Bank of America ahead of the pack as rates rise

Jon Howard
October 14, 2017

Lombard Odier Asset Management Switzerland Sa sold 14,122 shares as Bank Amer Corp (BAC)'s stock declined 6.00%.

Bank of America Corporation (BAC) stock was most active stock of Wall Street Market on Thursday. Los Angeles Capital Management & Equity Rech reported 2.67M shares or 0.41% of all its holdings. Guggenheim downgraded the shares of BAC in report on Tuesday, November 15 to "Neutral" rating. Bank Amer Corp now has $272.52B valuation. The company has market cap of $90.03 billion. Waldron LP raised its holdings in shares of Bank of America Corporation by 112.2% during the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider's stock worth $1,778,802,000 after acquiring an additional 368,898 shares in the last quarter. AQR Capital Management LLC boosted its stake in Bank of America Corporation by 21.3% during the 1st quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider's stock worth $244,000 after purchasing an additional 45 shares during the period. Finally, Arbor Investment Advisors LLC increased its position in Bank of America Corporation by 0.3% in the second quarter. Institutional investors and hedge funds own 61.64% of the company's stock.

Bank of America's shares, which had risen nearly 16 per cent year to date, were up almost one per cent in morning trade while Wells Fargo was down more than three per cent. The company's revenue for the quarter was up 7.1% on a year-over-year basis.

Trading revenue at Bank of America, excluding an accounting adjustment, fell 15% to $3.15 billion from $3.73 billion in last year's third quarter.

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In terms of earnings per share, 25 analysts have a 0.47 EPS mean target for the quarter ending Dec-17, for the quarter ending Mar-18, 18 analysts have a 0.46 EPS mean target and for the quarter ending Mar-18 there are 29 estimates of 1.79 EPS. The firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. That compared with $4.96 billion, or 41 cents per share, in the same period year ago. Stellar Cap Mgmt Lc holds 3.91% of its portfolio in Bank of America Corp (NYSE:BAC) for 221,843 shares.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.89%. Bank of America Corporation's dividend payout ratio is 28.57%.

Bank of America Corporation declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. On Thursday, August 10 the stock rating was maintained by Noble Financial with "Hold". Moreover, Pioneer Mngmt has 0.17% invested in Bank of America Corp (NYSE:BAC) for 2.08 million shares. Ls Advsrs Ltd Limited Liability Company owns 1,233 shares for 0% of their portfolio.

Bancorpsouth Inc increased its stake in Netgear Inc (NTGR) by 154.7% based on its latest 2017Q2 regulatory filing with the SEC. The stock rose 0.75% or $0.19 reaching $25.64. If you are reading this piece on another domain, it was copied illegally and reposted in violation of USA and worldwide trademark & copyright law. If you are accessing this report on another website, it was copied illegally and republished in violation of US and worldwide copyright and trademark law. The original version of this news story can be accessed at https://baseballnewssource.com/markets/vetr-inc-upgrades-bank-of-america-corporation-bac-to-hold/1704584.html. Vetr raised shares of Bank of America Corporation from a "buy" rating to a "strong-buy" rating and set a $26.59 price target for the company in a research report on Wednesday, August 30th. Mechanics Retail Bank Trust Department reported 0.07% of its portfolio in Bank of America Corp (NYSE:BAC). As per Tuesday, November 17, the company rating was maintained by RBC Capital Markets. Moving toward the technical facts, its current distance from 20-Day Simple Moving Average is 0.53% and standing 3.87% away from 50-Day Simple Moving Average while traded up 6.81% from 200-Day Simple Moving Average.

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