Bank of America profits jump, helped by interest rates
- Author: Zachary Reyes Apr 19, 2017,
Apr 19, 2017, 19:30
Hedge funds have recently added to or reduced their stakes in the stock.
Bank of America in downtown Los Angeles, California January 15, 2014 ReutersNEW YORK, April 19 - Bank of America Corp posted a 40 per cent increase in first-quarter profit, fueled by stronger trading revenue, and added employees for the first time in more than five years as chief executive officer Brian Moynihan expressed optimism about the U.S. economy.
"We saw good client activity in our balanced portfolio of businesses: consumer spending was up, our wealth management business had strong asset management flows, investment banking fees rebounded nicely, and we continued to provide credit and capital to our corporate and institutional clients to help them drive the economy forward", Bank of America CEO Brian Moynihan said. Bank of America Corp (NYSE:BAC) has risen 40.86% since September 8, 2016 and is uptrending. Empirical Finance LLC acquired a new position in shares of Bank of America Corp during the fourth quarter valued at approximately $103,000. MCF Advisors LLC now owns 24,729 shares of the financial services provider's stock valued at $387,000 after buying an additional 100 shares during the last quarter.
The target price for Bank of America Corporation (BAC) is $25.45/share according to the consensus of analysts working on the stock, with an expected EPS of $0.35/share for the current quarter. Given that its average daily volume over the 30 days has been 1.47 million shares a day, this signifies a pretty significant change over the norm. The stock's price moved up its 200-day moving average of $10.65. The company has market cap of $227.37 billion.
Bank of America Corp (NYSE:BAC) was the target of unusually large options trading on Wednesday. The financial services provider reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.02. The company's revenue for the quarter was up 6.9% on a year-over-year basis. Bank of America Corp had a return on equity of 6.85% and a net margin of 18.10%. The firm's revenue for the quarter was up 2.1% compared to the same quarter past year. During the same quarter in the previous year, the company posted $0.27 EPS. Vetr downgraded Bank of America Corp from a "strong-buy" rating to a "buy" rating and set a $26.62 target price on the stock.in a research report on Thursday, March 30th. Per-share earnings were 41 cents. Goldman Sachs Gp invested in 61.11M shares or 0.38% of the stock. The ex-dividend date of this dividend was Wednesday, March 1st. Buy rating has been given by 0 analysts to the company stock whereas 1 analyst given UNDERPERFORM rating to stock and no analyst given HOLD rating. Bank of America Corp's dividend payout ratio is presently 21.74%. Analysts forecast that Bank of America Corp will post $1.75 earnings per share for the current year. It has ranged in price between $22.38-$23.15 after having started the session at $23.11 as compared to the previous trading day's close of $22.81. Atlantic Securities raised shares of Bank of America Corp from a "neutral" rating to an "overweight" rating in a research note on Wednesday, December 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. The 1-year High price of the stock is $25.80, while the 1-year low price is $11.91.
Bank of America shares rose 0.2 per cent to US$22.86 at 2:36 p.m.in NY after climbing as much as 1.5 per cent. If you are accessing this story on another site, it was stolen and reposted in violation of United States & global copyright legislation. It looks like traders are happy with the stock.
Bank of America had 288,739 employees at the end of October 2011, according to figures on its website.