On Wednesday, Bank of America Corp (NYSE:BAC)’s shares inclined 1.72% to $17.72, following the Fed’s decision to raise interest rates for the first time since 2006.
With recent decision having been anticipated for some time, investors established rate-hike trades long ago, according to Barron’s.
Earlier recently, analysts at Deutsche Bank said that the bank was the “purest play for rising rates” as the economy improves.
Analysts made these comments before the Fed’s decision at 2 p.m. ET, saying that rising interest rates can assist boost bank earnings by increasing the spread banks can earn from funding longer-term loans with shorter-term borrowings.
“While we are not convinced a material pick up in the economy is likely anytime soon, we believe (BofA) offers good upside optionality to this without having to pay for it,” wrote analyst Matt O’Connor.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset administration and other financial and risk administration products and services.
Huntington Bancshares Incorporated (NASDAQ:HBAN)’s shares gained 0.89% to $11.33.
Huntington Bancshares Incorporated (HBAN) declared that its prime rate is increasing from 3.25 percent to 3.50 percent, effective Dec. 17, 2015.
The rate was last changed on Dec. 18, 2008, when Huntington reduced its prime rate from 4.00 percent to 3.25 percent.
Huntington Bancshares Incorporated operates as a holding company for The Huntington National Bank that provides commercial, small business, consumer, and mortgage banking services.
At the end of Wednesday’s trade, Dollar Tree, Inc. (NASDAQ:DLTR)‘s shares surged 1.97% to $78.86. DLTR has beta value stands at 0.28 times and earnings per share were $1.23. The company has total of 234.80 million outstanding shares and its total market capitalization is $18.16 billion. 52-week price range of the stock remained $60.31 - $84.22.
Dollar Tree, Inc. operates discount variety stores in the United States and Canada. Its stores offer merchandise at the fixed price of $1.00. The company’s stores provide consumable merchandise, which comprises candy and food, and health and beauty care products; and everyday consumables, such as paper and chemicals, and frozen and refrigerated food.
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