Published: Fri, October 13, 2017
Finance | By Loren Pratt

BofA Posts Best Profit in 6 Years as Rising Rates Lift Revenue

BofA Posts Best Profit in 6 Years as Rising Rates Lift Revenue

Chief Executive Brian Moynihan's years-long effort to streamline the United States' second-largest bank and keep its costs in check are finally bearing fruit as the Federal Reserve raises borrowing costs. First Interstate Retail Bank owns 0.15% invested in Bank of America Corp (NYSE:BAC) for 30,096 shares.

"I think this was a fairly strong quarter for Bank of America here", said Stephen Biggar, director of financial institutions research at Argus Research, on CNBC's "Squawk Box ". The stock of Bank of America Corp (NYSE:BAC) has "Buy" rating given on Tuesday, August 11 by Vetr. The company presently has a consensus rating of "Buy" and an average price target of $24.88. Anson Funds Mgmt Ltd Partnership invested 7.16% of its portfolio in Bank of America Corp (NYSE:BAC). BAC's latest closing price was 6.81% away from the average price of 200 days while it maintained a distance of 3.87% from the 50 Day Moving Average and 0.53% away compared to its SMA 20.

"Hurricane effects are clearly visible - higher gasoline prices boosted gasoline station sales 5.8% MoM [month-on-month] while the fact unit auto sales rose to a 12 year high helped boost the value of sales with a 3.6%MoM rise", said James Knightley, chief global economist at ING. Also, there are 2 buy, 0 sell and 0 strong sell ratings, collectively assigning a 1.95 average brokerage recommendation. Dimensional Fund Advsr LP has invested 0.64% in Bank of America Corp (NYSE:BAC). Analysts' estimates typically exclude special items.

Quarterly revenue was $22.83 billion, which also beat analysts' forecasts of $22.02 billion.

Earnings per share rose to 48 cents and trumped analysts' average estimate of 45 cents per share. The Company's principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.

Bank of America Corporation (NYSE:BAC) announced its quarterly earnings data on Friday. If you are accessing this piece of content on another website, it was illegally copied and reposted in violation of worldwide trademark & copyright laws. Deutsche Bank AG reaffirmed a "hold" rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Vanguard Group Inc is the second biggest holder with 661 million shares now valued at 16.05 B million whilst State Street Corp has 443 million shares valued at 10.75 B million. Following the completion of the transaction, the director now directly owns 50,000 shares of the company's stock, valued at $1,208,000. It is negative, as 79 investors sold BAC shares while 543 reduced holdings. Shareholders of record on Friday, September 1st were paid a $0.12 dividend. Its down 0.03, from 1.15 in 2017Q1. The ex-dividend date was Wednesday, August 30th. Fmr Limited Company stated it has 1% in Bank of America Corp (NYSE:BAC).

In other news, Director Frank P. Bramble sold 86,763 shares of the business's stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Fuller & Thaler Asset Management Inc acquired 9,432 shares as Clean Harbors Inc (CLH)'s stock rose 3.54%. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Chicago Equity Prtn Limited Liability Corporation owns 231,855 shares for 0.72% of their portfolio. Huber Capital Management LLC raised its holdings in Bank of America Corporation by 2.8% during the second quarter. Jefferies maintained the stock with "Buy" rating in Friday, July 7 report. Welch Group LLC boosted its position in Bank of America Corporation by 0.4% in the 1st quarter. UBS downgraded Bank of America Corp (NYSE:BAC) rating on Wednesday, January 11.

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