Bank Of America Q3 Profit Climbs, Tops Estimates

By Dan Freed and Nikhil Subba

After having $2.31 EPS previously, Public Storage's analysts see 12.99% EPS growth. About shares traded. Clean Harbors Inc (NYSE:CLH) has risen 18.53% since October 13, 2016 and is uptrending. It has underperformed by 30.84% the S&P500. The hedge fund run by Matthew Knauer held 4.98M shares of the major banks company at the end of 2017Q2, valued at $120.69M, up from 1.50 million at the end of the previous reported quarter. Johnson Investment Counsel Inc acquired 41,548 shares as Bank Of America Corporation (BAC)'s stock declined 6.00%. Berkshire Hathaway took a $11.5 billion investment gain earlier this year when it converted preferred shares into common stock.

Bank of America's quarterly return on equity was 8.1%, up from the prior quarter and better than rival Citigroup Inc.'s, though below J.P. Morgan Chase & Co.'s and the bank's 10% theoretical cost of capital.

The stock decreased 1.47% or $0.38 during the last trading session, hitting $25.45. About 1.53M shares traded. On average, equities analysts forecast that Bank of America Corporation will post $1.79 earnings per share for the current year.

Investors sentiment decreased to 1.12 in Q2 2017. Its down 0.03, from 1.15 in 2017Q1. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued. Net charge-offs increased 1 percent to $900 million, while the netcharge-off ratio declined to 0.39 percent from 0.40 percent. Signature Est And Inv Ltd Liability Com owns 710,770 shares or 2.04% of their United States portfolio. Legal And General Gru Public Ltd Co holds 0% or 65,023 shares in its portfolio.

Bank of America's large base of US deposits and rate-sensitive mortgage securities makes it particularly poised to benefit from an uptick in interest rates. Qci Asset Mgmt Inc holds 708,782 shares or 2.07% of its portfolio. Egerton Cap (Uk) Llp holds 16.59 million shares. Illinois-based Front Barnett Assocs Ltd has invested 2.01% in Bank of America Corp (NYSE:BAC). Historical earnings event related premarket and after-hours trading activity in BAC indicates that the price change in the extended hours is likely to be of limited value in forecasting additional price movement by the following regular session close. Birinyi Associates owns 34,250 shares. Bank of America Corporation's payout ratio is now 28.57%.

Fulton Bank increased Bank Amer Corp (BAC) stake by 19.23% reported in 2017Q2 SEC filing. Therefore 66% are positive. Analysts had expected $21.98 billion. The stock has "Buy" rating by Jefferies on Tuesday, June 6. Credit Agricole upgraded Bank of America Corp (NYSE:BAC) on Friday, January 29 to "Outperform" rating. Nokota Management Lp who had been investing in Bank Amer Corp for a number of months, seems to be bullish on the $268.51 billion market cap company. UBS has "Neutral" rating and $23 target. The stock presently has an average rating of Buy and an average target price of $24.88. Deutsche Bank maintained Bank of America Corp (NYSE:BAC) on Wednesday, August 12 with "Buy" rating. As per Tuesday, January 31, the company rating was upgraded by KeyBanc Capital Markets. Finally, Jefferies Group LLC reissued a "buy" rating on shares of Bank of America Corporation in a research report on Friday, July 7th. Whereas 8 of them predict the stock is a hold. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the stock. Therefore 42% are positive. Robert W. Baird maintained the stock with "Hold" rating in Thursday, September 7 report. The rating was maintained by Barclays Capital on Tuesday, August 9 with "Overweight". The stock has "Sell" rating by Evercore on Monday, March 21. The firm has "Buy" rating by Jefferies given on Thursday, September 14.

Public Storage is a real estate investment trust. 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. The Company's divisions include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.



Other news