Bank of America (NYSE:BAC) releases quarterly results

Bank of America Co. (NYSE:BAC) announced its quarterly results on Monday. The financial services provider reported earnings per share (EPS) of $0.81 for the quarter, beating the consensus estimate of $0.78 by $0.03, RTT News reports. The company posted revenue of $24.50 billion in the quarter, versus a consensus estimate of $23.46 billion. Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The company’s revenue for the quarter increased by 7.6% compared to the same quarter last year. In the same period a year earlier, the company earned $0.85 per share.

Bank of America price performance

BAC stock opened at $31.70 on Monday. The stock has a market capitalization of $254.72 billion, a PE ratio of 9.91, a growth price-earnings ratio of 1.42 and a beta of 1.35. The company’s 50-day moving average is $33.39 and its 200-day moving average is $34.48. The company has a debt ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74. Bank of America Co. has a 1-year low of $29.31 and a 1-year high of $50.11.

Bank of America increases its dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30. Shareholders of record on Friday, September 2 received a dividend of $0.22 per share. This represents a dividend of $0.88 on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, September 1. This is a boost from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s dividend payout ratio is 27.50%.

Changes to analyst ratings

Several brokerages have recently published reports on BAC. JPMorgan Chase & Co. lowered its price target on Bank of America shares from $40.50 to $35.50 in a Tuesday, October 11 report. Goldman Sachs Group lowered its price target on Bank of America from $42.00 to $40.00 and set a “buy” rating for the company in a Tuesday, October 4 report. Royal Bank of Canada lowered its price target on Bank of America from $45.00 to $40.00 in a Tuesday, July 19 report. Piper Sandler lowered its price target on Bank of America from $51.00 to $47.00 and set an “overweight” rating for the company in a Friday, July 1 report. Finally, Credit Suisse Group lowered its price target on Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a Tuesday, July 19 report. Four analysts gave the stock a hold rating and nine gave the stock a buy rating. According to MarketBeat, the stock currently has an average rating of “moderate buy” and an average target price of $44.71.

Hedge funds weigh on Bank of America

A number of institutional investors and hedge funds have recently changed their positions in the stock. First Command Bank raised its position in Bank of America by 1.5% in the second quarter. First Command Bank now owns 29,157 shares of the financial services provider valued at $908,000 after acquiring 429 additional shares last quarter. Capital Research Global Investors bought a new position in Bank of America in Q1 valued at around $395,481,000. Strategic Wealth Partners Ltd. bought a new position in Bank of America in Q1 valued at around $365,000. Sawgrass Asset Management LLC bought a new position in Bank of America in Q1 worth approximately $1,194,000. Finally, Range Financial Group LLC bought a new position in Bank of America in Q1 valued at around $237,000. Institutional investors hold 68.48% of the company’s shares.

Bank of America Company Profile

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Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individuals, small and medium-sized businesses, institutional investors, large corporations and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, interest-free and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages and home equity loans, as well as direct and indirect loans, such as car loans, recreational vehicles and personal consumer loans.

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Earnings history for Bank of America (NYSE:BAC)

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