Brokers Offer Predictions for Bank of America Co.’s FY2023 Earnings (NYSE:BAC)

Bank of America Co. (NYSE:BACGet Rating) – Stock analysts at Oppenheimer lowered their FY2023 earnings per share (EPS) estimates for shares of Bank of America in a research note issued to investors on Thursday, November 17th. Oppenheimer analyst C. Kotowski now forecasts that the financial services provider will post earnings per share of $3.89 for the year, down from their previous estimate of $3.93. The consensus estimate for Bank of America’s current full-year earnings is $3.19 per share.

Bank of America (NYSE:BACGet Rating) last issued its earnings results on Monday, October 17th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $24.50 billion for the quarter, compared to analysts’ expectations of $23.46 billion. Bank of America had a return on equity of 11.36% and a net margin of 26.52%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.85 EPS.

A number of other research analysts also recently weighed in on BAC. Citigroup downgraded Bank of America from a “buy” rating to a “neutral” rating and set a $40.00 price target on the stock. in a report on Monday, November 14th. Morgan Stanley reduced their price objective on Bank of America from $40.00 to $36.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 5th. Deutsche Bank Aktiengesellschaft reduced their price objective on Bank of America from $51.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, September 12th. The Goldman Sachs Group reduced their price objective on Bank of America from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, October 4th. Finally, StockNews.com initiated coverage on Bank of America in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.68.

Bank of America Stock Performance

Shares of NYSE BAC opened at $37.19 on Monday. Bank of America has a 52-week low of $29.31 and a 52-week high of $50.11. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $298.35 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.67 and a beta of 1.38. The stock’s fifty day simple moving average is $34.15 and its 200 day simple moving average is $34.06.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 2nd will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Thursday, December 1st. Bank of America’s dividend payout ratio (DPR) is currently 27.85%.

Institutional Trading of Bank of America

A number of large investors have recently made changes to their positions in the company. Industrial Alliance Investment Management Inc. increased its position in shares of Bank of America by 97.0% in the 3rd quarter. Industrial Alliance Investment Management Inc. now owns 1,074,057 shares of the financial services provider’s stock valued at $32,437,000 after buying an additional 528,931 shares in the last quarter. National Pension Service increased its holdings in Bank of America by 2.3% during the 3rd quarter. National Pension Service now owns 10,107,095 shares of the financial services provider’s stock worth $309,884,000 after purchasing an additional 227,126 shares in the last quarter. CENTRAL TRUST Co increased its holdings in Bank of America by 1.5% during the 3rd quarter. CENTRAL TRUST Co now owns 266,476 shares of the financial services provider’s stock worth $8,048,000 after purchasing an additional 3,928 shares in the last quarter. Cape Cod Five Cents Savings Bank increased its holdings in Bank of America by 4.1% during the 3rd quarter. Cape Cod Five Cents Savings Bank now owns 8,741 shares of the financial services provider’s stock worth $264,000 after purchasing an additional 344 shares in the last quarter. Finally, M Holdings Securities Inc. increased its holdings in Bank of America by 2.9% during the 3rd quarter. M Holdings Securities Inc. now owns 60,656 shares of the financial services provider’s stock worth $1,832,000 after purchasing an additional 1,727 shares in the last quarter. Institutional investors own 68.48% of the company’s stock.

Bank of America Company Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-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 automotive, recreational vehicle, and consumer personal loans.

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

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