Bank of America Co. (NYSE:BAC) released its results on Monday. The financial services provider reported EPS of $0.73 for the quarter, missing analyst consensus estimates of $0.75 per ($0.02), RTT News reports. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The company posted revenue of $22.69 billion for the quarter, versus $22.79 billion expected by analysts. During the same period of the previous year, the company achieved EPS of $1.03. The company’s revenue increased 5.7% year over year.
Bank of America trades up 7.0%
NYSE:BAC opened at $32.25 on Monday. The stock has a market capitalization of $259.83 billion, a PE ratio of 9.21, a growth price-earnings ratio of 1.40 and a beta of 1.41. The company has a debt ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. Bank of America Co. has a fifty-two week low of $29.67 and a fifty-two week high of $50.11. The stock’s 50-day moving average is $33.73 and its two-hundred-day moving average is $39.88.
Bank of America announces dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 24. Shareholders of record on Friday, June 3 received a dividend of $0.21 per share. The ex-dividend date was Thursday, June 2. This represents an annualized dividend of $0.84 and a yield of 2.60%. Bank of America’s dividend payout ratio (DPR) is currently 24.00%.
Institutional investors weigh on Bank of America
Several institutional investors have recently changed their positions in BAC. Loomis Sayles & Co. LP increased its stake in Bank of America by 150.3% in the first quarter. Loomis Sayles & Co. LP now owns 1,985 shares of the financial services provider worth $82,000 after buying an additional 1,192 shares in the last quarter. Turim 21 Investimentos Ltda. increased its position in Bank of America by 15.5% in the 1st quarter. Turim 21 Investimentos Ltda. now owns 3,991 shares of the financial services provider worth $165,000 after purchasing an additional 537 shares during the period. Baltimore Washington Financial Advisors Inc. bought a new position in Bank of America in Q1 worth about $210,000. Range Financial Group LLC bought a new position in Bank of America in Q1 worth approximately $237,000. Finally, Bluesphere Advisors LLC increased its position in Bank of America by 23.5% in the 1st quarter. Bluesphere Advisors LLC now owns 7,445 shares of the financial services provider worth $307,000 after purchasing an additional 1,418 shares during the period. 70.46% of the shares are currently held by institutional investors and hedge funds.
Analyst upgrades and downgrades
Several equity analysts have published reports on the stock. Credit Suisse Group lowered its price target on Bank of America shares from $46.00 to $45.00 and set an “outperform” rating on the stock in a Monday, June 27 report. Oppenheimer reduced his target price on Bank of America shares from $52.00 to $50.00 in a Tuesday, May 3 research note. Royal Bank of Canada lowered its price target on Bank of America shares from $51.00 to $45.00 in a Tuesday, June 14 research report. Wells Fargo & Company lowered its price target on Bank of America shares from $66.00 to $55.00 and set an “overweight” rating for the company in a Friday, July 1 research report. Finally, Jefferies Financial Group lowered its price target on Bank of America shares from $43.00 to $33.00 in a Monday, July 11 research report. Six research analysts gave the stock a hold rating and thirteen gave the stock a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.39.
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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