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

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

Bank of America Price Performance

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 company has a 50 day moving average price of $45.69 and a 200-day moving average price of $42.31. Bank of America Co. has a 1-year low of $31.27 and a 1-year high of $48.08. The firm has a market cap of $362.39 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 1.23 and a beta of 1.33.

Analyst Ratings Changes

BAC has been the subject of several analyst reports. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley cut Bank of America from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $48.00 to $55.00 in a research note on Monday, December 9th. Wells Fargo & Company boosted their price target on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target 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.