Bank of America Corp (BAC) Q3 Profit, Revenue Top Expectations

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The Charlotte, NC-based banking giant reported Q3 earnings per share (EPS) of $0.48, which was $0.03 better than the Wall Street consensus estimate of $0.45.

Revenue rose across three of BofA's four main businesses, with consumer banking up 10 percent. During the same period previous year, the business earned $0.41 earnings per share.

Bank of America Corp shares rose $0.14 (+0.55%) in premarket trading Friday. Jefferies Group now has a "Buy" rating and a $28.00 price target on the stock. Equities rose 2% to $1.0 billion.

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Its down 0.03, from 1.15 in 2017Q1. Its down 0.05, from 1.34 in 2017Q1. The firm earned "Neutral" rating on Wednesday, January 11 by UBS. The company holds 10.38 billion outstanding shares and 10.38 billion shares are floating in market. This buyback authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

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Analysts expect Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) to report $0.03 EPS on October, 20 before the open.They anticipate $0.01 EPS change or 25.00% from last quarter's $0.04 EPS. Jefferies maintained Bank of America Corp (NYSE:BAC) rating on Tuesday, June 6. Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. Bank of America had 86 analyst reports since July 21, 2015 according to SRatingsIntel. Deutsche Bank maintained the shares of BAC in report on Tuesday, August 25 with "Buy" rating. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company's stock. The firm has "Buy" rating by Jefferies given on Tuesday, June 6. The company was maintained on Wednesday, August 30 by Needham. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08.

Golub Group Llc decreased its stake in Pepsico Inc (PEP) by 95.91% based on its latest 2017Q2 regulatory filing with the SEC. Asset Mngmt holds 56,631 shares or 0.02% of its portfolio.

Several institutional investors have recently modified their holdings of the company. Piedmont Inv Advsrs Ltd Llc invested 1.39% of its portfolio in Bank of America Corp (NYSE:BAC). The Fuller & Thaler Asset Management Inc holds 2.25M shares with $125.37 million value, up from 2.24M last quarter. YHB Investment Advisors Inc. boosted its stake in Bank of America Corporation by 17.2% during the 2nd quarter. It also increased its holding in General Mtrs Co (NYSE:GM) by 19,284 shares in the quarter, for a total of 969,134 shares, and has risen its stake in Allergan Plc. Waldron LP boosted its stake in Bank of America Corporation by 112.2% during the 1st quarter.

Average next regular session additional gain: 1.5%. Hot Stocks Point (HSP) makes sure to keep the information up to date and correct, but we didn't suggest or recommend buying or selling of any financial instrument unless that information is subsequently confirmed on your own. Fmr Limited Company stated it has 1% in Bank of America Corp (NYSE:BAC).