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Earnings of $1.95 per share for Citi easily beat the $1.80 expected and the $1.62 in the year-ago quarter. Revenues of $18.758 billion topped the $18.31 billion in the Zacks consensus.
Second-quarter earnings are usually pretty sleepy, with forecasts for the back-to-school and holiday periods tucked away for later review amid summer vacation schedules. You may want to pay attention this year, though.
Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.625% Non-Cumulative Preferred Stock, Series W , and the corresponding depositary shares representing fractional interests in the Series W Preferred Stock on September 9, 2019.
Recently released results of the Federal Reserve’s Comprehensive Capital Analysis and Review, or CCAR, pave the way for major U.S. banks, such as Bank of America (BAC) and JPMorgan Chase & Co. (JPM) , among others, to significantly increase share buybacks and dividends. Regional banks are expected to get in on the act, too. The SPDR S&P Regional Banking ETF (KRE) , the largest regional bank exchange traded fund, has a dividend yield of just 2.21%, implying plenty of room for dividend growth.
Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of p
Bank of America Merrill Lynch has initiated coverage on the newly public Revolve Group LLC (NYSE: RVLV ) The Analyst Justin Post initiated coverage of Revolve with a Neutral rating and $36 price target. ...
Bank valuations have not increased with the rest of the stock market, even though earnings are expected to keep growing at a healthy clip.
Bank of America Corporation announced today that it will redeem 51,755 shares out of a total of 60,000 shares outstanding of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series V (the Series V Preferred Stock), and the corresponding depositary shares representing fractional interests in the Series V Preferred Stock (the Series V Depositary Shares) (CUSIP No. 060505EG5), on August 2, 2019.
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The S&P; 500 inched up 9 points, or 0.3%, by 9:45 AM ET (13:45 GMT). The Dow jumped 63 points, or 0.2%, and the Nasdaq composite was up 16 points, or 0.2%.
U.S. bank stocks rallied across the board Friday, after the Federal Reserve found they had passed its recent stress test and signed off on the buyback and dividend plans of 18 banking giants. "The stress tests have confirmed that the largest banks are both well capitalized and place a high priority on strong capital planning practices," said Randal Quarles, the Fed's vice chair for supervision, in a statement. The Fed said capital has increased from about $300 billion in 2009, when the stress tests started, to about $800 billion. Bank of America Corp. led the gainers, rising 2.9% in early trade. JPMorgan Chase & Co. shares rose 2.7%, Goldman Sachs Group Inc. was up 2.6% and Wells Fargo & Co. rose 2.3%. Citigroup Inc. was up 1.9% and Morgan Stanley was up 1.8%. the SPDR Financial Select Sector ETF was up with 1.3% with 59 of its 67 members stocks gaining. The Dow Jones Industrial Average was up 0.1% and the S&P 500 was up 0.2%.
Capital One Financial and JPMorgan Chase had to reduce their planned shareholder payouts in order to get the Federal Reserve to approve the distributions, the central bank said Thursday.
Bank of America today announced that the Federal Reserve did not object to its capital plan following completion of the 2019 Comprehensive Capital Analysis and Review and that the company’s Board of Directors approved plans to increase capital returns to shareholders. The Board approved plans for the company to return as much as $37 billion to common stockholders over the next four quarters through an increased quarterly common stock dividend and common stock repurchases, based on the company’s current number of outstanding shares and share price. The company plans to increase by 20 percent its quarterly common stock dividend, to $0.18 per share, beginning in the third quarter of 2019.
Bank of America (BAC) decides to stop providing finance to the companies that run private prisons and detention centers in the United States.
Merrill Lynch's global commodities trading business agreed to pay $25 million and enter into a non-prosecution agreement with the Department of Justice on Tuesday to settle charges regarding a multi-year scheme by its precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc. Merrill Lynch admitted to the allegations that beginning by at least 2008 and continuing through 2014, its precious metals traders schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market by placing fraudulent "spoof" orders for precious metals futures contracts that, at the time the traders placed thousands of fraudulent orders, they intended to cancel before execution. The intention was to manipulate the market by creating the false impression of increased supply or demand and, in turn, to fraudulently induce other market participants to buy and to sell futures contracts at quantities, prices and times that they otherwise likely would not have done so. MLCI and its parent company, Bank of America Corporation also agreed to cooperate with the government's ongoing investigation of individuals and to report to the government evidence or allegations of criminal violations. The DOJ also obtained an indictment against Edward Bases and John Pacilio, two former MLCI precious metals traders, in July 2018 related to this investigation. Those charges are pending. The Commodity Futures Trading Commission also settled charges with MLCI on Tuesday for related, parallel proceedings where MLCI agreed to pay a civil monetary penalty of $11.5 million.
Bank of America CEO Brian Moynihan, one of our 2019 World’s Best CEOs, thinks the U.S. economy will avoid a recession.
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.