|Bid||30.15 x 800|
|Ask||30.16 x 27000|
|Day's Range||29.70 - 30.25|
|52 Week Range||22.66 - 31.91|
|Beta (3Y Monthly)||1.59|
|PE Ratio (TTM)||10.73|
|Earnings Date||Jul 24, 2019|
|Forward Dividend & Yield||0.60 (2.03%)|
|1y Target Est||33.39|
Yahoo Finance’s Adam Shapiro, Julie Hyman, and Rick Newman join YCG Enhanced Fund CIO and Portfolio Manager Brian Yacktman to discuss.
Invesco Vice Chairman of Investments Krishna Memani says President Trump's got a valid point and calls previous FED moves misplaced policy tightening as Wall Street prepares for the FED to cut interest rates.
(Bloomberg) -- Bank of America Corp., which took heat for how it treated customers in the mortgage crisis a decade ago, has emerged as a champion of elderly borrowers in Ditech Holdings Corp.’s second trip through bankruptcy.The bank is siding with a growing list of groups, including the U.S. Trustee, attorneys general from several states and consumers, who object to Ditech’s plan to sell its reverse mortgage business.BofA, for its part, has warned that the sale could leave thousands of BofA’s elderly borrowers without promised services on their loans, according to a court filing.The reverse mortgages are held by people with an average age of 81, and for many of them, the loan is their primary source of income, court documents show. Some of the loans date from before the financial crisis, according a person familiar with the situation.“They rely on this income to fund their basic living expenses,” the bank said in the filing. “Any interruption in the servicing of these reverse mortgage loans could have severe consequences for these borrowers.”The loans are owned by BofA and serviced by Ditech’s Reverse Mortgage Solutions Inc., which the company plans to sell to Mortgage Assets Management LLC. The latter company is affiliated with Waterfall Asset Management LLC, according to court papers filed in the case. New York-based Waterfall focuses on investing in asset-backed securities, loans and private equity, according to its website.The objection from BofA comes on top of separate complaints and objections from borrowers who oppose the bankruptcy plan; they say Ditech is trying to sell its business to a new owner free-and-clear of their claims against the company for mishandling their mortgages. The U.S. Trustee this week voiced similar concerns.Representatives for BofA, based in Charlotte, North Carolina, and Ditech, based in Fort Washington, Pennsylvania, declined to comment. Waterfall Asset Management and lawyers representing Mortgage Assets Management didn’t respond to messages.Role ReversalBofA wound up paying more than $50 billion by 2014 to settle claims related to shoddy mortgages, most tied to its 2008 purchase of Countrywide Financial Corp. The recovery led by current Chief Executive Brian Moynihan included selling off most of its mortgage servicing assets by 2013.One of the buyers was Ditech’s predecessor, Walter Investment Management Corp., which in 2013 bought servicing rights for a BofA portfolio of more than 650,000 loans.By 2017, Walter Investment Management had collapsed into bankruptcy. It emerged in February 2018 with Ditech as its new name and quickly appointed Tom Marano, the former head of mortgage-backed securities at Bear Stearns & Co., as the new CEO -- only to fall back into bankruptcy almost exactly one year later.Ditech and BofA also recently settled a dispute over expenses related to the 2013 sale of mortgage servicing rights, with the bank agreeing to pay Ditech $7.6 million.Earlier this year, as Ditech tried to reach agreements to sell its businesses, complaints from borrowers and consumer groups began to pile up. Some homeowners sued the company, claiming that Ditech’s failures put them in financial peril and cast doubt on the value of the servicing rights Ditech was trying to sell. Attorneys General from Colorado, Washington, Nevada, Iowa, Oregon and New York have joined with the consumer creditor committee in objecting to Ditech’s bankruptcy plan and the sale of its businesses.Now comes Bank of America, adding the weight of the second-biggest U.S. bank by assets to the fray.Critical FundsBofA’s filing shows that servicing a reverse mortgage for the elderly is more of a high-touch business than a conventional home loan. It involves handling borrower requests for money that they may need for basic living expenses. For some, it’s their primary source of income, and RMS has been their only point of contact on the mortgage for years, the filing shows. The process also involves paying taxes and insurance and communicating with heirs when a borrower dies.BofA said it tried to bargain without success for terms to ensure those services are maintained. Without a new contract, elderly borrowers may wind up with loans that aren’t serviced properly or funded in a timely way, according to BofA.Ditech, it said, “should not be allowed to walk away from this protected class of borrowers.”The bank wants the federal judge overseeing Ditech’s bankruptcy to make sure servicing arrangements are made for the reverse mortgages.When Ditech filed for Chapter 11 protection in February, Marano said in a statement that the company remains “firmly committed to our mission of serving customers through the homeownership journey.”A confirmation hearing on the bankruptcy plan is slated for Aug. 7.BofA also wants to avoid negative headlines and the possibility that poor servicing of the reverse mortgages could show up in the media, said Christopher Whalen, chairman of Whalen Global Advisors LLC. “They are still sensitive to any potential liability that could come back at them,” he said.\--With assistance from Lananh Nguyen and Shannon D. Harrington.To contact the reporters on this story: Josh Saul in New York at firstname.lastname@example.org;Jeremy Hill in New York at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Elizabeth Warren is wrong to predict a coming economic crash, but some of her policy proposals might help make the economy work a bit better for more Americans.
