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|Bid||30.170 x 900|
|Ask||30.180 x 1400|
|Day's Range||29.830 - 30.410|
|52 Week Range||22.070 - 33.050|
|PE Ratio (TTM)||17.55|
|Earnings Date||Jul 16, 2018|
|Forward Dividend & Yield||0.48 (1.55%)|
|1y Target Est||34.91|
The bank reform bill aimed at rolling back regulations from the Dodd-Frank, Wall Street Reform and Consumer Protection Act has won the support of the National Association of Realtors (NAR), which said that it will bring much-needed relief to the banking market and increase the availability of mortgages. With President Donald Trump repeatedly expressing animosity toward the Dodd-Frank Act, it's likely that the new bill will become law when it lands on his desk. After all, once the bill becomes law, smaller banks will be able to lend more – and that includes mortgages.
Wells Fargo (WFC) has had a flat operating performance over the past six quarters compared to the stellar performances by its industry peers (XLF) mainly due to controversies involving the fake account opening scam and the latest news about the alteration of internal records. The bank is finding it difficult to shore up its loan book amid such controversies, and its efforts to bump up its integrity through new marketing campaigns are being derailed. The stock has tanked 9.6% over the past one quarter owing to weaker performance and continued controversies surrounding employee culture.
Corp. is fighting back against Applebee’s International Inc.’s move last week to seize control of a bankrupt franchisee’s operations, saying it has a claim on the operator’s leases, equipment and inventory. Inc., the publicly traded parent of the Applebee’s Neighborhood Grill & Bar restaurant chain, last week asked the U.S. Bankruptcy Court in Wilmington, Del., to clear a path for it to possibly seize its restaurants from RMH Franchise Holdings Inc., saying the operator of 159 restaurants in 15 states has been delinquent on royalty and advertising payments. Dine Brands last week asked Judge Brendan Shannon to lift the automatic stay of RMH, which filed for chapter 11 reorganization May 8.
U.S. stock futures are headed lower this morning, as North Korea once again threatened to back out of next month’s summit with the U.S. The nation’s vice minister of foreign affairs said that if talks didn’t proceed, the U.S. could face off with North Korea in a “nuclear-to-nuclear showdown.”
The Supreme Court recently ruled that individual states can choose whether to legalize or prohibit sports betting, voiding the Professional and Amateur Sports Protection Act of 1992 and paving the way for legalized gambling on all types of sports events outside of Las Vegas. In fact, Bank of America predicts that the gross revenue from legal sports betting will increase from the current $200 million annually to $5 billion-$10 billion in the next five years. Bank of America said it could see incremental annual sales opportunities between $250 million and $1 billion, but I think the upside is even bigger.
Millennials are leaving their mark on corporate culture. Yahoo Finance’s Alexis Christoforous, Andy Serwer, and Julia La Roche discuss whether these trends are happening in all sectors.
|Downgrade||Berenberg : to Hold||4/24/2017|
|Downgrade||Citigroup : to Neutral||4/4/2017|
|Upgrade||Macquarie : to Outperform||2/16/2017|
|Upgrade||Societe Generale : to Buy||1/12/2017|
|Downgrade||UBS : to Neutral||1/11/2017|
|Upgrade||Atlantic Equities : to Overweight||12/21/2016|
Industry : Banks - Global
Full Time Employees : 208,000
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans. This segment provides its products and services through approximately 4,500 financial centers; 16,000 ATMs; call centers; and digital banking platforms. The GWIM segment offers investment management, brokerage, banking, and trust and retirement products; and wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients' wealth structuring, investment management, and trust and banking needs, including specialty asset management services. The Global Banking segment provides lending products and services, including commercial loans, leases, commitment facilities, trade finance, and real estate and asset-based lending; treasury solutions, such as treasury management, foreign exchange, and short-term investing options; working capital management solutions; and debt and equity underwriting and distribution, and merger-related and other advisory services. The Global Markets segment offers market-making, financing, securities clearing, settlement, and custody services, as well as risk management, foreign exchange, fixed-income, and mortgage-related products. Bank of America Corporation was founded in 1874 and is based in Charlotte, North Carolina.