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Bank of America profit rises 15 percent on lower costs

Bank of America profit rises 15 percent on lower costs

They now have a $27.00 target price on the financial services provider's stock, up from their previous target price of $25.00.

Oakmont Corp decreased Bank Amer Corp (BAC) stake by 19.27% reported in 2017Q2 SEC filing. The stock of Bank of America Corp (NYSE:BAC) has "Buy" rating given on Tuesday, August 11 by Vetr. BidaskClub raised Bank of America Corporation from a hold rating to a buy rating in a research note on Friday, July 7th. Beaumont Prns Llc owns 0.04% invested in Bank of America Corp (NYSE:BAC) for 14,074 shares. Johnson Investment Counsel Inc acquired 41,548 shares as Bank Of America Corporation (BAC)'s stock declined 6.00%.

Analysts have given a mean recommendation of 2.10 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). Tracking the stock price in relation to moving averages as well as highs and lows for the year might assist with evaluating future stock performance. Bank Of America Corporation now has $270.20 billion valuation. 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.

More notable recent Bank of America Corp (NYSE:BAC) news were published by: Bloomberg.com which released: "BofA Judge Doesn't Want to Rip Up Scathing Ruling Against Bank" on October 04, 2017, also Investorplace.com with their article: "Bank of America Corp (BAC) Stock: Be Patient, Expect Near-Term Pressures" published on September 15, 2017, Money.Cnn.com published: "New No. 1: JPMorgan tops Bank of America for deposits" on October 09, 2017. The company has a market capitalization of $267.64 billion, a PE ratio of 15.16 and a beta of 1.25. The financial services provider reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. Citigroup had a return on equity of 7.32% and a net margin of 18.11%.

"Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading", Chief Executive Officer Brian Moynihan said.

Analysts on average had expected earnings of 45 cents per share, according to Thomson Reuters I/B/E/S.




Net interest income, a key metric for banks, totaled $11.4 billion, more than the $11.33 billion expected by StreetAccount and about the year-earlier period total of $10.429 billion.

Over the prior three fiscal years (12 quarters), when shares of BAC rose in the extended-hours session in reaction to its earnings announcement, history shows that 25.0% of the time (2 events) the stock posted additional gains in the following regular session by an average of 1.5%.

TRADEMARK VIOLATION WARNING: This piece of content was originally reported by BBNS and is the sole property of of BBNS. If you are viewing this report on another publication, it was illegally copied and republished in violation of USA and worldwide copyright & trademark law. 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. The ex-dividend date was Wednesday, August 30th. The rate the bank paid on US interest-bearing deposits was 0.24%, compared with a rock-bottom 0.11% in the prior quarter. After a recent check, it is observed that the insiders for the firm now own 0.13% shares.

Other institutional investors have also made changes to their positions in the company. Balentine LLC now owns 1,617 shares of the financial services provider's stock worth $108,000 after acquiring an additional 272 shares in the last quarter. Vident Investment Advisory Limited Liability Co owns 0.03% invested in Bank of America Corp (NYSE:BAC) for 13,725 shares. The stock decreased 0.17% or $0.01 during the last trading session, reaching $5.75. 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. Waldron LP now owns 24,550 shares of the financial services provider's stock valued at $578,000 after buying an additional 12,978 shares in the last quarter. AQR Capital Management LLC now owns 8,462,687 shares of the financial services provider's stock valued at $199,635,000 after buying an additional 1,483,772 shares in the last quarter. The Johnson Investment Counsel Inc holds 81,455 shares with $1.98M value, up from 39,907 last quarter.

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