has a market cap of $50.71 billion, a P/E ratio of 17.25 and a beta of 1.25.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter last year, the business posted $0.41 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis.

Hedge funds have recently modified their holdings of the business. M Holdings Securities Inc. boosted its holdings in shares of Bank of America Corporation by 72.9% in the 1st quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 40,069 shares in the last quarter. YHB Investment Advisors Inc. boosted its holdings in shares of Bank of America Corporation by 17.2% in the 2nd quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock valued at $3,917,000 after purchasing an additional 23,729 shares in the last quarter. Waldron LP boosted its holdings in shares of Bank of America Corporation by 112.2% in the 1st quarter. Waldron LP now owns 24,550 shares of the financial services provider’s stock valued at $578,000 after purchasing an additional 12,978 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Bank of America Corporation by 21.3% in the 1st quarter. AQR Capital Management LLC now owns 8,462,687 shares of the financial services provider’s stock valued at $199,635,000 after purchasing an additional 1,483,772 shares in the last quarter. Finally, First National Trust Co. boosted its holdings in shares of Bank of America Corporation by 48.2% in the 1st quarter. First National Trust Co. now owns 106,178 shares of the financial services provider’s stock valued at $2,505,000 after purchasing an additional 34,555 shares in the last quarter. 61.64% of the stock is currently owned by hedge funds and other institutional investors.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.18% of the company’s stock.

Bank of America Corporation announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend was Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 28.57%.

About Bank of America Corporation

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Earnings History and Estimates for Bank of America Corporation (NYSE:BAC)

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