NEW YORK, NY / ACCESSWIRE / September 21, 2017 / Bank of America and Citigroup were among many bank stocks to see gains yesterday after announcements from the Federal Reserve. Other banks to see gains were JPMorgan, Key Corp, Wells Fargo, Capital One, Goldman Sachs, and Suntrust.
RDI Initiates Coverage on:
Bank of America Corporation
Bank of America Corporation's shares closed modestly in the green up 0.80% yesterday on around 82 million shares traded. It was a good day for bank stocks after the Federal Reserve announced on Wednesday that it would begin to unwind its $4.5 trillion balance sheet next month. The Fed also announced that it sees one more rate hike in 2017 and perhaps three next year. Bank of America will be reporting its next quarterly earnings report on October 13th. Analysts are expecting the bank to post a profit of 47 cents per share and revenue to be flat at $22.07 billion. Shares of the stock are up 13.4% YTD.
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Citigroup Inc.'s shares closed up a modest 0.44% on Wednesday on nearly 20 million shares traded. Though the gain was modest, shares of Citigroup soared to an 8-year high of $72.20 during intra-day trading. It was a good day for the banking stock after the Federal Reserve's announcement to unwind its $4.5 trillion balance sheet starting in October. It was also revealed that the bank plans to purchase or produce all of its energy from renewable sources by 2020. The company made the big announcement at Climate Week New York, an annual affair of energy- and climate-related events timed to correspond with the United Nations General Assembly. Michael Eckhart, Citigroup's head of environmental finance, discussed the goal on Tuesday. The fact that the bank wants to make the transition in only three years is pretty fast in comparison to others who have made similar goals. Citigroup is joining the like of Kellogg, Clif Bar, and Estee Lauder, who are in RE100, an initiative that records such pledges to become renewable-reliant.
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