|Bid||26.50 x 800|
|Ask||26.49 x 900|
|Day's Range||26.42 - 26.51|
|52 Week Range||25.00 - 26.76|
|Beta (3Y Monthly)||-0.01|
|PE Ratio (TTM)||9.83|
|Forward Dividend & Yield||1.55 (5.87%)|
|1y Target Est||N/A|
Bank of America Corp's commodity arm Merrill Lynch Commodities Inc has agreed to pay $25 million to resolve a probe into its trading practices, the U.S. Department of Justice said on Tuesday. Between 2008 and 2014, traders employed by Merrill Lynch Commodities deceived other traders by injecting misleading information into the precious metals futures market, the DOJ said in a statement https://bit.ly/2X4aVKH. In a separate settlement with the Commodity Futures Trading Commission on Tuesday, Merrill Lynch Commodities also agreed to pay $11.5 million in fines.
Bank of America Corp. is offering faster access to customers waiting for a debit card to arrive in the mail.
The donations will serve a variety of Valley organizations whose missions range from hunger relief, homeless outreach, workforce development and childhood poverty.
The Federal Reserve set up a "severely adverse" scenario to test 18 of the largest U.S. banks. That scenario included a global recession with the U.S. unemployment rate jumping to 10%.
Bank of America is expanding its Student Leaders program to Buffalo and 29 other markets across the United States, including Rochester, Syracuse and Albany.
Raymond James analyst David J. Long writes that the biggest winners include Bank of America, PNC, Bank of New York Mellon, and State Street.
(Bloomberg) -- The first round of the latest Federal Reserve stress tests, released last Friday after the market closed, was well received by Wall Street analysts, who said the results generally topped expectations.Bank of America Corp., PNC Financial Services Group and trust banks BNY Mellon Corp., Northern Trust Corp. and State Street Corp. were seen as relative winners, while the Fed’s harsh view of credit cards led to disappointment for Capital One Financial Corp.All eyes now turn to Thursday’s Comprehensive Capital Analysis and Review, known as CCAR, for banks’ capital plans.The biggest banks were mixed in early Monday trading, with BofA rising as much as 0.4%, Citigroup Inc. gaining as much as 0.2%, Goldman Sachs Group Inc. rallying as much as 1.2%, Wells Fargo & Co. dropping as much as 1% and JPMorgan Chase & Co. up 0.2%.Here’s a sample of the latest commentary:Morgan Stanley, Betsy GraseckAn “easier stress test is a positive for this week’s more important CCAR test,” Graseck wrote in a note. All 11 of Morgan Stanley’s covered banks passed, with Northern Trust, Goldman Sachs Group Inc., State Street, BNY Mellon, and Citigroup screening well versus Morgan Stanley’s capital return expectations. Capital One is most at risk.Citi, Keith HorowitzThe results offer a “green light for higher capital return for most banks,” Horowitz wrote in a note. He forecasts a total payout of 103% versus 97% last year, as banks look to be “on solid footing” on the Dodd-Frank Act stress test (DFAST) results.Citi views State Street Corp., PNC Financial Services Group, Northern Trust Corp., Bank of America Corp. and BNY Mellon Corp. as among those best positioned to exceed Street payouts. The results also imply that Capital One’s total payout will improve, though there’s risk buybacks will trail consensus estimates.Goldman, Richard RamsdenResults were “modestly better than expected,” as loss rates improved across trading and all loan categories, except for card and other consumer lending, Ramsden said in a note. Banks, with the possible exception of Capital One, look to be able to meet consensus estimated payouts.Goldman attributes increased card losses to “higher stress to unemployment relative to last year, as well as higher stress on subprime card due to a Fed methodology change.” Commercial real estate loss rates were most improved, though in-line with the 2016-2017 average loss rate. Trading losses fell across the banks to $80 billion from $105 billion, with State Street and BofA seeing the biggest improvement.Credit Suisse, Susan Roth Katzke“Manageable stress” for large-cap U.S. banks means that “more manageable stress capital buffers should follow,” Katzke wrote in a note. DFAST results indicate banks “have sufficient capacity for expected capital returns.”JPMorgan, Vivek JunejaThe results show an “increase in capital cushion at most of the large U.S. banks, and all of our banks remain well positioned to continue to return sizable amounts of capital.”Bloomberg Intelligence, Alison Williams, Neil Sipes“A solid pass across the largest U.S. banks, including units of foreign banks, in annual Dodd Frank Act stress tests should generally support payout plans, in our view. U.S. banks stressed capital ratios held above required minimums for participating banks. Stressed CET1 ratios were broadly better than in year-ago tests -- with the exceptions being Northern Trust and the U.S. unit of UBS.”Atlantic Equities, John HeagertyThe results “once again underline the robustness of the large U.S. banks’ balance sheets,” Heagerty wrote in a note. BofA “appears to do very well in 2019,” while Goldman also fared better than last year. “With these results, it’s difficult to see any objections arising to submitted capital returns.”KSP Research, Kevin St. PierreThe results were better than expected, with “widespread improvement in minimum CET1 ratios and sizeable cushions to allow for consensus capital return expectations,” St. Pierre wrote in a note.St. Pierre called Wells Fargo, BofA and PNC “relative winners,” as each saw “significant increases in CET1 minimums and large buffers to accommodate above-consensus capital return if they were