Bank of America and UBS have reshuffled their investment banking teams in a bid to muscle in on fundraising and advisory work for private companies, as businesses put off going public and fees from initial public offerings come under pressure. Both banks have this month created new teams focused on capital raising and advice to privately owned businesses, according to memos seen by the Financial Times. The moves reflect how early introductions to such companies have become increasingly important as Wall Street banks look to generate revenues from advising on initial public offerings and mergers and acquisitions.
Although most consumers think of Mastercard as a credit card company, in actuality it is a participant in the payments industry, acting as a middleman in transactions.
Merrill Lynch reportedly shelled out $40 million to settle allegations that a now-fired broker made unsuitable investment recommendations and engaged in excessive trading.
Bank of America will open its first Ohio branch this morning, and it’s in Greater Cincinnati. Charlotte, N.C.-based Bank of America (NYSE: BAC), the nation’s second-largest bank at $2.4 trillion in assets, tapped Deerfield Township for the first of 15 full-service banking offices it’s planning to open in Greater Cincinnati over the next two years. The Deerfield Township branch is at 12191 Montgomery Road, in a fast-growth area near Field Ertel Road.
Bank of America today announced that it has opened its first full-service financial center in Cincinnati and will open its first in Columbus in the coming weeks. The company’s arrival in Ohio brings retail banking, lending and small business services, plus investing with Merrill, to new and existing clients in the areas. The bank plans to open nearly 30 centers in Cincinnati and Columbus over the next two years and will expand its presence into the Cleveland area next year as well.
THE MONEYIST Dear Moneyist, I would like to share a story from a woman’s perspective. I have had three marriages and one ex-boyfriend. Husband No. 1: He somehow began losing job after job. I was supporting us with everything.
The Federal Reserve is set to cut interest rates by 25 basis points at its policy meeting this month, as the US central bank settles on a cautious approach to monetary easing despite political pressure for deeper stimulus. Recent public appearances by Fed officials have revealed a broad desire to move towards looser monetary policy to shield the US economy from risks related to trade tensions, weakness in global growth and persistent low inflation. Jay Powell, the Fed chairman, appears to be steering the bank to its first rate cut in almost a decade when it meets at the end of July, part of a global move towards monetary easing.
The youngest American to visit every country in the world gives his tips on how to save money and maximize rewards.
