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Company Update (NYSE:BAC): Bank of America CEO says trading revenue on track for growth

[Reuters] – Bank of America Corp is on track for mid-single digit revenue growth in its trading businesses in the second quarter from a year ago, according to Chief Executive Officer Brian Moynihan. Speaking at an industry conference on Thursday, Moynihan said fixed income revenue, which accounts for about two-thirds of the trading business, was up, while equities, which account for a smaller portion, were down so far in the quarter. Bank of America posted revenue of about $2.15 billion from fixed income currencies and commodities trading in the second quarter of 2015, while equities trading revenue was about $1.18 billion. Read more on this. Bank of America Corporation (BAC) , with a current value of $152.29B, opened at $14.95. During the trading session, BAC traded between $14.77 to $14.96 with its 52-week range being $10.99 to $18.48. BAC shares are currently priced at 11.26x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.61x earnings multiple for the same period. And for income investors, the company pays shareholders $0.20 per share annually in dividends, yielding 1.35%. According to a consensus of 28 analysts, the earnings estimate of $0.37 per share would be $0.08 worse than the year-ago quarter and a $0.02 sequential decrease. The full-year EPS estimate is $1.32 which would be a $0.06 setback than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $20.96 Billion. If reported, that would be a 6.18% decrease over the year-ago quarter. Recently, Keefe Bruyette downgraded BAC from Outperform to Mkt Perform (May 16, 2016). Previously, Atlantic Equities downgraded BAC from Overweight to Neutral. With the above information in mind, readers should note that the average price target is $17.37, which is 16.19% above where the stock opened this morning. See more in (NYSE:BAC) Similar Articles: Market Update: Bank of America Corporation (NYSE:BAC) – Bank of America Announces Preliminary Voting Results of 2016 Annual Meeting of Stockholders Market Update: Bank of America Corporation (NYSE:BAC) – 2016 Bank of America Chicago Marathon Non-Guaranteed Drawing Applicants Receive Notification Today Stock Update: Bank of America Corporation (NYSE:BAC) – 2015 Bank of America Chicago Marathon Charity Runners Raised an Event Record $18.7 Million
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