Bank of America profits jump, helped by interest rates

Specifically, BAC stock is bouncing around within a 3%-wide trading range after plunging into the red after initially opening higher. The stock has recent support above $22.50, and recent resistance below $23.90.

Profits at Bank of America soared in the first quarter of the year, powered by gains in its global banking unit. Otter Creek Advisors LLC now owns 924,061 shares of the financial services provider's stock valued at $14,868,000 after buying an additional 148,810 shares during the last quarter. Most consumer banks' lending businesses benefit from a Federal Reserve rate increase. Acadian Asset Management LLC boosted its position in shares of Bank of America Corp by 36.3% in the third quarter.

As far as Bank of America, analyst Seifert expects strong growth to continue from consumer, as well as, global wealth and investment management. Lansdowne Partners UK LLP now owns 30,503,227 shares of the financial services provider's stock worth $674,141,000 after buying an additional 30,423,227 shares in the last quarter. The original version of this story can be accessed at https://baseballnewssource.com/markets/beacon-financial-group-has-320000-stake-in-bank-of-america-corp-bac/617422.html.

Moynihan said past year he would make trimming costs a top priority and would shrink annual expenses by about an additional $5 billion by 2018. Following the transaction, the director now directly owns 21,456 shares in the company, valued at $427,618.08.

Bank of America Corporation (NYSE:BAC) closed down -0.31 points or -1.37% at $22.34 with 87.9 mln shares exchanging hands. 282479 shares were traded on Seacoast Banking Corporation of Florida's last session. Latest closing price was -6.82% below its 50-day moving average and 16.25% above its 200-day moving average. Bank of America Corp has a 52-week low of $12.05 and a 52-week high of $25.80.

Over the past five trading sessions shares of Bank of America Corporation (NYSE:BAC) are -3.96%; -11.28% for the month; -2.23% for the last quarter; 40.31% for the past six-months; and 60.34% for the last 12 months. Equity trading climbed 7.4% to $1.1 billion, compared with estimates of $1.01 billion. The business's revenue for the quarter was up 2.1% compared to the same quarter previous year.

In this Thursday, April 13, 2017, photo, a man uses a Bank of America ATM near the company's headquarters in Charlotte, N.C. Bank of America Corporation reports earnings Tuesday, April 18, 2017. The banking giant repurchased a net of $2.3 billion in common stock and paid out $0.8 billion in common stock dividends. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.32%.

A number of other institutional investors have also modified their holdings of BAC.

The company's expected revenue in the current quarter to be 21.67 Billion, seeing a projected current quarter growth of 25%, and per annum growth estimates over the next 5 year period of around 10.84%. Vetr raised shares of Bank of America Corp from a "buy" rating to a "strong-buy" rating and set a $26.88 price objective on the stock in a report on Tuesday, March 21st. The recommendation scale measures the value from 1 to 5, where 1 means "Strong Buy" and 5 stands for "Sell". Meanwhile, due to an ongoing pressure which caused a decline of nearly -3.96% in the past five days, the stock price is now up 1.39% so far on the year - still in weak territory.

Currently, the market capitalization of Bank of America Corporation (BAC) is 228.37 Billion.

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