Pebblebrook Lifted LaSalle Offer, BofA Reports Record Profit

Mukesh Buch
16 Apr, 2018
New York City

Bank of America reported record profit lifted by consumer banking business. Icahn Entp agreed to sell its Tropicana Entertainment for $1.85 billion. J.B. Hunt net jumped 6% on 20% surge in revenues. M&T Bank net rose on higher revenues.

[R]12:10 PM New York City, New York – Bank of America reported record profit lifted by consumer banking business. Icahn Entp agreed to sell its Tropicana Entertainment for $1.85 billion. J.B. Hunt net jumped 6% on 20% surge in revenues. M&T Bank net rose on higher revenues.[/R]

Tollbooth Index gained 70.85 or 0.5% to 14,667.39 and for the year-to-date increased 6.5%.

Earnings Review

Bank of America Corporation ((BAC)) rose 15 cents to $29.95 after the banking and investment services provider reported revenues in the first-quarter ending in March jumped 4% from a year ago to $23.1 billion.

Net income in the quarter surged 30% to $6.9 billion or 62 cents per diluted share from $2.4 billion or 20 cents in the same quarter last year.

The bank reported non-interest expense in the quarter fell 1% to $13.9 billion and provision for credit losses stable at $834 million

Average loan balances in business segments advanced 5% to $864 billion and average deposit balances increased 3% to a record $1.3 trillion, led by consumer banking segment.

Icahn Enterprises LP ((IEP)) gained 50 cents to $61.96 after the diversified investment services provider today agreed to sell its Tropicana Entertainment Inc business to Gaming and Leisure Properties, Inc and merge its gaming and hotel operations into Eldorado Resorts, Inc for about $1.85 billion.

The transaction is expected to close in the second-half of 2018.

J.B. Hunt Transport Services Inc ((JBHT)) soared 7% or $7.93 to $120.70 after the trucking and logistics company said revenues in the first-quarter ending in March surged 20% from a year ago to $1.9 billion.

Net income in the quarter jumped 6.1% to $118.1 million or $1.07 per diluted share from $102.7 million or 92 cents in the same quarter last year.

M&T Bank Corporation ((MTB)) fell 35 cents to $182.81 after the banking services provider reported revenues in the first-quarter ending in March advanced 8% from a year ago to $1.1 billion.

Net income in the quarter rose 1% to $352.6 million or $2.23 per diluted share from $348.9 million or $2.12 in the same quarter last year.

Pebblebrook Hotel Trust ((PEB)) increased 20 cents to $35.70 after the hotel property developer today raised its offer by 5.8% to 0.8944 share valuing offer price of $31.75 per share for the rival LaSalle Hotel Properties.