Bank of America third-quarter profit rises 13 percent, beat forecasts

Bank of America's third-quarter profit rises 13 percent

APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider's stock worth $729,124,000 after acquiring an additional 3,868,186 shares in the last quarter. Bank Amer Corp (Call) now has $272.52B valuation. The company has market cap of $90.03 billion. Boston Partners now owns 75,404,921 shares of the financial services provider's stock worth $1,778,802,000 after acquiring an additional 368,898 shares in the last quarter. Gateway Advisory LLC increased its position in Bank of America Corporation by 0.4% in the second quarter. Welch Group LLC now owns 10,035 shares of the financial services provider's stock worth $237,000 after buying an additional 42 shares in the last quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider's stock worth $348,000 after buying an additional 46 shares in the last quarter. The existing PEG value acts as a measure that takes into account its future growth where investors are able to scale the company's high-growth stock as undervalued.

Bank of America's shares, which had risen nearly 16 per cent year to date, were up almost one per cent in morning trade while Wells Fargo was down more than three per cent. The firm's 50 day moving average is $24.65 and its 200-day moving average is $23.91.

Analysts expect Caladrius Biosciences Inc (NASDAQ:CLBS) to report $-0.85 EPS on November, 6.They anticipate $0.24 EPS change or 22.02% from last quarter's $-1.09 EPS.

Bank of America Corp, the second-largest US bank by assets, reported a 15 percent rise in quarterly profit as the lender kept a tight leash on costs and benefited from higher interest rates. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.43 by $0.03.

Quarterly revenue across the company reached $22.83 billion, which also beat analysts' forecasts of $22.02 billion. Of those analysts, 9 rate stock as a Strong Buy, 8 rate it as Hold, and just no analyst rates it as a Moderate Sell. The Johnson Investment Counsel Inc holds 81,455 shares with $1.98M value, up from 39,907 last quarter. Among active positions in the latest quarter, 869 holders increased their positions by a total of 301.31 million shares, 760 holders decreased the positions by a total of 329.95 million shares, and 217 holders held their positions.

Institutions own 62.76% of Bank of America Corporation (BAC)'s shares. Shareholders of record on Friday, September 1st were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.89%. This is a boost from Bank of America Corporation's previous quarterly dividend of $0.08. Bank of America Corporation's dividend payout ratio is now 28.57%.

The company said its bottom line totaled $5.12 billion, or $0.48 per share. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. The insider, BRAMBLE FRANK P, now holds 50,000 shares of BAC. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Ls Advsrs Ltd Limited Liability Company owns 1,233 shares for 0% of their portfolio. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The stock declined 0.04% or $0.01 reaching $25.82 on the news. If you are viewing this news story on another domain, it was illegally stolen and republished in violation of USA and worldwide copyright & trademark laws. If you are viewing this story on another domain, it was illegally stolen and republished in violation of U.S. and worldwide copyright and trademark legislation.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Wood maintained it with "Outperform" rating and $135 target in Thursday, October 1 report. Oppenheimer maintained Bank of America Corp (NYSE:BAC) on Tuesday, July 18 with "Buy" rating. The firm earned "Buy" rating on Friday, August 18 by RBC Capital Markets.

Like other banks that reported Thursday, Bank of America also scored a modest increase in overall loans.

Analysts have given a mean recommendation of 2.10 on this stock (A rating of less than 2 means buy, "hold" within the 3 range, "sell" within the 4 range, and "strong sell" within the 5 range). Bank of America Corporation presently has a consensus rating of "Buy" and a consensus price target of $24.88.

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