Bank of America (NYSE:BAC) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Bank of America Co. (NYSE:BAC) released its quarterly earnings results on Thursday. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.03, RTT News reports. Bank of America had a return on equity of 10.09% and a net margin of 12.48%.

Bank of America Stock Performance

Shares of BAC stock opened at $47.23 on Thursday. The company’s 50 day moving average is $45.69 and its 200 day moving average is $42.31. 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 cap of $362.39 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 1.23 and a beta of 1.33. Bank of America Co. has a 52-week low of $31.27 and a 52-week high of $48.08.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BAC shares. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Barclays increased their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Citigroup upgraded Bank of America from a “neutral” rating to a “buy” rating and boosted their target price for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Piper Sandler increased their price target on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective for the company in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Bank of America 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.