34.21 +0.09 (0.26%)
Pre-Market: 6:42AM EST
|Bid||34.07 x 36200|
|Ask||0.00 x 3200|
|Day's Range||33.73 - 34.26|
|52 Week Range||26.21 - 35.72|
|Beta (5Y Monthly)||1.65|
|PE Ratio (TTM)||12.41|
|Earnings Date||Apr 14, 2020|
|Forward Dividend & Yield||0.72 (2.10%)|
|Ex-Dividend Date||Dec 03, 2019|
|1y Target Est||37.65|
Bank of America CEO Brian Moynihan sat down with Yahoo Finance in Davos and said U.S. regulators have room to loosen rules on the banking industry.
Hedge funds currently command some $3 trillion in assets under management. They're where millionaires and even billionaires put their cash to work. That alone makes them worth keeping an eye on - and one thing that's fairly consistent is their love for blue-chip stocks.Sure, hedge funds aren't what they used to be. Wall Street's former masters of the universe have lagged the performance of the S&P; 500 throughout the bull market. And as the ultimate example of active management, they charge exorbitant fees. But hedge funds' heavy investments in research helps managers lay claim to being Wall Street's "smart money."The folks at WalletHub keep regular tabs on stocks that hedge fund managers are buying, selling and holding every quarter. Combing through regulatory filings, WalletHub looks at the positions of more than 400 hedge funds, tallies their positions in individual stocks, then ranks those stocks by their total holdings value.These are primarily massive blue-chip stocks, ranging from the hundreds of billions of dollars to more than $1 trillion. Indeed, their very size helps attract more institutional interest. Unsurprisingly, then, most of these stock picks are big, stable names known to most Americans. A substantial number happen to belong to Warren Buffett's Berkshire Hathaway portfolio.Here are hedge funds' 25 favorite blue-chip stocks to buy now. All these stocks likely appeal to the smart money because of their size and strong track records. But we'll delve into a few specifics that make each company special. SEE ALSO: The 20 Best Stocks to Buy for 2020
(Bloomberg) -- Apple Inc. shares have been on a nearly uninterrupted move higher over the past several months, and analysts are starting to ask whether the rally might be overdone.The stock has already risen more than 8% in 2020, an advance that builds on 2019’s 86% rally, the biggest one-year percentage gain in a decade. Shares have hit repeated records over the advance, which has solidified Apple’s position as the largest U.S. stock by market capitalization.Shares of the company slipped 0.1% on Thursday.The gains have come on growing optimism over the company’s 2020 prospects, driven by improved China demand, growth in its services business, and strong sales expectations for wearable products like AirPods or the Apple Watch. In addition, it is expected to debut a 5G version of its iPhone this year, a product that is almost universally expected to be a blockbuster.“There is a perception of relative safety” in the stock, but the rally has resulted in a “historically high valuation,” according to KeyBanc Capital Markets. The share price “appears to require a sustained re-acceleration in top-line growth that we do not anticipate, while leaving little room for error.”In a note dated Jan. 22, analyst Andy Hargreaves reiterated his sector-weight rating on the shares, writing that the valuation “limits the potential for further multiple expansion” while exposing investors to a number of risks, including potential declines in average selling prices for the iPhone, “stagnating” user growth and brand risk in China.Apple is scheduled to report its first-quarter results later this month, and despite its long-term concerns, KeyBanc wrote the quarter should be “very good relative to consensus estimates.” This view was echoed by BofA, which also forecast a “strong” quarter, adding, “who doesn’t.”While BofA has a buy rating on the stock and raised its price target by $10 to $340 on Thursday, analyst Wamsi Mohan noted that upside potential over the longer term looked “more hazy.” The valuation is “at the high-end of the long-term range,” he wrote, and “further positive estimate revisions beyond [the first-quarter results] may be hard to achieve”, given headwinds related to tariffs, gross margins and operating expenses.The average price target on Apple shares stands around $296, according to data compiled by Bloomberg. While this is up from the $268 average at the end of 2018, it represents downside of nearly 7% from the stock’s most recent close.(Updates to market open in third paragraph)To contact the reporter on this story: Ryan Vlastelica in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Steven FrommFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Zacks Analyst Blog Highlights: JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley and Goldman Sachs
Sen. Elizabeth Warren, citing concerns for home values and more, has called on big banks to disclose their plans to recognize and offset climate-change risks.
SAN FRANCISCO/WASHINGTON, Jan 22 (Reuters) - U.S. Senator Elizabeth Warren, a contender for the Democratic Party's presidential nomination, is asking the biggest U.S. banks for details on their assessments of and preparations for risks related to global warming. "To protect themselves and the economy from climate-driven catastrophes, large financial institutions must act quickly to address risks," Warren, a frequent critic of big banks, said in letters sent on Tuesday to top executives at Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, State Street and Wells Fargo. "I write to ask for more information about the risks caused by the climate crisis on the financial industry and your institution's practices, including what steps, if any, your institution is taking to adapt to mitigate these risks," she said in the letters, provided to Reuters.
