Pointe Capital Management LLC Decreases Position in Bank of America Corporation (BAC)

13 October, 2017, 17:08 | Author: Leticia Walters
  • Bank of America Q3 results 2017

The financial services provider reported $0.48 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.46 by $0.02, RTT News reports. Hot Stocks Point (HSP) makes sure to keep the information up to date and correct, but we didn't suggest or recommend buying or selling of any financial instrument unless that information is subsequently confirmed on your own. First Interstate Retail Bank owns 0.15% invested in Bank of America Corp (NYSE:BAC) for 30,096 shares. However, 4.60% over the last one month, 5.12% for the last quarter and year to date performance stands at 15.16%. Capital Management Corp VA boosted its position in Bank of America Corporation by 0.3% in the 2nd quarter. Vanguard Group Inc is the second biggest holder with 661 million shares now valued at 16.05 B million whilst State Street Corp has 443 million shares valued at 10.75 B million. Its down 0.03, from 1.15 in 2017Q1. On Tuesday, July 18 the stock rating was maintained by Oppenheimer with "Buy". Illinois-based Front Barnett Assocs Ltd has invested 2.01% in Bank of America Corp (NYSE:BAC). Gateway Advisory LLC now owns 10,053 shares of the financial services provider's stock valued at $244,000 after buying an additional 45 shares during the last quarter. Alliancebernstein Lp has invested 1.18% in Bank of America Corp (NYSE:BAC). Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider's stock valued at $348,000 after buying an additional 46 shares during the last quarter. Public Storage had 52 analyst reports since July 21, 2015 according to SRatingsIntel. Vetr raised shares of Bank of America Corporation from a "buy" rating to a "strong-buy" rating and set a $26.59 price objective for the company in a research report on Wednesday, August 30th. Finally, Jefferies Group LLC reaffirmed a "buy" rating on shares of Bank of America Corporation in a report on Friday, July 7th.

Among 19 analysts covering PepsiCo (NYSE:PEP), 8 have Buy rating, 0 Sell and 11 Hold. The firm has "Neutral" rating given on Wednesday, August 26 by UBS. The firm has "Buy" rating by Robert W. Baird given on Tuesday, September 1. The stock presently has an average rating of Buy and an average target price of $24.88. If you are accessing this piece of content on another website, it was illegally copied and reposted in violation of worldwide trademark & copyright laws. Bank of America Corp (NYSE:BAC) has risen 58.64% since October 13, 2016 and is uptrending. Following the sale, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company has market cap of $38.11 billion.

Quarterly profit at the second-largest USA bank by assets rose 13% from $4.96 billion a year earlier. BAC's latest closing price was 6.81% away from the average price of 200 days while it maintained a distance of 3.87% from the 50 Day Moving Average and 0.53% away compared to its SMA 20.

Credit Agricole upgraded Bank of America Corp (NYSE:BAC) on Friday, January 29 to "Outperform" rating. The original version of this piece of content can be accessed at https://baseballnewssource.com/markets/citigroup-inc-reiterates-neutral-rating-for-bank-of-america-corporation-bac/1704355.html.

Provisions for credit losses rose 15 percent from the second quarter, driven by credit cards and loan growth but Bank of America Chief Financial Officer Paul Donofrio said that did not signal maxed out consumers. -Earnings Growth (Y-o-Y): 15.1% -EPS (Q3): $0.48 vs. $0.41 past year. The company's revenue was up 7.1% on a year-over-year basis. Equities rose 2% to $1.0 billion. Bank Of America Corporation now has $270.20 billion valuation. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Deutsche Bank maintained Bank of America Corp (NYSE:BAC) on Wednesday, August 12 with "Buy" rating.

"I think this was a fairly strong quarter for Bank of America here", said Stephen Biggar, director of financial institutions research at Argus Research, on CNBC's "Squawk Box ". Its up 0.02, from 1.2 in 2017Q1.

Moynihan's quest to right Bank of America drew praise this month from Berkshire Hathaway Inc.'s Warren Buffett, the firm's largest shareholder.

Bank of America Corporation is a bank holding company and a financial holding company.

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