Bank of America discloses record profit

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The ratio improved, as 14 hedge funds increased or opened new stock positions, while 5 sold and trimmed stakes in Matria Healthcare Inc. Bank of America has a 52-week low of $22.07 and a 52-week high of $33.05.

Bank of America Corp shares rose $0.25 (+0.84%) in premarket trading Monday. 1ST Source Bank now owns 81,124 shares of the financial services provider's stock valued at $2,056,000 after purchasing an additional 3,690 shares during the last quarter. Bank of America maintained Netflix, Inc. Js Capital Management Llc bought 50,000 shares as the company's stock declined 1.20% with the market. Bluefin Trading Llc who had been investing in Bank Amer Corp for a number of months, seems to be bullish on the $304.68 billion market cap company.

Sol Capital Management Co increased Vanguard Mid (VOE) stake by 6,820 shares to 26,860 valued at $3.00M in 2017Q4. Cullen Frost Bankers accumulated 752,929 shares or 0.7% of the stock. Weik Cap Mgmt has 18,600 shares. It also reduced its holding in Proshares Tr Ii (SVXY) by 33,006 shares in the quarter, leaving it with 31,094 shares, and cut its stake in Yelp Inc (NYSE:YELP). Institutional investors own 69.85% of the company's stock. M&T Bank will release earnings before the markets open. The firm has a market capitalization of $305,261.97, a P/E ratio of 16.26, a P/E/G ratio of 1.49 and a beta of 1.37.

A bright spot for the bank was its performance from trading stock as its equity revenues soared 38% to US$1.52bn from the same period a year ago.

Bank of America Corp. shares are down as much as 1.1 percent in mid-morning trading, after the bank reported record first-quarter profits, helped by cost-cutting and after Chief Executive Officer Brian Moynihan flagged "solid USA consumer activity". The financial services provider reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.03. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion.

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Revenue rose at three of BofA's four major businesses. During the same quarter in the previous year, the business earned $0.41 EPS. Credit Suisse maintained the stock with "Outperform" rating in Friday, March 16 report. Stockholders of record on Friday, March 2nd were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, March 1st.

BAC has been the topic of a number of analyst reports. Bank of America had 109 analyst reports since July 21, 2015 according to SRatingsIntel. The firm has $37 highest while $24.0 is the lowest [Target].

Bank of America (NYSE:BAC) last announced its earnings results on Monday, April 16th.

Bank of America shares were almost 0.4% lower at $29.68 in Monday morning trading. On Tuesday, December 12 the stock has "Buy" rating by Keefe Bruyette & Woods. The stock has "Hold" rating by Societe Generale on Tuesday, January 9. The rating was maintained by JP Morgan with "Overweight" on Thursday, April 7. Capital Advantage Inc.'s holdings in Bank of America were worth $590,000 as of its most recent SEC filing.

JPMorgan CFO Marianne Lake also said Friday that it was still too early to gauge whether President Trump's tax law would bring more loan growth, even though the bank remains upbeat on the law's potential impact eventually. The original version of this piece can be viewed at https://stocknewstimes.com/2018/04/16/sullivan-bruyette-speros-blaney-llc-trims-holdings-in-bank-of-america-bac.html. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.

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