Saturday, 21 October, 2017

Pointe Capital Management LLC Decreases Position in Bank of America Corporation (BAC)

BAC image Bank of America's third-quarter profit rises 13 percent
Nellie Chapman | 13 October, 2017, 16:50

Moynihan's quest to right Bank of America drew praise this month from Berkshire Hathaway Inc.'s Warren Buffett, the firm's largest shareholder. First Interstate Retail Bank owns 0.15% invested in Bank of America Corp (NYSE:BAC) for 30,096 shares. Finally, Keefe, Bruyette & Woods restated an overweight rating on shares of Bank of America Corporation in a report on Thursday, July 13th.

Among 16 analysts covering Public Storage (NYSE:PSA), 2 have Buy rating, 3 Sell and 11 Hold. The company presently has a consensus rating of "Buy" and an average price target of $24.88.

Bank of America Corporation (BAC) opened at 25.45 on Friday. The stock was trading at a distance of -3.23% from its 52-week highs and stands 63.14% away from its 52-week lows. Also, there are 2 buy, 0 sell and 0 strong sell ratings, collectively assigning a 1.95 average brokerage recommendation. Nippon Life Global Investors Americas has invested 2.63% in Bank of America Corp (NYSE:BAC). Epoch Investment Partners Inc. raised its holdings in Bank of America Corporation by 17.5% during the second quarter.

Revenue from trading stocks and bonds declined 15 percent from a year earlier to $3.15 billion - in line with the percentage drop the lender predicted last month. Per-share earnings of 48 cents were up from a year earlier and topped analyst expectations of 45 cents. Bank of America Corporation (BAC) maintained activity of 65.54 million shares that trade hands on average basis while its relative volume is 1.09.

WARNING: This news story was published by TrueBlueTribune and is the sole property of of TrueBlueTribune. If you are reading this report on another website, it was illegally stolen and reposted in violation of United States and global trademark and copyright laws. Robert W. Baird upgraded the shares of BAC in report on Tuesday, August 25 to "Neutral" rating. The stock climbed 15 percent this year through Thursday, outpacing the 8.2 percent advance of the 24-company KBW Bank Index. Its third-quarter earnings performance beat rivals JPMorgan JPM.N and Citigroup C.N , which reported gains of 7.1 percent and 7.6 percent respectively on Wednesday. It fall, as 79 investors sold BAC shares while 543 reduced holdings.

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. This represents a $0.48 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Wednesday, August 30th. Pennsylvania-based Brick Kyle has invested 0.84% in Bank of America Corp (NYSE:BAC).

Bank of America Corporation is a bank holding company and a financial holding company.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated Thursday, August 10th. These shares are worth $2,096,194 and were traded at $24.16 each. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Asset Mngmt holds 56,631 shares or 0.02% of its portfolio. The firm owned 18,731 shares of the financial services provider's stock after selling 14,496 shares during the period. Gateway Advisory LLC boosted its position in Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider's stock valued at $117,000 after buying an additional 21 shares during the last quarter. LLC raised its holdings in Bank of America Corporation by 2.1% during the second quarter. AQR Capital Management LLC now owns 8,462,687 shares of the financial services provider's stock valued at $199,635,000 after buying an additional 1,483,772 shares in the last quarter. The California-based Tiemann Investment Advsr Lc has invested 0.5% in Bank of America Corp (NYSE:BAC). However, the institutional investors are observed to own 70.10% of the total shares. UBS downgraded Bank of America Corp (NYSE:BAC) rating on Wednesday, January 11. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services.