Bank of America Co. (NYSE:BAC) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06, Briefing.com reports. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year.
Bank of America Stock Up 1.5 %
Shares of NYSE:BAC opened at $35.77 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business has a fifty day moving average of $35.61 and a two-hundred day moving average of $32.24. The stock has a market cap of $282.25 billion, a P/E ratio of 12.38, a PEG ratio of 1.59 and a beta of 1.39. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.35.
Bank of America Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.68%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is currently 33.22%.
Wall Street Analyst Weigh In
Read Our Latest Analysis on Bank of America
Hedge Funds Weigh In On Bank of America
Several large investors have recently modified their holdings of the business. Moneta Group Investment Advisors LLC lifted its stake in shares of Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after purchasing an additional 192,989,515 shares during the last quarter. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter valued at $3,436,543,000. Legal & General Group Plc lifted its stake in shares of Bank of America by 24.3% in the 4th quarter. Legal & General Group Plc now owns 57,183,411 shares of the financial services provider’s stock valued at $1,925,365,000 after purchasing an additional 11,187,352 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Bank of America by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock valued at $1,522,699,000 after purchasing an additional 603,512 shares during the last quarter. Finally, Barclays PLC lifted its stake in shares of Bank of America by 36.9% in the 2nd quarter. Barclays PLC now owns 20,928,399 shares of the financial services provider’s stock valued at $600,437,000 after purchasing an additional 5,638,608 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.
Bank of America Company Profile
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.
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