aggressive in their ask.” Capital One was “the relative loser,” due to the Fed’s harsh view on cards.Recommends buying bank stocks, as they’re “a compelling value,” while cautioning that “investing around CCAR results has been ineffective.”Macquarie, David KonradU.S. banks under Macquarie coverage “performed well,” with higher minimum capital levels in every category except the leverage ratio for Wells Fargo. Lower loan loss rates and trading losses helped to improve capital ratios, while assumed growth rates in RWAs (risk-weighted assets) were lower. Trading and counter-party losses dropped, led by an “abnormally large” decline for BofA.Sees potential upside for Goldman Sachs and PNC with CCAR, while BofA and Wells Fargo “also shine.” Those two have the most excess capital above stressed requirements, and may report the strongest buybacks, with a total payout ratio of 146% for Wells and 112% for BofA.RBC, Gerard CassidyDFAST demonstrated that “under a supervisory severely adverse economic scenario ... the U.S. banking industry’s capital levels can withstand massive losses and still remain above well capitalized levels.”KBW, Brian KleinhanzlThe results were “less stressful than the prior year,” as banks “saw stress losses declining and modest improvements in net income before taxes.” As a result, only one bank, JPMorgan Chase & Co., “seems at risk of not meeting our capital return expectations.”KBW expects “fewer surprises in CCAR results on Thursday, which is a modest positive for the group overall.”Raymond James, David LongLong sees BNY Mellon and State Street as winners, “given the wide spread between their projections and the Fed’s.” He also sees BofA as a winner, as their results pave the way for them to increase the dividend payout closer to peers, and as “stock repurchases remain an attractive use of capital at current levels.”(Updates share trading in fourth paragraph.)To contact the reporter on this story: Felice Maranz in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bank of America CEO Brian Moynihan, one of our 2019 World’s Best CEOs, thinks the U.S. economy will avoid a recession.
Choosing the right indicators can be a daunting task for novice traders. It’s a much easier process when they focus their effects into five categories.
The Fed released the first round of stress tests for this year, showing that banks have cleaned up their balance sheets. But regulatory changes meant fewer banks were tested this year.
Charlotte private equity firm Falfurrias Capital Partners is set to acquire The C.F. Sauer Co., a company known for manufacturing familiar household products, such as Duke's Mayonnaise, Gold Medal and The Spice Hunter.
There are economic and social reasons that make a strong case for supporting the LGBT+ community and their allies not just in June but every day of the year.
Speaking at the Fortune Brainstorm Conference on June 19, Bank of America (BAC) CEO Brian Moynihan spoke in support of a cashless society. He said that the second-largest bank in the US has “more to gain than anybody” from such a scenario.
If you want to see how intense the competition for retail customers is among the nation’s largest banks, just look to The Waterfront in Homestead. The Waterfront is where PNC Financial Services Group Inc. planted its prototype branch in April, a sort of lab to test concepts to be deployed throughout the hometown bank’s footprint. It is where JPMorgan Chase & Co. secured a location for one of its first six Pittsburgh branches.
More than years after the subprime meltdown, Goldman Sachs is a robust multi-billion-dollar company instead of a historical footnote. Here's why.
Bank of America CEO Brian Moynihan said his firm has “more to gain than anybody” from the booming trend of non-cash transactions.
Despite the S&P 500 trading at lofty heights, 8 blue chip stocks are still selling well below their record highs but may be poised for big gains as investors pursue diverse strategies to profit amid a volatile U.S.-China trade war. Some professional investors are wading in to buy beaten down blue chips from the semiconductor industry, including Broadcom Inc. (AVGO), Xilinx Inc. (XLNX), NXP Semiconductors N.V. (NXPI) and Skyworks Solutions Inc. (SWKS). Goldman says these service stocks are much more likely to outperform than stocks in goods-producing sectors.
Robotics and automation companies sit ready to benefit from challenges facing the modern world. Gain exposure using these ETFs.
Bank of America is putting billions more toward helping homebuyers afford closing costs nationally, including in this region.
Bank of America Corp (NYSE: BAC )'s valuation multiples and consensus estimates for 2020 appear too low, according to BMO Capital Markets. The Analyst BMO’s James Fotheringham upgraded Bank of America ...
Bank of America Corp NYSE:BACView full report here! Summary * Perception of the company's creditworthiness is neutral * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is extremely low for BAC with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting BAC. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding BAC are favorable, with net inflows of $8.44 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swap | NeutralThe current level displays a neutral indicator. BAC credit default swap spreads are within the middle of their range for the last three years.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Wells Fargo and Bank of America, two of the largest banks in Greater Baltimore, will provide millions for down payment assistance grants to low- and moderate-income homebuyers.
CBJ's most recent Top 50 list ranks Charlotte-area public company executives by total compensation.