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Jefferies Financial Group Analysts Reduce Earnings Estimates for Bank of America Corp (BAC)

Bank of America Corp (NYSE:BAC) – Analysts at Jefferies Financial Group decreased their Q1 2019 earnings per share (EPS) estimates for shares of Bank of America in a research report issued on Monday, March 4th. Jefferies Financial Group analyst K. Usdin now forecasts that the financial services provider will earn $0.65 per share for the quarter, down from their prior estimate of $0.68. Jefferies Financial Group has a “Buy” rating and a $33.00 price objective on the stock. Jefferies Financial Group also issued estimates for Bank of America’s FY2019 earnings at $2.87 EPS.

Get Bank of America alerts: Several other equities analysts have also recently commented on the stock. UBS Group set a $33.00 target price on shares of Bank of America and gave the company a “buy” rating in a research report on Saturday, February 2nd. Edward Jones upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, January 9th. Daiwa Capital Markets lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Friday, February 8th. Wells Fargo & Co set a $36.00 price target on shares of Bank of America and gave the company a “buy” rating in a report on Wednesday, January 16th. Finally, Credit Suisse Group decreased their price target on shares of Bank of America from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, December 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $33.18.

Shares of NYSE:BAC opened at $28.55 on Thursday. The company has a market capitalization of $297.89 billion, a PE ratio of 11.14, a PEG ratio of 1.28 and a beta of 1.45. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.94. Bank of America has a 12 month low of $22.66 and a 12 month high of $33.05.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. The company had revenue of $22.89 billion during the quarter, compared to analysts’ expectations of $22.37 billion. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 EPS.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.10%. of this dividend is Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Several institutional investors have recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. lifted its position in shares of Bank of America by 22.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,779,217 shares of the financial services provider’s stock worth $81,876,000 after purchasing an additional 502,881 shares during the period. JNBA Financial Advisors lifted its position in shares of Bank of America by 23.4% in the 3rd quarter. JNBA Financial Advisors now owns 23,239 shares of the financial services provider’s stock worth $685,000 after purchasing an additional 4,408 shares during the period. Signition LP acquired a new position in shares of Bank of America in the 3rd quarter worth approximately $573,000. Willingdon Wealth Management lifted its position in shares of Bank of America by 49.6% in the 3rd quarter. Willingdon Wealth Management now owns 20,308 shares of the financial services provider’s stock worth $598,000 after purchasing an additional 6,734 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in shares of Bank of America in the 3rd quarter worth approximately $1,776,000. 63.72% of the stock is currently owned by institutional investors.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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