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Bank of America earnings boosted by higher interest rates

14 October 2017
Bank of America earnings boosted by higher interest rates

Bank of America posted the strongest third-quarter earnings report of the big four USA banks as improved profits from its huge loan book more than offset weakness in trading. The stock increased 1.55% or $0.4 during the last trading session, reaching $25.83.

On Thursday, Shares of Bank of America Corporation (NYSE: BAC) expressed a change of -1.47% and closed its trade at $25.45.

Crestwood Advisors Llc increased Bank Amer Corp Com (BAC) stake by 7.81% reported in 2017Q2 SEC filing. Moreover, Cap Interest Invsts has 0.09% invested in Bank of America Corp (NYSE:BAC) for 2.87M shares. New Mexico Educational Retirement Board's holdings in Bank of America Corporation were worth $22,312,000 at the end of the most recent quarter. Bank Of America Corp now has $271.57B valuation. The stock rose 2.04% or $0.52 reaching $25.95. About 4.04M shares traded. The North Carolina-based Kingfisher Capital Limited Liability Co has invested 0.55% in Bank of America Corp (NYSE:BAC). It has outperformed by 41.94% the S&P500.

Since May 23, 2017, it had 0 insider purchases, and 4 sales for $3.33 million activity. Bank of America Corporation has a 1-year low of $15.90 and a 1-year high of $26.30. Warman D Scott N had sold 1,000 shares worth $161,198. FALCON MICHAEL F sold 1,563 shares worth $71,377. PSA's profit would be $458.78M giving it 20.77 P/E if the $2.61 EPS is correct.

The EPS of Bank of America Corporation is strolling at 1.66, measuring its EPS growth this year at 14.90%. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. Therefore 43% are positive. KEYW Holding had 18 analyst reports since August 11, 2015 according to SRatingsIntel. Vetr raised Bank of America Corporation from a "hold" rating to a "buy" rating and set a $24.52 price target on the stock in a report on Thursday, June 15th. Wedbush has "Neutral" rating and $134 target. (NASDAQ:KEYW) rating on Monday, June 5. The firm earned "Buy" rating on Wednesday, August 30 by RBC Capital Markets. The rating was downgraded by Societe Generale on Tuesday, September 13 to "Hold". (NASDAQ:NTGR) shares. $195,006 worth of NetGear, Inc.

Investors sentiment decreased to 1.12 in Q2 2017. Its down 0.54, from 1.53 in 2017Q1. It worsened, as 82 investors sold NKE shares while 439 reduced holdings. 47 funds opened positions while 158 raised stakes. Citigroup reported revenue of $18.2 billion and an EPS of $1.42. Federated Pa accumulated 123,434 shares. Ronna Sue Cohen reported 39,864 shares or 0.72% of all its holdings.

Quarterly profit at the second-largest US bank by assets rose 13% from $4.96 billion a year earlier. Eagle Ridge Invest Management reported 1.33% of its portfolio in M&T Bank Corporation (NYSE:MTB). Aspen Investment reported 32,243 shares. Sound Shore Mgmt Ct has 3.59% invested in Bank of America Corp (NYSE:BAC). Covington has invested 2% in M&T Bank Corporation (NYSE:MTB). 3,316 were reported by Stanley. Envestnet Asset Management has 1.84 million shares for 0.12% of their portfolio. The Oregon-based Ims Cap Mngmt has invested 0.85% in Bank of America Corp (NYSE:BAC). Spc Financial accumulated 10,825 shares or 0.07% of the stock. Independent Invsts Incorporated holds 17,587 shares. Pekin Singer Strauss Asset Management Il owns 0.11% invested in Bank of America Corp (NYSE:BAC) for 27,640 shares. Therefore 66% are positive.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction on Thursday, August 10th. The stock of Bank of America Corp (NYSE:BAC) has "Outperform" rating given on Saturday, September 5 by Oppenheimer. Rosenblatt upgraded it to "Buy" rating and $47 target in Tuesday, October 27 report. On Wednesday, December 28 the stock rating was maintained by Credit Suisse with "Outperform". The rating was upgraded by Atlantic Securities to "Overweight" on Wednesday, December 21. The stock of Bank of America Corp (NYSE:BAC) has "Market Perform" rating given on Monday, May 16 by Keefe Bruyette & Woods.