Bank of America Corp., the second-largest U.S. bank by total assets, could see its shares climb 50 percent over the next three years, Barron's financial newspaper said.

The bank could report earnings per share of $2 by 2017, which compares with 75 cents this year, according to the report.

While legal costs related to the global financial crisis have impacted the bank's earnings, it should start to become more profitable in the fourth quarter, Barron's noted. The company is also expected to raise its dividend to 55 cents per share by 2017.

Chief Executive Brian Moynihan told the newspaper that the bank is seeing rising profit in its core units.

"There's a lot to talk about when earnings will get back to normal," he told Barron's.

Shares in Bank of America closed on Friday at $16.95 per share.