Bank of America's profit rises on higher interest rates, loan growth

Bank of America's profit rises on higher interest rates, loan growth

Bank of America's profit rises on higher interest rates, loan growth

Bank of America has reported its most profitable start to a year on record - but a strong first quarter for equities trading was the sole bright spot at its global investment bank. At the end of 2017Q4, the 4.62M shares of the major banks company held by the institutional investor were valued at $136.35M, up from 2.28 million at the end of the previous reported quarter. The company's revenue for the quarter was up 3.5% on a year-over-year basis. Rwc Asset Llp reported 662,740 shares. Janus Henderson Group PLC increased its holdings in shares of Bank of America by 587.0% in the 2nd quarter. The firm has "Hold" rating by Societe Generale given on Tuesday, January 9. Bank of America accounts for 1.5% of Arlington Value Capital LLC's holdings, making the stock its 12th biggest position. Bank of America had 20 analyst reports since October 16, 2017 according to SRatingsIntel. About 19.71 million shares traded. The rating was maintained by Raymond James with "Buy" on Tuesday, December 5. On Thursday, December 21 the stock has "Buy" rating by Keefe Bruyette & Woods. Trust Company Of Vermont holds 41,300 shs or 0.11% of its capital. Robert W. Baird has "Hold" rating and $24.0 target. Moreover, Biondo Investment Advisors Ltd Llc has 0.06% invested in Bank of America Corporation (NYSE:BAC) for 7,550 shares. On Monday, March 26 the firm has "Buy" rating given by Oppenheimer.

Citigroup, also based in NY, reported a profit of $4.62 billion, or $1.68 a share, compared with a profit of $4.1 billion, or $1.35 per share, in the same period a year earlier. 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. On Friday, February 2 the rating was maintained by Morgan Stanley with "Overweight". Ls Investment Ltd Liability Corp, Michigan-based fund reported 838,034 shs.

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Albion Financial Grp Ut reported 0.1% of its capital in Bank of America Corporation (NYSE:BAC). Ctc Llc who had been investing in Netflix Inc for a number of months, seems to be bullish on the $135.24B market cap company. Sii Invs Inc Wi holds 27,498 shares or 0.08% of its portfolio. Bank of America Corporation (NYSE:BAC) has risen 28.18% since April 16, 2017 and is uptrending.

Sandler O'Neil's Jeffrey Harte reiterated a Buy rating and $36 price target, calling the first-quarter report a "mild positive" for Bank of America, and highlighted that credit-quality metrics remained solid. Js Capital Management Llc bought 50,000 shares as the company's stock declined 1.20% with the market. This year's EPS analyst estimate is awaited to be $0.59.

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A number of analysts recently issued reports on the stock. Bnp Paribas Arbitrage Sa holds 0.29% in Bank of America Corporation (NYSE:BAC) or 5.69 million shares. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. They expect $0.59 EPS, up 43.90% or $0.18 from last year's $0.41 per share. After $1.92 actual earnings per share reported by Thor Industries, Inc. for the previous quarter, Wall Street now forecasts 42.19% EPS growth.

In total 13 analysts cover Bank of America (NYSE:BAC). The firm earned "Buy" rating on Thursday, December 21 by Keefe Bruyette & Woods. Marshall Wace Limited Liability Partnership has 0.03% invested in Netflix, Inc. S Squared Technology Llc owns 467,927 shares or 1.09% of their United States portfolio. The rating was maintained by BMO Capital Markets with "Hold" on Wednesday, August 23. Barrow Hanley Mewhinney & Strauss Lc accumulated 1.97% or 15.41 million shares.

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