Published: Fri, October 13, 2017
Economy | By Annette Adams

Pointe Capital Management LLC Decreases Position in Bank of America Corporation (BAC)

Pointe Capital Management LLC Decreases Position in Bank of America Corporation (BAC)

Total revenue rose about 1 percent to $22.08 billion. 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.

Bank of America reported third-quarter results on Friday that beat Wall Street expectations despite a slowdown in its fixed-income trading business. This was up from $21.64 billion a year ago. This is an increase from Bank of America Corporation's previous quarterly dividend of $0.08. The stock decreased 1.47% or $0.38 during the last trading session, reaching $25.45. The financial services provider reported $1.42 earnings per share for the quarter, beating the Zacks' consensus estimate of $1.32 by $0.10. Vident Investment Advisory Limited Liability Co owns 0.03% invested in Bank of America Corp (NYSE:BAC) for 13,725 shares. Waldron LP now owns 24,550 shares of the financial services provider's stock valued at $578,000 after buying an additional 12,978 shares in the last quarter. Finally, Arbor Investment Advisors LLC boosted its position in Bank of America Corporation by 0.3% in the 2nd quarter. The Johnson Investment Counsel Inc holds 81,455 shares with $1.98M value, up from 39,907 last quarter.

Oakmont Corp decreased Bank Amer Corp (BAC) stake by 19.27% reported in 2017Q2 SEC filing. Deutsche Bank maintained the shares of BAC in report on Tuesday, August 25 with "Buy" rating. BidaskClub raised Bank of America Corporation from a hold rating to a buy rating in a research note on Friday, July 7th. Finally, Jefferies Group LLC reissued a "buy" rating on shares of Bank of America Corporation in a research report on Friday, July 7th. The stock of Bank of America Corp (NYSE:BAC) has "Buy" rating given on Monday, August 24 by Vetr. If you are viewing this report on another publication, it was illegally copied and republished in violation of United States and global copyright & trademark law. Since then, Mr. Buffett has publicly praised Bank of America chief Brian Moynihan and said his firm plans to be a shareholder for a long time. The company has its outstanding shares of 10.38B. First Interstate Retail Bank owns 0.15% invested in Bank of America Corp (NYSE:BAC) for 30,096 shares. Moreover, Scholtz And Co Ltd Liability Company has 3.41% invested in Bank of America Corp (NYSE:BAC). The company has market cap of $38.11 billion. The stock's 50 day moving average is $24.65 and its 200 day moving average is $23.91. Bank of America Corp (NYSE:BAC) has risen 58.64% since October 13, 2016 and is uptrending. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. Revenue across the bank's four lines of businesses grew 4 percent, even with a challenging quarter for trading, he said.

In terms of earnings per share, 25 analysts have a 0.47 EPS mean target for the quarter ending Dec-17, for the quarter ending Mar-18, 18 analysts have a 0.46 EPS mean target and for the quarter ending Mar-18 there are 29 estimates of 1.79 EPS. The Company's principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space.

Bank of America Corporation declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. They now have a $27.00 target price on the financial services provider's stock, up from their previous target price of $25.00. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued. The firm has "Neutral" rating given on Wednesday, August 26 by UBS.

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