Zacks: Brokerages Anticipate Bank of America Corp (NYSE:BAC) Will Announce Quarterly Sales of $22.14 Billion

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Wall Street brokerages expect Bank of America Corp (NYSE:BAC) to post $22.14 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Bank of America’s earnings, with the highest sales estimate coming in at $22.76 billion and the lowest estimate coming in at $20.49 billion. Bank of America reported sales of $22.78 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 2.8%. The firm is expected to issue its next quarterly earnings report on Monday, October 21st.

On average, analysts expect that Bank of America will report full-year sales of $91.06 billion for the current fiscal year, with estimates ranging from $88.80 billion to $91.96 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $91.66 billion, with estimates ranging from $90.28 billion to $93.29 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Bank of America.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period last year, the firm earned $0.63 EPS. Bank of America’s revenue for the quarter was up 2.7% compared to the same quarter last year.

A number of brokerages have issued reports on BAC. JPMorgan Chase & Co. cut their price target on Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. DZ Bank upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Friday. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target for the company. in a research note on Wednesday, July 10th. Finally, BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research note on Monday, June 17th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $32.89.

BAC stock traded up $0.78 during trading on Thursday, reaching $27.03. The company’s stock had a trading volume of 69,385,100 shares, compared to its average volume of 60,056,972. Bank of America has a 1 year low of $22.66 and a 1 year high of $31.49. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $244.34 billion, a P/E ratio of 10.36, a price-to-earnings-growth ratio of 1.03 and a beta of 1.54. The company’s fifty day moving average is $29.15 and its 200-day moving average is $28.87.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 annualized dividend and a yield of 2.66%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brandywine Global Investment Management LLC grew its holdings in Bank of America by 111.7% in the 4th quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock valued at $286,058,000 after buying an additional 6,124,599 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its holdings in Bank of America by 7.5% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 77,483 shares of the financial services provider’s stock valued at $1,909,000 after buying an additional 5,437 shares in the last quarter. Manikay Partners LLC grew its holdings in Bank of America by 50.0% in the 4th quarter. Manikay Partners LLC now owns 3,000,000 shares of the financial services provider’s stock valued at $73,920,000 after buying an additional 1,000,000 shares in the last quarter. AT Bancorp acquired a new position in Bank of America in the 4th quarter valued at $469,000. Finally, 1832 Asset Management L.P. grew its holdings in Bank of America by 6.0% in the 4th quarter. 1832 Asset Management L.P. now owns 6,688,216 shares of the financial services provider’s stock valued at $164,653,000 after buying an additional 380,016 shares in the last quarter. 69.50% of the stock is owned by institutional investors and hedge funds.

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

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