(Bloomberg) -- Medallia Inc. ended its first day as a public company with one of the year’s 10 best trading debuts after its $325.5 million initial public offering.Shares of the enterprise software provider, which rose as much as 88% Friday, closed up 76% to $37.05. That gave it the eighth-best first-day performance out of 105 IPOs in the U.S. this year, according to data compiled by Bloomberg.The company and some of its investors sold 15.5 million shares on Thursday for $21 each after marketing 14.5 million of them for $16 to $18. The listing values the company at about $4.5 billion, based on the additional stock sold and the number of shares outstanding, as listed in regulatory filings.Beyond Meat Inc. had the year’s best U.S. trading debut after its $276 million IPO in May. The meat-substitute producer soared 163% on first day and is now up 581% from its offer price, also the best in the U.S. this year.Medallia Chief Executive Officer Leslie Stretch said he was pleased with the company’s debut, as well as its progress toward profitability.“We need to invest in sales and marketing -- go to market -- and we’re doing that aggressively,” Stretch said in an interview. “We’re going to continue with our trajectory.”The San Francisco-based company’s net loss for the quarter ending April 30 was $2.6 million on revenue of $94 million, it said in the filings. That compared with a net loss of $28 million on revenue of $71 million for the same period last year.The offering was led by Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. The shares are trading on the New York Stock Exchange under the symbol MDLA.(Updates with closing share price in second paragraph)To contact the reporter on this story: Michael Hytha in San Francisco at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
It marks a major step forward in the ramp up of the campaign — led by David Tepper, owner of the NFL Carolina Panthers, and his top lieutenant, Tom Glick — to bring a Major League Soccer franchise to Charlotte.
Bank of America (BAC) released second-quarter earnings earlier this week, and investors were generally satisfied with the results. The company reported revenue of $23.2 billion for the quarter, in-line with expectations, and EPS of $0.74, beating estimates of $0.71. But one thing that may be cause for concern is its net interest margin (NIM), which is the difference between the interest it collects (through loaning money to customers) and the interest it pays (through receiving a loan). While Wall Street was expecting 2.47% — a decrease since last quarter — the results came in a worse-than-expected at 2.44%. It isn’t the end of the world, especially as long-term interest rates have been falling (which contributes to less generation of interest revenue), but it is something investors are expected to monitor moving forward. Evercore ISI analyst Glenn Schorr doesn't seem concerned as he maintains an Outperform rating on BAC stock, with a $33 price target, which implies ~12% upside from current levels. (To watch Schorr's track record, click here)Overall, Schorr says BofA had a “pretty good quarter with the forward look on NII (net interest income) being the only real issue to consider…” The highlights include a 200bps of operating leverage as expenses remained flat, as well as growth in loans, deposits and even NII. The report was generally not surprising — but the only real issue to consider for Schorr is the drop in NIM, which the analyst says, “will likely remain under pressure given the backdrop.” While Schorr believes “NII seems to be somewhat insulated thanks to the overall loan and deposit growth BofA is producing,” the analyst points out that “the margin squeeze still hurts if the forward curve proves to be right,” which also prompted BoA management to reduce NII guidance for 2019 fromo 3% to 1% y/y. But even with the lower expected NIM and that the “world has slowed,” Schorr believes BAC continues to grow pretty consistently. He points to the growth in loans, and deposits (which increased more than $40 billion for the 15th-straight quarter). On loans, the analyst says, “an acceleration in mortgage loan production (+56%) drove Consumer as lower rates spurred activity,” while he models for “more of the same with good growth in Cards, Small Business and Middle Markets” moving forward. All in all, BoA’s first quarter release painted a seemingly rosy picture, providing continued optimism for the future. TipRanks analysis of five analyst ratings shows a consensus Moderate Buy rating, with three analysts Buying and two Holding. The average price target among these analysts stand at $35.50, which represents a 21% rise from current levels. (See BAC's price targets and analyst ratings on TipRanks) More recent articles from Smarter Analyst: * Buy Facebook (FB) Stock Into Earnings, Says Wedbush * All Eyes on Tesla (TSLA) Stock Ahead of Earnings; Wedbush Remains Neutral * Lannett Company (LCI) Stock Makes the Street Go Wild * Top Analyst Shares Two Cents on Amazon (AMZN) Stock as Earnings Approach
