Bank of America earnings boosted by higher interest rates

Gladys Abbott
October 14, 2017

The shares price has positioned 5.12% up over the past quarter while it has directed 13.92% toward a rising position throughout past six months.

Bank of America's quarterly return on equity was 8.1%, up from the prior quarter, but below the bank's 10% theoretical cost of capital. The company was maintained on Friday, October 6 by RBC Capital Markets. Moreover, Group One Trading Limited Partnership has 0.02% invested in Bank of America Corp (NYSE:BAC). 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. First National Trust Co. now owns 106,178 shares of the financial services provider's stock valued at $2,505,000 after purchasing an additional 34,555 shares during the period. Finally, Arbor Investment Advisors LLC increased its position in Bank of America Corporation by 0.3% in the second quarter. Gateway Investment Advisers Lc reported 29,571 shares stake. Institutional investors and hedge funds own 61.64% of the company's stock. Bank of America Corporation (NYSE:BAC)'s short interest is 120.24 million shares, or 1.14% of the float. The firm has a 50-day moving average of $24.65 and a 200-day moving average of $23.91.

The higher results came as Bank of America grew overall revenue 1 percent to $21.8 billion while continuing to slash expenses.

Bank of America on Friday reported $5.6 billion in third-quarter profit, an increase of 13 percent for the Charlotte-based bank from the same period a year ago. The firm had revenue of $22.80 billion for the quarter, compared to analysts' expectations of $21.84 billion. Loans were up 8 percent, and deposits were up 9 percent year over year. Korea Investment CORP now owns 78,908,445 shares of the financial services provider's stock worth $1,914,319,000 after acquiring an additional 390,771 shares in the last quarter. The Green Valley Investors Llc holds 968,232 shares with $57.13 million value, up from 796,258 last quarter.

Institutions own 62.76% of Bank of America Corporation (BAC)'s shares.

More news: Supreme Court rules sexual intercourse with minor wife would be considered rape

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.89%. This is an increase from Bank of America Corporation's previous quarterly dividend of $0.08. Bank of America Corporation's dividend payout ratio (DPR) is 28.57%.

According to Bank of America Corporation (BAC) most recent 13F filing, the company has 117 new institutional holders - accounting for 32.39 million shares of its common stock. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. It dived, as 79 investors sold BAC shares while 543 reduced holdings. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Carderock Cap owns 60,695 shares or 1.62% of their United States portfolio. The stock rose 2.04% or $0.52 reaching $25.95.

COPYRIGHT VIOLATION WARNING: This report was originally published by StockNewsTimes and is the property of of StockNewsTimes. If you are viewing this story on another domain, it was illegally stolen and republished in violation of USA and worldwide copyright and trademark legislation. The original version of this report can be accessed at https://stocknewstimes.com/2017/10/13/bank-of-america-corporation-bac-earns-buy-rating-from-oppenheimer-holdings-inc.html.

Other equities research analysts have also issued reports about the company. Patten & Patten Inc Tn reported 0.62% of its portfolio in Bank of America Corp (NYSE:BAC).

Among 6 analysts covering KEYW Holding (NASDAQ:KEYW), 3 have Buy rating, 0 Sell and 3 Hold. Analysts have a mean recommendation of 2.20 on this stock (A rating of less than 2 means buy, "hold" within the 3 range, "sell" within the 4 range, and "strong sell" within the 5 range). The stock of Bank of America Corp (NYSE:BAC) earned "Neutral" rating by UBS on Wednesday, August 26. Moreover, Bingham Osborn & Scarborough Limited Liability Com has 0.2% invested in Bank of America Corp (NYSE:BAC). This led to growth in profits from consumer banking, wealth and investment management and global banking.

Other reports by LeisureTravelAid

Discuss This Article

FOLLOW OUR NEWSPAPER