Excluding that charge, it earned $5.3 billion, or 47 U.S. cents per share, topping analysts' estimate of 44 cents.
Earnings at the USA banking giant tumbled 50.2 percent to $2.1 billion.
Several other research analysts also recently weighed in on BAC. The firm has "Buy" rating by Jefferies given on Monday, October 10. Tiemann Inv Advisors Lc holds 0.5% of its portfolio in Bank of America Corporation (NYSE:BAC) for 23,255 shares. The company was maintained on Tuesday, December 5 by Raymond James. Bank of America makes up about 2.4% of Meridian Wealth Management LLC's holdings, making the stock its 11th biggest holding. Bank of America has a consensus rating of Buy and a consensus price target of $29.14.
Receive Bank of America Corporation News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation with MarketBeat.com's FREE daily email newsletter. The company's stock had a trading volume of 104,217,400 shares, compared to its average volume of 72,210,000. The company has a market cap of $325,850.00, a P/E ratio of 18.16, a P/E/G ratio of 1.70 and a beta of 1.32. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Analysts reported that the Price Target for Bank of America Corporation might touch $37 high while the Average Price Target and Low price Target is $32.25 and $22 respectively. Bank of America Corporation (NYSE:BAC) has risen 58.64% since January 16, 2017 and is uptrending. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.44 by $0.03.
The Charlotte-based bank said Wednesday it earned $2.4 billion in the fourth quarter, or 20 cents a share, compared with $4.5 billion, or 39 cents a share, a year earlier.
Bank of America's quarterly return on equity was 7.8%, down slightly from 8.1% the prior quarter and below the bank's 10% theoretical cost of capital. Bank of America's quarterly revenue was up 3.5% compared to the same quarter past year. During the same quarter in the prior year, the firm posted $0.40 earnings per share.
Projector Lights Up Trump's DC Hotel With 'Sh*thole' And Poop Emojis
In a subsequent tweet, Trump said: "The language used by me at the DACA meeting was tough, but this was not the language used". According an account given to the Washington Post , the projection remained displayed on the hotel for almost 40 minutes.
Ford Mach 1 Returns - As An Electric Performance SUV
The American vehicle giant said the increased spending will lead to 16 fully electric and 24 hybrid and plug-in hybrid models. Ford also announced that it would begin building a hybrid version of its popular F-150 pickup in Dearborn, Michigan by 2020.
Snow may cause dicey travel Sunday night into Monday morning
Winds will shift and come from the west and southwest by tomorrow bringing a much warmer afternoon with highs around 50. Because roads will likely be snow covered, we will be under a Winter Weather Advisory from 6 PM until noon on Monday.
Following the Bank of America Q4 2017 earnings release, the firm's stock ticked higher in premarket trades, climbing by as much as 0.26% to $31.32. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.
Pictet & Cie Europe Sa, which manages about $697.36 million US Long portfolio, upped its stake in United Technologies Corp (NYSE:UTX) by 6,540 shares to 80,548 shares, valued at $9.35 million in 2017Q3, according to the filing. The stock increased 2.11% or $2.4 during the last trading session, reaching $116.36. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider's stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. McQueen Ball & Associates Inc. lifted its holdings in Bank of America by 2.6% in the second quarter. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases.
COPYRIGHT VIOLATION WARNING: "Bank of America (BAC) Cut to Hold at ValuEngine" was originally posted by Registrar Journal and is the sole property of of Registrar Journal. The California-based Snyder Capital Management L P has invested 1.21% in the stock. Morgan Stanley reaffirmed an overweight rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a report on Thursday, November 30th.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th.
On 5/2/2017 announced a quarterly dividend of $0.08 1.27% with an ex dividend date of 5/31/2017 which will be payable on 6/2/2017. Sirios Capital Mgmt LP stated it has 3.35% of its portfolio in Bank of America Corporation (NYSE:BAC). Royal Bank of Canada restated a "buy" rating and set a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. If you are reading this piece on another publication, it was copied illegally and republished in violation of US & worldwide trademark and copyright legislation.