Bank of America Corp (BAC) reported quarterly earnings results on Monday, Jul-18-2016. The company said it had a profit of $0.36 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.33. The company posted revenue of $20600.00 million in the period, compared to analysts expectations of $20518.78 million. The company’s revenue was down -7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 EPS.
Many Wall Street Analysts have commented on Bank of America Corp. Berenberg Initiated Bank of America Corp on Jul 13, 2016 to “Buy”, Price Target of the shares are set at $15.Bank of America Corp was Downgraded by Raymond James to ” Mkt Perform” on Jul 7, 2016. Bank of America Corp was Downgraded by Keefe Bruyette to ” Mkt Perform” on May 16, 2016.
Bank of America Corp opened for trading at $13.78 and hit $13.79 on the upside on Friday, eventually ending the session at $13.66, with a gain of 0.07% or 0.01 points. The heightened volatility saw the trading volume jump to 7,86,52,469 shares. Company has a market cap of $140,314 M.
In a different news, on Feb 22, 2016, Thong M Nguyen (Pres, Ret. Bnkg & Co-Hd CB) purchased 30,000 shares at $12.43 per share price.
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution serving individual consumers small- and middle-market businesses institutional investors corporations and Governments with a range of banking investing asset management and other financial and risk management products and services. Through its banking and various nonbank subsidiaries it provides a range of banking and nonbank financial services and products. It operates in five segments: Consumer & Business Banking which offers a range of credit banking and investment products and services to consumers and businesses; Consumer Real Estate Services which provides a line of consumer real estate products and services; Global Wealth & Investment Management which provides wealth management solutions; Global Banking which provides a range of lending-related products and services and Global Markets which offers sales and trading services.