Carbon neutrality will come at a steep price. Here's what Credit Suisse CEO Tidjane Thiam said on the topic at the 2020 World Economic Forum.
Bank of America Corp will recruit about 50 bankers for its investment banking team in Asia this year, as it pushes to bolster its dealmaking business and shore up revenues from the unit, three people with direct knowledge of the matter said. Bank of America's (BofA's) Asia headcount expansion comes against the backdrop of a subdued recruitment outlook for the broader investment banking business as global lenders grapple with cost pressures and slowing M&A momentum. A third of BofA's new hires in Asia will be senior bankers, including managing directors, for its merger and acquisitions advisory and capital markets businesses, mainly in Hong Kong, Singapore and Australia, the people told Reuters.
The bank's plans for the area are coming into focus, and that means at least some branch closures.
Seven Charlotte-area corporations — including Nucor Corp., Bank of America Corp., Honeywell International Inc. and Duke Energy Corp. — appear on Fortune magazine’s newly released list of the "World’s Most Admired Companies."
Bank of America (NYSE:BAC) earnings are in the books and as is often the case, its share price reacted with indifference. Today we'll survey the price levels and trends that matter moving forward, ending with an options trade hand-crafted to profit in this environment.Source: 4kclips / Shutterstock.com I'm turning my eye toward financial stocks this week for two reasons. First, unlike the majority of companies, banks are one of the few industries that have already reported earnings. With the uncertainty of this quarterly ritual now in the rear-view mirror, we can trade companies like Bank of America, JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) without fear of a nasty surprise if earnings fall short.Second, I've surveyed the charts of every major sector, and the Financial Select Sector SPDR Fund (NYSEARCA:XLF) offers the cleanest setup this week. The past month of consolidation created a clear base that is on the cusp of breaking out. And that makes it an easy, low-risk trade opportunity. By contrast, almost every other sector is overbought and at risk of pausing or pulling back.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSource: The thinkorswim® platform from TD Ameritrade Bank of America Stock ChartsLast year's fourth-quarter rally ended an 18-month consolidation, sending Bank of America stock to fresh 11-year highs. The months of chop should provide ample support during future pullbacks toward $32. All major moving averages are pushing higher in support of the uptrend and should also provide potential buying areas into weakness. Finally, volume patterns have been steady over the past three months, with accumulation and distribution weekly candles absent.Source: The thinkorswim® platform from TD Ameritrade The daily view shows the uptrend's strength waning in recent weeks. Earnings didn't help bulls any, either. The mild down gap pushed BAC stock below the 20-day moving average and it has yet to climb back above it. I peg resistance at $35.70 and support near $34.34. This morning's weak open will probe support, revealing if buyers are willing to defend the faltering trend.Source: The thinkorswim® platform from TD Ameritrade My Recommended Options TradeOn the implied volatility front, traders have thoroughly squeezed option premiums, and they now sit near their lowest prices of the past year. The implied volatility rank is 6%. Since short premium strategies like naked puts and covered calls offer paltry payouts, I suggest calendars as an alternative. You could bottom fish this dip and enter today, or wait for a break above the 20-day moving average as confirmation that the short-term trend is turning higher.Here's the trade structure:Buy the April $32 call while selling the Feb $35 call for around $2.50. This is known as a bull call diagonal spread or a poor boy's covered call. The risk is limited to the initial cost of $2.50 and will be forfeited if BAC falls dramatically from here. To reduce the loss, however, you could exit if BAC stock falls below the $32.50 support zone.The estimated reward is $50 and will be captured if BAC sits anywhere north of $50 near the February expiration. A bump in implied volatility over the month could also boost the profit.As of this writing, Tyler Craig didn't hold positions in any of the aforementioned securities. For a free trial to the best trading community on the planet and Tyler's current home, click here! More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Monthly Dividend Stocks to Buy to Pay the Bills * 7 Earnings Reports to Watch Next Week * 7 5G Stocks to Connect Your Portfolio To The post How to Trade Bank of America After Earnings appeared first on InvestorPlace.
Former FDIC chair Sheila Bair said Elizabeth Warren is "absolutely the best candidate" on policies related to the banking industry.
Greenpeace is calling out one of the biggest names in banking, JPMorgan Chase CEO Jamie Dimon, and what it calls the bank’s lack of action in battling climate change.
In sync with the bank's efforts to improve Consumer Banking segment, the CEO of BofA (BAC) mentions plans to double U.S. consumer market share.
Bank of America announced today that it has met its carbon neutrality goal a year ahead of schedule, pending third-party verification. The goal was accomplished by reducing Scope 1 and 2 emissions from its facilities, purchasing 100 percent renewable electricity and buying carbon offsets for its remaining unavoidable emissions.