Bank of America (NYSE:BAC) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Bank of America Co. (NYSE:BAC) posted its quarterly earnings results on Thursday. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05, RTT News reports. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 earnings per share.

Bank of America Price Performance

BAC stock opened at $46.65 on Friday. Bank of America Co. has a 12 month low of $31.27 and a 12 month high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $357.91 billion, a P/E ratio of 16.96, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. The firm has a 50 day moving average of $45.72 and a 200-day moving average of $42.34.

Analyst Ratings Changes

Several analysts have recently commented on BAC shares. Morgan Stanley downgraded Bank of America from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Evercore ISI lifted their price target on shares of Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Piper Sandler upped their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.18.

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.