Bank of America (NYSE:BAC) Announces Quarterly Earnings Results

Bank of America Co. (NYSE:BAC) announced its earnings results on Thursday. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05, RTT News reports. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. During the same period last year, the company posted $0.70 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis.

Bank of America Stock Performance

NYSE:BAC opened at $46.54 on Friday. Bank of America Co. has a twelve month low of $31.40 and a twelve month high of $48.08. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $357.13 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.23 and a beta of 1.33. The company has a fifty day moving average of $45.76 and a 200-day moving average of $42.37.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. StockNews.com upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Truist Financial boosted their target price on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

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.