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.

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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.

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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.

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