When you watch a game, whether it's a pitcher's duel in baseball, a defensive struggle in football, or a goalless soccer match, you know those who aren't into your sport are going to call it boring.Source: Shutterstock To this you will reply that defense wins championships.The same is true for investing. Making money is fun, but keeping money is winning. That's why you keep some money in a stock like Bank of America (NYSE:BAC). With a dividend yielding 2.04% and a price-to-earnings ratio below 11, its gains for the year are right in line with those of the market averages. But it's steady -- a defensive play.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Tech Stocks That Are Still Worth Your Time (And Money) When companies like this report earnings analysts tend to become breathless, looking for any chink in its armor. There are chinks. There are reasons to worry. BAC's ChinksWhat big bank investors worry about right now is that falling interest rates mean net interest income is falling as well. Guidance looks weak. It's worrisome. Profits from lending are declining.But Bank of America is mainly a proxy for consumer banking and consumer spending. Its profits come from its credit cards, where it's the fourth-leading issuer, from simple checking accounts, and from mortgages, which look healthy.The consumer is the major risk for Bank of America stockholders, and in the second quarter the consumer was healthy. This let results exceed analyst estimates, with net income of $7.3 billion, 74 cents per share fully diluted. The only part of the bank where results went down was global banking, where net income was down 9%, even with deposits up 12% and loans up 5%.The phrase that jumped out in the press release from CEO Brian Moynihan was "responsible growth." The bank is aware that the last recession was centered in the banking business. CFO Paul Donofrio was thus filled with worry during the bank's conference call, anticipating two interest rate cuts this year from the Federal Reserve, and lower interest rates that could cut growth in net interest income to 1%, half what it was last year.But slower growth is still growth. Bank of America is still growing, and that growth looks sustainable. The PayoffThe payoff for investors is always the dividend. The current yield of 2.04% is based on a 15 cent per share dividend and is less than the rate on the 10-year U.S. bond, now 2.04%. But the bank said during the conference call it will increase the payout by 20%, meaning investors can expect 18 cents per share soon.That brings the forward yield up to 2.44%, at its July 18 opening price of $29.22 per share. Compare that to the rate on the 30-year bond, almost 2.6%. The bank also intends to buy back as much as $30 billion in shares during the year, over 10% of the shares outstanding, to keep the share price up. For 2019 so far, the shares are up 19.7%. The Bottom Line for BAC StockThere are two manageable risks in Bank of America stock: fintech and the possibility of recession.Bank of America has a $10 billion capital budget, aimed at reducing a technology debt based on mainframes, cash machines and teller windows.The risk of a recession is real, but if there is a downturn, investors will look for financial strength. Bank of America has assets of nearly $2.4 trillion.You don't want to overload on defensive stocks like Bank of America but having some in a balanced portfolio will keep you sane when there's a real panic. Defense still wins championships.Dana Blankenhorn is a financial and technology journalist. He is the author of the mystery thriller, The Reluctant Detective Finds Her Family, available at the Amazon Kindle store. Write him at email@example.com or follow him on Twitter at @danablankenhorn. As of this writing he owned no shares in companies mentioned in this article. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Tech Stocks That Are Still Worth Your Time (And Money) * 7 Marijuana Stocks With Critical Levels to Watch * 7 of the Best Smart-Beta ETFs to Target Right Now The post Bank of America Stock: Defense Still Wins Championships appeared first on InvestorPlace.
Two large banks, a food-and-beverage company, and a prescription-drug distributor are expected to announce dividend increases next week.
