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Bank of America profit rises 15 percent on lower costs

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America branch in downtown Miami. Bank of America Corp. reports earnings Friday Oct. 13 2017

Bank of America Corporation (NYSE:BAC) has a Return on Assets of 0.80%. The stock was last seen -1.47% lower, reaching at $25.45 on 10/12/2017.

BAC has been the subject of a number of analyst reports.

Chief Executive Brian Moynihan's years-long effort to streamline the United States' second-largest bank and keep its costs in check are finally bearing fruit as the Federal Reserve raises borrowing costs. Spirit Of America Mgmt New York holds 0.11% in Bank of America Corp (NYSE:BAC) or 42,300 shares. Royal Bank Of Canada restated a buy rating and issued a $26.00 price objective on shares of Bank of America Corporation in a report on Thursday, July 20th. The stock of Bank of America Corp (NYSE:BAC) has "Buy" rating given on Tuesday, August 11 by Vetr.

Among 16 analysts covering Public Storage (NYSE:PSA), 2 have Buy rating, 3 Sell and 11 Hold.

Bank of America Corporation (BAC) opened at 25.45 on Monday. In a transaction dated November 21, 2016, the shares were bought at an average price of $20.14, giving away a sum of $503,500. The stock was trading at a distance of -3.23% from its 52-week highs and stands 63.14% away from its 52-week lows. The company has a market capitalization of $267.64 billion, a PE ratio of 15.16 and a beta of 1.25. Nippon Life Global Investors Americas has invested 2.63% in Bank of America Corp (NYSE:BAC). Analysts' estimates typically exclude special items. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%.

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Revenue also topped expectations, rising from US$21.86bn a year earlier to US$22.08bn, versus expectations of US$21.98bn.

Earnings per share rose to 48 cents and trumped analysts' average estimate of 45 cents per share. The company's revenue was up 7.1% on a year-over-year basis. Bank of America Corp (NYSE:BAC) has risen 58.64% since October 13, 2016 and is uptrending.

TRADEMARK VIOLATION WARNING: This report was first published by Week Herald and is owned by of Week Herald. If you are reading this news story on another site, it was stolen and republished in violation of USA and worldwide trademark and copyright law. Deutsche Bank AG reaffirmed a "hold" rating on shares of Bank of America Corporation in a report on Monday, July 3rd. The biggest holder now is Mr. Thomas K. Montag who owns 1,548,615 shares (0.01% of those outstanding), whilst Kenneth D Lewis holds 1,430,026 (0.01% of shares outstanding) and Mr. Brian T. Moynihan holds 1,093,505 (0.01% of shares outstanding). Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued. Investors of record on Friday, September 1st were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.89%. The company was maintained on Wednesday, August 30 by Needham.

Bank of America Corporation is a bank holding company and a financial holding company. Fuller & Thaler Asset Management Inc acquired 9,432 shares as Clean Harbors Inc (CLH)'s stock rose 3.54%. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.18% of the company's stock. The stock grabbed 117 new institutional investments totaling 32,392,484 shares while 88 institutional investors sold out their entire positions totaling 32,452,495 shares. The firm owned 18,731 shares of the financial services provider's stock after selling 14,496 shares during the period. Capital Planning Advisors Lc invested 0.4% of its portfolio in Bank of America Corp (NYSE:BAC). The Fuller & Thaler Asset Management Inc holds 2.25M shares with $125.37 million value, up from 2.24M last quarter. BidaskClub raised Bank of America Corporation from a "hold" rating to a "buy" rating in a report on Friday, July 7th. Waldron LP now owns 24,550 shares of the financial services provider's stock valued at $578,000 after buying an additional 12,978 shares in the last quarter. LLC raised its holdings in Bank of America Corporation by 2.1% during the second quarter.

Average next regular session additional gain: 1.5%. Finally, Arbor Investment Advisors LLC boosted its position in Bank of America Corporation by 0.3% in the 2nd quarter. However, the institutional investors are observed to own 70.10% of the total shares. The stock of Bank of America Corp (NYSE:BAC) has "Buy" rating given on Wednesday, April 5 by RBC Capital Markets. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services.

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