Published: Mon, April 16, 2018
Business | By Kate Woods

BOA reports higher earnings in its first quarter

BOA reports higher earnings in its first quarter

Investors holded 6.91 billion in 2017Q3 but now own 6.85 billion shares or 0.98% less.

Goldman Capital Management Inc holds 3.44% of its portfolio in Mattersight Corporation for 1.40 million shares. Pcj Investment Counsel Ltd reported 0.16% stake.

Sullivan Bruyette Speros & Blaney LLC reduced its position in shares of Bank of America (NYSE:BAC) by 46.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission.

Bank of America said Monday's profit was the highest for any quarter in its history. Martin Invest Management Lc, a Illinois-based fund reported 437,525 shares.

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Shares of the second-largest US bank by assets rose 1 per cent in premarket trading.

TRADEMARK VIOLATION NOTICE: "Bank of America (BAC) Shares Sold by Reliance Trust Co. of Delaware" was originally reported by and is the sole property of of Finance Advisory Ser Incorporated has invested 0.15% of its portfolio in Bank of America Corporation (NYSE:BAC). Hall Laurie J Trustee invested in 0.24% or 14,074 shares. Element Mngmt Ltd Com owns 783,502 shares for 0.57% of their portfolio. Reliant Invest Management Ltd Limited Liability Company owns 101,360 shares or 2.05% of their United States portfolio. Amica Pension Fund Board Of Trustees owns 231,736 shares. Bank of America Corporation (NYSE:BAC) has risen 28.18% since April 16, 2017 and is uptrending.

Strategic Wealth Advisors Groupinc decreased its stake in Bank Amer Corp (BAC) by 9.83% based on its latest 2017Q4 regulatory filing with the SEC. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider's stock worth $1,070,762,000 after buying an additional 9,612,342 shares during the period.

The bank's book value per share amounted to $23.74, while tangible book value per share was $16.84, compared to $24.34 per share and $17.22 per share, respectively, in the year-ago quarter.

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The only business to record a fall in revenue was global banking, hurt by lower investment banking fees. The stock decreased 2.77% or $0.85 during the last trading session, reaching $29.8. About 99.25 million shares traded or 29.22% up from the average. The stock outperformed the S&P500 by 16.63%. Finally, Victory Capital Management Inc. boosted its holdings in shares of Bank of America by 75.3% during the 3rd quarter.

Bank of America reported that trading revenue, excluding an accounting adjustment, rose less than 1% to $4.05 billion from $4.03 billion in the first quarter of previous year. They expect $0.59 earnings per share, up 43.90% or $0.18 from last year's $0.41 per share. BAC's profit will be $6.03B for 12.63 P/E if the $0.59 EPS becomes a reality.

The results come after other large US banks on Friday reported their earnings for the first quarter.New York's JPMorgan Chase said it earned $8.71 billion in the first quarter, or $2.37 a share, up from $6.45 billion, or $1.65 a share, in the same period a year earlier. Therefore 77% are positive. The new policy made Bank of America one of several US financial institutions to break ties with gunmakers following the February 14 mass shooting massacre at Marjory Stoneman Douglas High School in Parkland, Florida. Vetr cut Bank of America from a "strong-buy" rating to a "buy" rating and set a $33.89 target price for the a research note on Wednesday, January 10th. The rating was maintained by Jefferies on Tuesday, July 21 with "Buy". Keefe Bruyette & Woods has "Market Perform" rating and $16 target. However, company executives on Monday said Bank of America still ranks among the largest USA taxpayers. The stock has "Outperform" rating by Credit Agricole on Friday, January 29. The firm has "Hold" rating by BMO Capital Markets given on Tuesday, July 18.

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