Bank of America Q4 Earnings Hurt By Tax Legislation

Brian Moynihan Bank of America BOA

New England Private Wealth Advisors Lc has invested 0.23% in Bank of America Corporation (NYSE:BAC). The institutional investor acquired 230,565 shares of the financial services provider's stock, valued at approximately $5,843,000. Westend Advsrs Ltd has invested 4.49% of its portfolio in Bank of America Corporation (NYSE:BAC).

Several other analysts also recently weighed in on the stock.

For the full year, the bank reported revenues of $87.35 billion and EPS of $1.56, compared with 2016 revenues of $83.7 billion and EPS of $1.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th.

More notable recent Bank of America Corporation (NYSE:BAC) news were published by: Thestreet.com which released: "Bank of America, Goldman Sachs, Juno and Ford - 5 Things You Must Know" on January 17, 2018, also Bloomberg.com with their article: "BofA's $292 Million Charge Said to Be Tied to Steinhoff Turmoil" published on January 17, 2018, Bloomberg.com published: "BofA Tops IBM, Payments Firms With Most Blockchain Patents" on January 16, 2018. Parametric Portfolio Associates LLC increased its stake in shares of Bank of America by 52.4% in the 2nd quarter. "We also shared our success with stakeholders through our high level of funding philanthropic initiatives, our 2 million employee volunteer hours, and our commitment to long-term shareholder value by returning almost $17bn in capital through common stock repurchases and dividends". Lazard Asset Mngmt Limited Liability Co has invested 0.19% in Bank of America Corporation (NYSE:BAC). Keefe Bruyette & Woods downgraded Bank of America Corporation (NYSE:BAC) rating on Monday, May 16. Thompson Rubinstein Investment Management Inc who had been investing in Kemper Corp for a number of months, seems to be less bullish one the $3.63B market cap company. The stock of Bank of America Corporation (NYSE:BAC) earned "Overweight" rating by JP Morgan on Wednesday, November 1. Chicago Partners Investment Group LLC raised its stake in shares of Bank of America by 11.0% during the 2nd quarter. Insight Capital Research & Management Inc who had been investing in Take for a number of months, seems to be bullish on the $13.27 billion market cap company. Timber Creek Capital Mngmt Ltd Limited Liability Company accumulated 483 shares or 0.01% of the stock.

Bank of America Corp's net profit almost halved compared with a year earlier as it booked a $2.9 billion charge stemming from the new federal tax law although it beat analysts' estimates when adjusted for the charge. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.44 by $0.03. The business had revenue of $22.08 billion during the quarter, compared to analysts' expectations of $22.07 billion. Cap Growth Limited Partnership holds 8.23% of its portfolio in Bank of America Corporation (NYSE:BAC) for 7.42M shares. The company had Year Ago Sales of 20.22 Billion.

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Excluding the tax charge, Bank of America earned $5.3 billion, or 47 cents per share. Many banks have reported declines in trading revenue for the fourth quarter as markets were abnormally calm past year, which kept investors from actively trading. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

The tax changes, which were forced through late previous year by the President's Republican party, have dramatically changed the way in which foreign earnings in particular are treated.

Since August 10, 2017, it had 0 insider buys, and 1 insider sale for $2.10 million activity. This represents a $0.48 annualized dividend and a yield of 1.56%. BTIG Research maintained the stock with "Buy" rating in Thursday, November 9 report. Bank of America's dividend payout ratio (DPR) is now 27.91%. The rating was maintained by BTIG Research on Wednesday, June 21 with "Buy".

Bank of America (NYSE:BAC) was downgraded by equities research analysts at ValuEngine from a "buy" rating to a "hold" rating in a research report issued on Tuesday. Vetr upgraded Bank of America from a hold rating to a buy rating and set a $26.59 price objective for the company in a report on Monday, October 16th. Credit Agricole upgraded the shares of BAC in report on Friday, January 29 to "Outperform" rating. Thomson Reuters had a 12-month consensus analyst price target of $32.28 before results were announced. If you are accessing this piece on another website, it was copied illegally and reposted in violation of USA and global trademark and copyright legislation. If you are accessing this story on another site, it was stolen and reposted in violation of global copyright & trademark legislation.

A customer uses an automatic teller machine (ATM) inside a Bank of America Corp. branch in NY on January 15, 2018.

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