Bank of America Beats Forecast for Earnings

Bank of America Beats Forecast for Earnings

Bank of America Beats Forecast for Earnings

The company reached its 52-Week high of $23.39 on Dec 15, 2016 and 52-Week low of $10.99 on Feb 11, 2016.

Bank of America on Friday reported $4.7 billion in fourth-quarter profits, an increase of 43 percent from the same quarter a year ago.

The bank said net interest income increased 6 percent to $10.3 billion in the fourth quarter, while loan balances climbed by $19 billion to $915.9 billion. The projected growth estimate for the next quarter is 21.4 percent. In the matter of earnings surprises, it can have a huge impact on a company's stock price. The loan growth has slowed down over the a year ago, but total deposits were up by more than five percent.

This company was Upgrade by Societe Generale on 11-Jan-17 to Buy. The median estimate represents a +4.71% increase from the last price of 22.92.

Earnings reaction history indicates that share price went down 17 times out of last 28 quarters.

The financial sector strengthened after the three banks revealed strong quarterly profits and expressed optimism for the year ahead in the ir first public comments over earnings, reports Tanya Agrawal for Reuters. It has met expectations 0 times and missed earnings 3 times.

BOA shares were higher during trading before Friday's opening bell, but had given back higher gains from just prior to the results being released. The rating score is on a scale of 1-5 where 1 stands for strong buy and 5 stands for strong sell.

Analysts on an average had expected earnings to rise to 38 cents per share, according to Thomson Reuters I/B/E/S. However, it doesn't meet the revenue estimate of $19.58 billion that analysts were looking for in the quarter.

Bank of America Corp.is one of the world's leading financial services companies. 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. The company enables customers to do their banking and investing whenever, wherever and however they choose. It reported a 7 percent rise in equities trading revenue, "reflecting increased market activity post US election". The most expectant earnings per share estimate of the stock is set at $1.5 while the conservative estimates kept at $1.44 over the current year. The company has the Market capitalization of $12.08 Million. JPM return on assets is 0.90%. "We've often said that when things are great we might not be as high but when things aren't so good we're not going to be as low". Company shares were Reiterated by Barclays on Jan 3, 2017 to "Equal Weight", Firm has raised the Price Target to $ 26 from a previous price target of $19.

Comerica Incorporated (NYSE:CMA) now has mean rating of 2.80 while 6 analysts have commented the shares as "BUY", 1 recommended as "OUTPERFORM" and 22 commented as "HOLD".

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