Bank of America (NYSE:BAC) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Bank of America Co. (NYSE:BAC) posted its quarterly earnings results on Thursday. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior 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

Shares of NYSE BAC opened at $47.23 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a fifty day moving average price of $45.69 and a 200-day moving average price of $42.31. The stock has a market cap of $362.39 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33. Bank of America Co. has a 1 year low of $31.27 and a 1 year high of $48.08.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Evercore ISI lifted their target price on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler raised their price target on shares of Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $54.00 in a report on Friday, November 8th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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.