Meanwhile, investment banking fees fell by 15 per cent to $1.4bn for the quarter compared to a strong period previous year.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC.
The first quarter was "a solid business environment with good economic metrics". The Manufacturers Life Insurance Company raised its holdings in Bank of America by 27.8% during the 2nd quarter. 4,876 were accumulated by Rowland & Inv Counsel Adv. Natixis invested in 6.56M shares or 1.49% of the stock. Grassi Investment Management who had been investing in Bank Of America for a number of months, seems to be bullish on the $304.68 billion market cap company. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider's stock valued at $1,017,645,000 after acquiring an additional 4,801,300 shares during the period. Finally, Victory Capital Management Inc. lifted its position in Bank of America by 75.3% during the third quarter. Oppenheimer Asset Mgmt holds 0.56% in Bank of America Corporation (NYSE:BAC) or 833,720 shares.
Total analysts of 13 have positions in Bank of America (NYSE:BAC) as follows: 10 rated it a "Buy", 0 with "Sell" and 3 with "Hold". Credit Suisse Group boosted their price objective on Bank of America from $35.00 to $36.00 and gave the stock an "outperform" rating in a report on Friday, March 16th. On Tuesday, September 8 the stock rating was upgraded by Nomura to "Buy". On Wednesday, August 12 the stock rating was maintained by Deutsche Bank with "Buy". The firm earned "Buy" rating on Tuesday, December 5 by Raymond James.
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Shares of BAC opened at $29.80 on Monday.
Economists and investors have been looking to Wall Street earnings to deliver them from the doldrums of trade war fears and equity market volatility. Instinet reduced their price objective on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. Mckinley Ltd Company Delaware stated it has 0.18% of its portfolio in Netflix, Inc. Vetr downgraded Bank of America Corporation (NYSE:BAC) on Tuesday, August 11 to "Buy" rating. Last quarter $0.47 earnings per share was reported. The firm had revenue of $20.69 billion during the quarter, compared to analysts' expectations of $21.61 billion. Return on equity for average shareholders was 10.8 per cent. The firm originated $9.4 billion of new mortgages in the first quarter; in 2009, it topped $100 billion in one quarter.
The results come after other large USA banks on Friday reported their earnings for the first quarter.New York's JPMorgan Chase said it earned $8.71 billion in the first quarter, or $2.37 a share, up from $6.45 billion, or $1.65 a share, in the same period a year earlier. Stockholders of record on Friday, March 2nd were issued a $0.12 dividend. The ex-dividend date was Thursday, March 1st. Japan's Nikkei 225 Index rose by 0.3%, while Hong Kong's Hang Seng Index tumbled by 1.6%. Bank of America's payout ratio is presently 26.23%. Edgar Lomax Va has invested 1.69% in Bank of America Corporation (NYSE:BAC). If you are accessing this piece on another site, it was stolen and republished in violation of worldwide copyright & trademark laws. The original version of this news story can be read at https://registrarjournal.com/2018/04/16/bank-of-america-bac-shares-sold-by-reliance-trust-co-of-delaware.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. Howland Capital Limited Liability Com reported 13,830 shares.