Bank of America Co. (NYSE:BAC) – Equities researchers at Piper Sandler lifted their Q1 2022 earnings estimates for Bank of America in a research note issued to investors on Tuesday, April 6th. Piper Sandler analyst J. Harte now anticipates that the financial services provider will earn $0.73 per share for the quarter, up from their previous forecast of $0.66. Piper Sandler currently has a “Overweight” rating and a $36.00 target price on the stock.
Several other brokerages have also recently weighed in on BAC. Barclays upped their price target on Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday. Daiwa Capital Markets started coverage on Bank of America in a report on Wednesday, January 6th. They issued a “neutral” rating and a $31.00 target price on the stock. UBS Group set a $30.00 target price on Bank of America and gave the stock a “neutral” rating in a report on Tuesday, January 19th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $31.00 to $37.00 in a report on Monday, January 11th. Finally, Morgan Stanley boosted their target price on Bank of America from $36.00 to $38.00 and gave the stock an “underweight” rating in a report on Monday, March 8th. Two investment 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 stock currently has an average rating of “Buy” and a consensus price target of $34.55.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The company had revenue of $20.10 billion for the quarter, compared to analysts’ expectations of $20.76 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 earnings per share.
Institutional investors have recently bought and sold shares of the stock. Lazard Freres Gestion S.A.S. purchased a new stake in Bank of America during the fourth quarter valued at $53,635,000. Ritholtz Wealth Management increased its position in Bank of America by 14.3% in the fourth quarter. Ritholtz Wealth Management now owns 40,124 shares of the financial services provider’s stock worth $1,216,000 after buying an additional 5,020 shares in the last quarter. Keybank National Association OH increased its position in Bank of America by 0.3% in the fourth quarter. Keybank National Association OH now owns 3,121,358 shares of the financial services provider’s stock worth $94,608,000 after buying an additional 9,498 shares in the last quarter. Monterey Private Wealth Inc. purchased a new stake in Bank of America in the fourth quarter worth about $616,000. Finally, Anchor Capital Advisors LLC purchased a new stake in Bank of America in the fourth quarter worth about $1,255,000. Institutional investors own 68.10% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 26th. Investors 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 dividend payout ratio (DPR) is presently 24.49%.
Bank of America announced that its Board of Directors has approved a share repurchase 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 buy up to 1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is 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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