NEW YORK, NY / ACCESSWIRE / October 16, 2017 / Bank of America and Wells Fargo reported their third quarter fiscal financial reports this past Friday. While Bank of America rose to a new high on stellar trading volume after its report, Wells Fargo shares weren't so lucky after its report missed on both the top and bottom line.

RDI Initiates Coverage on:

Wells Fargo & Company
http://www.rdinvesting.com/report/?ticker=WFC

Bank of America Corporation
http://www.rdinvesting.com/report/?ticker=BAC

Wells Fargo & Company shares fell 2.75% on Friday on a little over 35 million shares traded. It was a disappointing day for the bank after it reported its third quarter financial report. For the three month period ending September 30th, the bank reported that revenue fell $400 million to $21.9 billion. Analysts had been expecting $22.4 billion. EPS of $1.04, excluding 20 cents of charges that were related to litigation for a mortgage-related regulatory case prior to the financial crisis, was better than the $1.03 that analysts expected. The bank's CEO, Tim Sloan, commented, "Over the past year we have made fundamental changes to transform Wells Fargo as part of our effort to rebuild trust and build a better bank. We saw total average deposit growth; loan growth in our residential mortgage, credit card and subscription finance portfolios; as well as higher assets under management in Wealth and Investment Management."

Access RDI's Wells Fargo & Company Research Report at:
http://www.rdinvesting.com/report/?ticker=WFC

Bank of America Corporation shares closed up 1.49% this past Friday with significant trading volume at nearly 105 million shares traded. The stock was only 30 cents shy of its 52-week high of $26.30 during intra-day trading after reporting its third quarter earnings. The bank reported EPS of $0.48 and $22.83 billion in revenue. This is versus the $0.45 EPS and $21.98 billion in revenue that Wall Street was anticipating. The bank also reported that consumer banking revenues grew by 10% to $8.8 billion and that global banking revenues grew by 5% to $5.0 billon. CEO Brian Moynihan commented, "Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results. Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading. We delivered positive operating leverage year over year for the 11th consecutive quarter while continuing to invest in improved capabilities."

Access RDI's Bank of America Corporation Research Report at:
http://www.rdinvesting.com/report/?ticker=BAC

Our Actionable Research on Wells Fargo & Company (NYSE: WFC) and Bank of America Corporation (NYSE: BAC) be downloaded free of charge at Research Driven Investing.

Research Driven Investing

We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.

RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.

Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

CONTACT

For any questions, inquiries, or comments reach out to us directly at:

Address:

Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011

Email:

contact@rdinvesting.com

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: RDInvesting.com