Bank of America (NYSE:BAC) Issues Quarterly Earnings Results

Bank of America Co. (NYSE:BAC) released its quarterly earnings data on Tuesday. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04, RTT News reports. The firm had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 EPS.

Bank of America Price Performance

Shares of Bank of America stock opened at $43.98 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.79. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The firm has a fifty day moving average price of $39.93 and a two-hundred day moving average price of $36.83. The company has a market cap of $343.94 billion, a PE ratio of 15.22, a price-to-earnings-growth ratio of 1.68 and a beta of 1.35.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Royal Bank of Canada upped their price objective on shares of Bank of America from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday. Piper Sandler Companies upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Morgan Stanley increased their price target on shares of Bank of America from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Finally, Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.76.

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.