BOA reports higher earnings in its first quarter

Mae Love
April 16, 2018

The bank's consumer banking group also drove up its profits, with revenues from the division rising 9% from the year-ago period to US$9bn, thanks to robust growth in deposits and loans.

Sol Capital Management Co decreased Bank Of America Corp. Victory Capital Management Inc. now owns 1,401,094 shares of the financial services provider's stock worth $35,504,000 after buying an additional 601,675 shares in the last quarter. The company's revenue was up 3.5% compared to the same quarter a year ago. Bank Amer Corp now has $304.68 billion valuation. The stock decreased 2.77% or $0.85 during the last trading session, reaching $29.8.Bank of America Corporation is uptrending after having risen 28.18% since April 16, 2017. With 16,800 shares average volume, it will take short sellers 6 days to cover their TCLHF's short positions. Bank of America had 17 analyst reports since October 31, 2017 according to SRatingsIntel. The stock outperformed the S&P500 by 16.63%.

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Among 33 analysts covering Bank of America (NYSE:BAC), 22 have Buy rating, 0 Sell and 11 Hold. Therefore 73% are positive. After $0.47 EPS was announced last quarter, analysts now see EPS growth of 25.53 % for Bank of America Corporation. The stock of Microsoft Corporation (NASDAQ:MSFT) has "Hold" rating given on Friday, January 27 by Canaccord Genuity. As per Friday, February 2, the company rating was maintained by Morgan Stanley. Rand Wealth Ltd Liability Com holds 147,180 shares or 0.48% of its portfolio. Credit Suisse's Susan Roth Katzke, who has always been bullish on big banks, reiterated an Outperform rating and $36 price target on Bank of America shares today, writing that the quarter was "solidly positive and supportive" of her optimism about the shares. As per Wednesday, April 4, the company rating was maintained by Keefe Bruyette & Woods. The rating was maintained by JP Morgan on Wednesday, November 1 with "Overweight". Raymond James maintained the stock with "Buy" rating in Tuesday, December 5 report.

Big Money Sentiment increased to 1.19 in 2017 Q4. The ratio increased due to BAC positioning: 66 sold and 561 reduced. 134 funds opened positions while 676 raised stakes. Stieven Capital L P stated it has 382,000 shs or 1.98% of all its holdings. Kcm Invest Limited Liability Corporation holds 0.54% in Bank of America Corporation (NYSE:BAC) or 311,713 shares. Moreover, Amica Mutual Ins Communication has 0.91% invested in Bank of America Corporation (NYSE:BAC) for 312,335 shares. Commonwealth Commercial Bank Of Australia invested in 1.54M shs or 0.45% of the stock. 56,756 were reported by Green Square Limited Liability. 40,539 were accumulated by Girard Ptnrs Ltd. Sumitomo Life Insur owns 403,552 shares for 1.49% of their portfolio. The Ontario - Canada-based Cumberland Prtnrs Limited has invested 2.05% in Bank of America Corporation (NYSE:BAC). Rafferty Asset Ltd Liability has invested 1.09% in Bank of America Corporation (NYSE:BAC). Yorktown Mngmt And Rech Inc holds 0.6% or 71,000 shs. Capital Invest Advisors Ltd Company holds 0.84% or 434,468 shs in its capital. Sullivan Bruyette Speros & Blaney LLC's holdings in Bank of America were worth $405,000 as of its most recent filing with the Securities & Exchange Commission. The institutional investor held 149,875 shares of the industrial machinery and components company at the end of 2017Q4, valued at $6.24M, up from 141,750 at the end of the previous reported quarter. Investors holded 6.91 billion in 2017Q3 but now own 6.85 billion shares or 0.98% less. About 19.71 million shares traded. It has underperformed by 11.55% the S&P500. Cornerstone Cap Management Lc holds 3.54M shs or 0.73% of its capital. Wellcome Limited (The) As Trustee Of The Wellcome owns 20.00M shares for 8.93% of their portfolio. Mitsubishi Ufj Tru And Banking invested in 0.42% or 1.26 million shares.

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