Today’s Research Reports on Trending Tickers: Bank of America and Citigroup
U.S. markets continued to hit record highs Friday as the potential for a rate hike by the Federal Reserve dimmed on weak economic data. The Dow Jones Industrial Average increased 0.39 percent to close at 21,637.74, its third consecutive record close, while the S&P 500 Index rose 0.47 percent to close at a record 2,459.27. Financials were the only sector in the S&P 500 to decline on Friday. Analysts’ predict earnings for the S&P 500 Index to increase of 8.1 percent year-over-year, according to Thomson Reuters.
“I think this morning’s economic data once again plays into the narrative that the Fed will be more dovish,” said Ian Winer, head of the equities division at Wedbush Securities, in an interview, according to MarketWatch. “It further fuels the sentiment that there’s no alternative for stocks.”
RDI Initiates Coverage on:
Bank of America Corporation
Bank of America Corporation’s stock moved 1.67% lower Friday, to close the day at $24.21. The stock recorded a trading volume of 92,625,385 shares, which was above its three months average volume of 82,774,096 shares. In the last year Bank of America Corporation’s shares have traded in a range of 13.52 – 25.80. The share price has gained 79.07% from its 52 week low. The company’s shares are currently trading above their 200-day moving average. Moreover, the stock’s 50-day moving average of $23.26 is below its 200-day moving average of $23.42. Shares of the company are trading at a Price to Earnings ratio of 14.90. Shares of Bank of America have gained approximately 9.55 percent year-to-date.
Access RDI’s Bank of America Corporation Research Report at:
On Friday, shares in Citigroup Inc. recorded a trading volume of 20,742,307 shares, which was above the three months average volume of 16,804,800 shares. The stock ended the day 0.45% lower at 66.72. The share price has gained 56.99% from its 52 week low with a 52 week trading range of 42.50 – 68.91.The company’s shares are currently trading above their 200-day moving average. Moreover, the stock’s 50-day moving average of $62.66 is greater than its 200-day moving average of $60.18. Shares of Citigroup Inc. are trading at a Price to Earnings ratio of 13.45. Shares of Citigroup have gained approximately 12.27 percent year-to-date.
Access RDI’s Citigroup Inc. Research Report at:
Our Actionable Research on Bank of America Corporation (NYSE:BAC) and Citigroup Inc. (NYSE:C) can be downloaded free of charge at Research Driven Investing.
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