Monday, 20 August, 2018

Bank of America profit slumps on US$2.9 billion tax charge

A pedestrian passes a Bank of America ATM in Cambridge Massachusetts U.S A pedestrian passes a Bank of America ATM in Cambridge Massachusetts U.S
Nellie Chapman | 18 January, 2018, 13:38

Excluding that charge, it earned $5.3 billion, or 47 United States cents per share, topping analysts' estimate of 44 cents. Greenleaf Tru holds 0.04% of its portfolio in Bank of America Corporation (NYSE:BAC) for 67,798 shares.

Several other large investors have also recently modified their holdings of BAC. The firm has "Sell" rating given on Monday, December 19 by M Partners. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have assigned a buy rating to the company's stock. BMO Capital Markets reissued a "market perform" rating and issued a $29.00 target price (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th.

Like many banks this quarter, Bank of America had to write down the value of deferred tax assets on its balance sheet. The company was maintained on Tuesday, December 5 by Raymond James. It turned negative, as 68 investors sold BAC shares while 569 reduced holdings. Bank of America now has a consensus rating of "Buy" and a consensus price target of $29.14.

JPMorgan Chase chief financial officer Marianne Lake acknowledged last week that Steinhoff was the cause of a $143m mark-to-market loss in the bank's stock-trading unit during the fourth quarter as well as $130m of credit costs. The company's stock had a trading volume of 104,217,400 shares, compared to its average volume of 72,210,000. 615,589 are held by Hudson Bay Mngmt L P. Hm Payson Company stated it has 353,391 shares or 0.39% of all its holdings. Bank of America Corp has a 1-year low of $22.07 and a 1-year high of $31.79.

Bank of America Corp (NYSE:BAC) stock was down today despite an earnings beat for the fourth quarter of 2017. The bank reported an EPS of $0.47, beating analysts' estimates of $0.45. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. The firm's quarterly revenue was up 3.5% compared to the same quarter a year ago. They expect $1.45 earnings per share, up 0.69% or $0.01 from last year's $1.44 per share. Proshare Advisors Ltd Co invested 0.57% of its portfolio in Bank of America Corporation (NYSE:BAC). North Star Investment Management Corp sold 26,764 shares as the company's stock declined 6.00% while stock markets rallied. Intersect Capital Llc has 11,169 shares. Csenge Advisory Group acquired a new position in Bank of America in the 3rd quarter valued at approximately $469,000.

Churchill Management Corp decreased Home Depot Inc Com (NYSE:HD) stake by 5,413 shares to 184,011 valued at $30.10 million in 2017Q3. McQueen Ball & Associates Inc. lifted its holdings in Bank of America by 2.6% in the second quarter. Sandy Spring Savings Bank has invested 0.2% in Bank of America Corporation (NYSE:BAC). Hg Vora Capital Management Llc who had been investing in Sinclair Broadcast Group Inc for a number of months, seems to be bullish on the $3.98B market cap company. J.P. Morgan announced a $2.4 billion charge. The institutional investor held 48,666 shares of the major banks company at the end of 2017Q3, valued at $1.23 million, down from 76,280 at the end of the previous reported quarter. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued. Stockholders of record on Friday, December 1st were paid a $0.12 dividend.

On 7/28/2017 announced a quarterly dividend of $0.12 1.99% with an ex dividend date of 8/30/2017 which will be payable on 9/1/2017. Its down 0.08, from 1.12 in 2017Q2.

As recently as 2014, Bank of America's results were dogged by tens of billions of dollars in penalties over financial-crisis era issues. Robert W. Baird downgraded Bank of America Corporation (NYSE:BAC) rating on Wednesday, November 16. If you are accessing this piece on another domain, it was copied illegally and republished in violation of United States and global copyright and trademark laws. The original version of this report can be accessed at https://www.thelincolnianonline.com/2018/01/17/bank-of-america-corp-bac-expected-to-post-fy2018-earnings-of-2-45-per-share-updated.html. Carl Domino Inc who had been investing in Bank Amer Corp for a number of months, seems to be bullish on the $325.23B market cap company.