Bank of America Showing Signs of Life After Dismal Third Quarter

Bank of America’s (NYSE:BAC) investment banking revenue is making a comeback after a more than 70% decline in the third quarter. BOA’s trading revenue was down $1.07 billion over the July through September period.

Bloomberg quoted Bank of America CEO Brian T. Moynihan, who said, “We’ve seen better results so far in the fourth quarter and we’ll see how we finish the year.” Moynihan continued by saying that improving over the third quarter results “wouldn’t be a hard standard to overcome.  The ebbs and flows of Europe lock the markets and move the markets around. We’ve still got a lot of work to do to get back to a relatively normal capital markets environment.”

The bank overall has suffered significant losses due to mortgage losses.  The company’s stock (NYSE:BAC) is down more than 50% this year.  Bank of America says it has “well above” the capital reserve level required by the Fed and its liquidity should only improve with some impending sales approaching as well as a trade of preferred securities for common stock and senior debt.

Here’s how big bank stocks are trading at the end of the week:

Bank of America Corporation (NYSE:BAC): BAC shares recently traded at $5.66, up $0.07, or 1.25%. They have traded in a 52-week range of $5.03 to $15.31. Volume today was 12,182,246 shares versus a 3-month average volume of 272,290,000 shares. The company’s trailing earnings are $-0.31 per share. Get the most recent company news and stock data here >>

Citigroup, Inc. (NYSE:C): C shares recently traded at $28.34, up $0.59, or 2.13%. They have traded in a 52-week range of $21.40 to $51.50. Volume today was 2,772,832 shares versus a 3-month average volume of 58,246,800 shares. The company’s trailing P/E is 7.56, while trailing earnings are $3.75 per share. Get the most recent company news and stock data here >>

JPMorgan Chase & Co. (NYSE:JPM): JPM shares recently traded at $32.76, up $0.54, or 1.68%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 1,153,443 shares versus a 3-month average volume of 47,252,600 shares. The company’s trailing P/E is 6.98, while trailing earnings are $4.69 per share. Get the most recent company news and stock data here >>

Wells Fargo & Company (NYSE:WFC): WFC shares recently traded at $26.60, up $0.41, or 1.57%. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 616,812 shares versus a 3-month average volume of 40,403,000 shares. The company’s trailing P/E is 9.85, while trailing earnings are $2.70 per share. Get the most recent company news and stock data here >>

SPDR Select Sector Fund – Finan (NYSE:XLF): XLF shares recently traded at $13.01, up $0.06, or 0.46%. They have traded in a 52-week range of $ to $18.86%. Volume today was 4.47B shares versus a 3-month average volume of 11 shares. The company’s trailing P/E is Financial, while trailing earnings are $State Street Global Advisors per share. Get the most recent company news and stock data here >>

SPDR KBW Bank ETF (NYSE:KBE): KBE shares recently traded at $19.21, up $0.1, or 0.52%. They have traded in a 52-week range of $ to $25.07%. Volume today was 1.04B shares versus a 3-month average volume of 12 shares. The company’s trailing P/E is Financial, while trailing earnings are $State Street Global Advisors per share. Get the most recent company news and stock data here >>

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