Bank of America shares jump despite revenue miss

Brian Moynihan Bank of America BOA

( BAC ) reported a profit for the fourth-quarter of 2017 that declined about 50 percent from a year ago, hurt by a charge of $2.9 billion or $0.27 per share, related to the Tax Cuts and Jobs Act. Sources said that the charge was linked to Steinhoff International, the South African owner of Poundland, which is being investigated in connection with an accounting scandal.

Reporting its results for the last three months of...

Shares traded higher by about 0.2% in the premarket Wednesday to $31.30. Morgan Stanley restated an "overweight" rating and set a $30.00 target price (up previously from $28.00) on shares of Bank of America in a research report on Thursday, November 30th.

At the moment 32 analysts are watching Bank of America Corporation (NASDAQ:BAC), 9 rate it "Buy", 14 "Outperform", 8 "Underperform", 0 "Sell", while 1 "Hold".

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 17th. The Park National Corp holds 896,822 shares with $22.73M value, up from 871,620 last quarter. Finally, Legacy Advisors LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at approximately $115,000. The firm has "Hold" rating given on Tuesday, January 9 by Societe Generale. Kiwi Wealth Investments Limited Partnership's holdings in Bank of America were worth $17,482,000 as of its most recent filing with the Securities & Exchange Commission. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Its down 0.08, from 1.12 in 2017Q2. Parametric Portfolio Associates LLC increased its stake in shares of Bank of America by 52.4% in the 2nd quarter. Deutsche Bank reiterated a hold rating and issued a $25.00 price objective (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Strategic Advisors Llc who had been investing in Bank Of America Corp for a number of months, seems to be bullish on the $326.53 billion market cap company.


The bank's shares were down 2.4 percent in morning trading. Finally, Zacks Investment Research raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $33.00 target price for the company in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. McQueen Ball & Associates Inc. now owns 29,131 shares of the financial services provider's stock worth $707,000 after purchasing an additional 750 shares in the last quarter. The biggest holder now is Mr. Thomas K. Montag who owns 1,548,615 shares (0.01% of those outstanding), whilst Kenneth D Lewis holds 1,430,026 (0.01% of shares outstanding) and Mr. Brian T. Moynihan holds 1,073,505 (0.01% of shares outstanding). BMO Capital Markets reaffirmed a "hold" rating and issued a $31.00 target price on shares of Bank of America in a research note on Monday, January 8th.

Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued. Institutional investors and hedge funds own 68.46% of the company's stock. The company has an average rating of Buy and an average target price of $29.14.

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All the banks, however, said the slashing of the corporate tax rate to 21% from 35% would provide a long-term benefit to their profitability going forward.

Revenue rose 7% to $4.7 billion at Global Wealth and Investment Management Segment.

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