Banking, finance, and taxes
What to Look For in Bank of America Earnings
Published:
Last Updated:
Bank of America Corp. (NYSE: BAC) is set to report its most recent quarterly results before the markets open on Friday. Prior to the release of this report Citigroup and JPMorgan already posted results, but did not make any real waves. It’s left up to Bank of America and Wells Fargo on Friday morning to see if anything will move the needle.
Out of the major money center banks, Bank of America is the second best performer in 2017, behind Citigroup with its stock up 17% year to date. However, over the past 52 weeks Bank of America is the top dog, with its stock up 60%.
In terms of the upcoming earnings, the consensus estimates from Thomson Reuters call for $0.45 in earnings per share (EPS) and $21.93 billion in revenue. The third-quarter of last year reportedly had EPS of $0.41 and $21.86 in revenue.
In its most recent quarter, book value per share rose 5% year over year to $24.88, while tangible book value per share increased 6% to $17.78. The stock still trades above book value, but it is closer than most of the other major institutions, with the exception of Citigroup, which trades below book value.
Management also said in the previous earnings report that it has a plan to return $17 billion in capital during the next four quarters, including a 60% increase in the quarterly common dividend.
24/7 Wall St.Ahead of the earnings report, a few analysts issued calls on Bank of America:
- Credit Suisse has an Outperform rating.
- Citigroup has a Neutral rating with a $27 price target.
- Robert Baird has a Hold rating with a $24 price target.
- Deutsche Bank has a Hold rating and a $25 price target.
- Jefferies has a Buy rating with a $28 price target.
- Wells Fargo has an Outperform rating with a $30 target.
Shares of Bank of America were last seen down about 1% on the day to $25.57, with a consensus analyst price target of $27.50 and a 52-week range of $15.60 to $26.30.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
