Jefferies Financial Group Comments on Bank of America Corp’s FY2019 Earnings (NYSE:BAC)

Bank of America Corp (NYSE:BAC) – Equities research analysts at Jefferies Financial Group reduced their FY2019 earnings per share (EPS) estimates for Bank of America in a research note issued to investors on Tuesday, January 7th, according to Zacks Investment Research. Jefferies Financial Group analyst K. Usdin now anticipates that the financial services provider will earn $2.84 per share for the year, down from their previous forecast of $2.88. Jefferies Financial Group also issued estimates for Bank of America’s Q4 2020 earnings at $0.74 EPS and FY2020 earnings at $2.95 EPS.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.05. The company had revenue of $22.30 billion for the quarter, compared to analysts’ expectations of $22.30 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. Bank of America’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the firm posted $0.70 EPS.

BAC has been the topic of several other reports. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Wells Fargo & Co set a $34.00 target price on Bank of America and gave the company a “buy” rating in a research note on Tuesday, October 15th. Citigroup raised their target price on Bank of America from $29.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Societe Generale cut Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. Finally, Barclays upgraded Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 target price for the company in a research note on Monday, January 6th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. Bank of America currently has a consensus rating of “Hold” and a consensus price target of $34.74.

Shares of NYSE BAC opened at $34.67 on Thursday. The stock has a market cap of $317.71 billion, a price-to-earnings ratio of 13.28, a P/E/G ratio of 1.30 and a beta of 1.64. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99. Bank of America has a 1-year low of $26.05 and a 1-year high of $35.72. The stock’s 50-day moving average is $34.51 and its 200 day moving average is $30.88.

Hedge funds have recently modified their holdings of the business. Garrett Wealth Advisory Group LLC bought a new position in Bank of America in the third quarter worth approximately $25,000. Larson Financial Group LLC grew its stake in Bank of America by 195.6% in the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 880 shares in the last quarter. Corbenic Partners LLC bought a new position in Bank of America in the fourth quarter worth approximately $39,000. Salomon & Ludwin LLC grew its stake in Bank of America by 120.6% in the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 814 shares in the last quarter. Finally, Selective Wealth Management Inc. bought a new position in Bank of America in the third quarter worth approximately $43,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

In other Bank of America news, Director Frank P. Bramble sold 6,500 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,566,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.17% of the company’s stock.

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.08%. The ex-dividend date was Thursday, December 5th. Bank of America’s dividend payout ratio is presently 27.59%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Earnings History and Estimates for Bank of America (NYSE:BAC)

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