Bank of America earnings top Wall Street estimates

Wells Fargo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Athena Advisors Limited has 0.48% invested in Bank of America Corp (NYSE:BAC) for 76,235 shares.

Also like its two competitors, Bank of America had to set aside some additional money to cover soured credit card loans. Capital Management Corp VA now owns 10,385 shares of the financial services provider's stock worth $252,000 after purchasing an additional 33 shares during the period. Waldron LP raised its holdings in shares of Bank of America Corporation by 112.2% during the first quarter. Gateway Advisory LLC increased its position in Bank of America Corporation by 0.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 32,935,455 shares of the financial services provider's stock worth $776,948,000 after acquiring an additional 384,349 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. However, the institutional investors are observed to own 70.10% of the total shares.

Shares of Bank of America have risen almost 16 percent this year, slightly outperforming the S&P 500 index. The firm's 50 day moving average is $24.65 and its 200-day moving average is $23.91.

Samsung CEO Kwon Oh-hyun resigns amid strong guidance for Q3
Choi Gee-sung, Samsung's chief executive and president at the company's digital media division, also resigned earlier this year. Kwon joined the company in 1985 as a researcher of the company's Semiconductor Research Institute in the United States.

Company-wide profit jumped from $4.5 billion to $5.1 billion and revenues rose by 1 per... $1.12M worth of M&T Bank Corporation (NYSE:MTB) was sold by Gold Richard S on Friday, June 9.

Bank of America reported higher third-quarter profits Friday following a strong performance in consumer banking due to increased interest rates, offsetting weakness in trading. 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 was $22.83 billion, which also beat analysts' forecasts of $22.02 billion. "Loans were up 6 percent, not quite as high as [JPMorgan] reported yesterday, but margins did improve year over year, which is a very good sign". On an adjusted basis, revenue was $22.08 billion, up from $21.86 billion a year earlier. The Corvex Management Lp holds 5.20 million shares with $126.20M value, up from 3.00M last quarter. Since the financial crisis, Bank of America has been in a multi-year turnaround plan which has started to pay dividends for management. Its down 0.03, from 1.15 in 2017Q1. The ex-dividend date of this dividend was Wednesday, August 30th. The rate the bank paid on US interest-bearing deposits was 0.24%, compared with a rock-bottom 0.11% in the prior quarter. Bank of America Corporation's dividend payout ratio is now 28.57%.

US to quit Unesco over 'anti-Israel bias'
An Arab-backed UNESCO resolution a year ago condemned Israeli's policies at religious sites in East Jerusalem and the West Bank. The United States and Israel were among just 14 of 194 members that voted against admitting the Palestinians.

Bank of America Corporation declared that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. BidaskClub upgraded Bank of America Corporation from a sell rating to a hold rating in a research report on Friday, August 4th. Moreover, Pioneer Mngmt has 0.17% invested in Bank of America Corp (NYSE:BAC) for 2.08 million shares. Following the sale, the director now owns 50,000 shares in the company, valued at approximately $1,208,000.

Bancorpsouth Inc increased its stake in Netgear Inc (NTGR) by 154.7% based on its latest 2017Q2 regulatory filing with the SEC. The stock rose 2.04% or $0.52 reaching $25.95. If you are reading this piece on another domain, it was copied illegally and reposted in violation of US and global trademark & copyright law. If you are accessing this report on another publication, it was stolen and republished in violation of U.S. & global copyright laws. M Holdings Securities Inc. boosted its stake in Bank of America Corporation by 72.9% during the 1st quarter.

Other equities research analysts have also issued reports about the company. RBC Capital Markets maintained it with "Buy" rating and $26.0 target in Friday, October 6 report. Mechanics Retail Bank Trust Department reported 0.07% of its portfolio in Bank of America Corp (NYSE:BAC). Bank of America had 86 analyst reports since July 21, 2015 according to SRatingsIntel.

Wal-Mart Expects Online Sales to Double Next Year
After $0.36 actual EPS reported by UFP Technologies, Inc. for the previous quarter, Wall Street now forecasts 0.00% EPS growth. Deliv last month began testing in-refrigerator delivery with Walmart and smart-lock firm August in the San Francisco Bay area.

Among 16 analysts covering Public Storage (NYSE:PSA), 2 have Buy rating, 3 Sell and 11 Hold. Bank of America said the slowdown was "driven by less favorable market conditions across credit-related products, as well as lower volatility in rates products".

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