Bank Of America Earnings Growth Stronger Than Expected In Q1
Apr 16 2018 by Johnny Bowman
$304.68 billion is Bank Amer Corp's MC. The stock decreased 1.29% or $0.76 during the last trading session, reaching $58.07. About 99.25M shares traded or 29.22% up from the average. BAC is uptrending and has moved 28.18% since April 16, 2017. The Dow is up 181.46 points or 0.7 percent at 24,541.60, the Nasdaq is up 24.71 points or 0.4 percent at 7,131.36 and the S&P 500 is up 14.58 points or 0.6 percent at 2,670.88. According to 2017Q4 SEC form the decrease is 102.72%. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
Bank of America Corporation, through its subsidiaries, provides banking and financial services and products for individual consumers, small and middle-market businesses, institutional investors, large firms, and governments worldwide. The stock increased 1.22% or $0.362 during the last trading session, reaching $30.162. Nippon Life Global Invsts Americas Inc accumulated 1.23M shares. 17 are the (NYSE:BAC)'s analyst reports since October 31, 2017 according to StockzIntelligence Inc. It has outperformed by 29.03% the S&P500.
Investors sentiment increased to 1.19 in 2017 Q4. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.61%. It is positive, as 66 investors sold BAC shares while 561 reduced holdings. 585 increased holdings while 162 funds bought holdings. Focused Wealth Mngmt holds 2.14% of its portfolio in Bank of America Corporation (NYSE:BAC) for 226,318 shares. Pl Capital Advsrs Limited has invested 0.32% in Bank of America Corporation (NYSE:BAC). Ativo Capital Management Ltd Liability, a Illinois-based fund reported 11,314 shares. Stanley Management Ltd Llc reported 198,431 shs or 3% of all its holdings. Sterling Strategies Limited Com reported 1.93% stake. Cv Starr Tru has 96,726 shares for 1.25% of their portfolio. The Connecticut-based Hartford Fincl Incorporated has invested 0.31% in Bank of America Corporation (NYSE:BAC).
Other banks are mixed in morning trading, with JPMorgan Chase & Co. up as much as 1.1 percent; Citigroup Inc. down as much as 1.4 percent, and Wells Fargo down as much as 1.1 percent; all three fell after reporting on Friday. Cambridge Investment has 0.28% invested in Bank of America Corporation (NYSE:BAC). Alphaone Invest Lc holds 11,000 shares.
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The results come after other large USA banks on Friday reported their earnings for the first quarter.New York's JPMorgan Chase said it earned $8.71 billion in the first quarter, or $2.37 a share, up from $6.45 billion, or $1.65 a share, in the same period a year earlier. First Merchants reported 4,905 shares stake.
Lourd Capital Llc has cut its stake in and also reduced its holding in by shares in the quarter, for a total of shares. Arrowmark Colorado Limited Com reported 0.09% in Bank of America Corporation (NYSE:BAC). During the same period in the previous year, the firm posted $0.40 earnings per share. BAC's profit will be $6.03 billion for 12.63 P/E if the $0.59 EPS becomes a reality.
Among 33 analysts covering Bank of America (NYSE:BAC), 22 have Buy rating, 0 Sell and 11 Hold. The positive are 77%. However, company executives on Monday said Bank of America still ranks among the largest US taxpayers. On Thursday, December 21 Keefe Bruyette & Woods maintained the shares of BAC in report with "Buy" rating. The firm earned "Strong-Buy" rating on Thursday, August 27 by Vetr. The firm has "Hold" rating given on Tuesday, November 8 by Deutsche Bank. The rating was maintained by Jefferies with "Buy" on Tuesday, July 21.
Bank of Americastock is now trading a fraction above its year-to-date breakeven.