(Bloomberg) -- Vodafone Idea Ltd. has hired Bank of America Corp. and Morgan Stanley to help sell its fiber assets as India’s largest mobile carrier by users seeks to bolster its finances, people familiar with the matter said.The bankers will initiate discussions with potential buyers for the fiber assets, which could be valued at as much as 130 billion rupees ($1.9 billion), the people said, asking not be identified as the talks are private.A final decision has yet to be made on the valuation and the stake to be sold, and the company could bring in more banks for the sale, the people said. Representatives for Vodafone Idea and Morgan Stanley declined to comment, while a Bank of America spokesman didn’t immediately respond to requests for comments.A deal, if successful, would help the phone-service provider add to the funds it’s been raising to pare debt and fend off rivals Bharti Airtel Ltd. and billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd., an upstart that upended the market after its debut in 2016. In April, Vodafone Idea raised 250 billion rupees from a rights issue, building a war chest as India readies for a 5G network.Vodafone Idea, which was formed by the merger of Vodafone Group Plc’s local unit with tycoon Kumar Mangalam Birla’s Idea Cellular Ltd., has reported losses in every quarter since the deal was announced in 2017.Both Bharti Airtel and Vodafone Idea top the list of Asian peers with highest borrowings, according to data compiled by Bloomberg.Mumbai-based Vodafone Idea is in the process of transferring all of its fiber assets into a separate company before the sale. The unit has about 158,000 kilometers (98,177 miles) of fiber, according to a presentation posted on its website in February.Shares of Vodafone Idea fell 5.4% on Thursday, the biggest drop in almost two months. The stock declined 50% this year, while India’s benchmark Sensex index rose 7.8%.(Updates to add shares performance in the final paragraph.)To contact the reporters on this story: Baiju Kalesh in Mumbai at firstname.lastname@example.org;P R Sanjai in Mumbai at email@example.comTo contact the editors responsible for this story: Fion Li at firstname.lastname@example.org;Sam Nagarajan at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The stock market again took a break from its robust rally as it digests more earnings results. We've seen plenty of mixed results, but so far, the market is handling the news pretty well. Here are a few top stock trades to watch going into the last trading day of the week. Top Stock Trades for Tomorrow 1: IBM Click to EnlargeInternational Business Machines (NYSE:IBM) started off lower on the day, but climbed more than 4.5% later in the day after reporting its earnings results. InvestorPlace - Stock Market News, Stock Advice & Trading TipsLast week, IBM stock pushed over downtrend resistance (blue line) and this week's move cements it. That prior downtrend mark is now a must-hold level for investors. I would love to see IBM stock stay above the trio of candlesticks that marked the weekly closing highs for the past 52 weeks. That's the black line that comes into play near $146. If it holds, shares could run into the mid- to high-$150s and possibly challenge the 2018 highs. Below the ~$146 mark and we'll need to see if the 10-week moving average holds as support. Top Stock Trades for Tomorrow 2: Honeywell Click to EnlargeLook at the beautiful "inside day" Honeywell (NYSE:HON) is printing after reporting its quarterly results and raising guidance. An inside day occurs when the entire range of the second day is "inside" the range of the prior trading session.Of course, this one is even more interesting as HON stock initially lost, then reclaimed the 50-day on Thursday, but couldn't get above the 21-day moving average. Hmm. This sets up a range trade.Below Wednesday's lows and HON is likely heading lower. Above Wednesday's highs -- remember, that's the prior session -- and HON is likely heading higher. At least, until it runs into potential downtrend resistance (blue line). Top Stock Trades for Tomorrow 3: Philip Morris Click to EnlargePhilip Morris (NYSE:PM) stock erupted 9% after better-than-expected earnings results. The move on the weekly chart thrust the stock above a key downtrend level, as well as the $87 mark. As long as PM holds above $87, bulls can justify a long position. Below it and we'll need to see the 200-week moving average hold as support. On the upside, let's see if PM can push through Thursday's highs and $90. Top Stock Trades for Tomorrow 4: Morgan Stanley Click to EnlargeMorgan Stanley (NYSE:MS) caught a slight lift after reporting second-quarter earnings. The stock continues to put in a series of higher lows and is maintaining above all of its major moving averages. However, it's having trouble pushing through resistance between $44 and $45. Like most major bank stocks, resistance continues to keep these names in check. Over $45 and a move to $46.50 is possible. Above that and $49 is doable. On a pullback, see that $43 holds as support. Below is concerning. Top Stock Trades for Tomorrow 5: Bank of America Click to EnlargeAnother example of a bank stock struggling to breakout? Bank of America (NYSE:BAC).The stock flirted with a breakout over $29.50 on Wednesday after beating on earnings expectations. However, the stock gave up most of its gains going into the close before holding short-term support at $29. BAC stock is stuck in a very tight range between $29 and $29.50. However, it's got plenty of bullish catalysts working in its favor, including earnings growth, revenue growth and a continually rising dividend and buyback. Its valuation continues to drop, too. * 7 Stocks Top Investors Are Buying Now If it can push through $29.50, it could trigger a breakout, first to $30 and possibly up toward $30.75. A move below the 21-day moving average and $29 is concerning.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks Top Investors Are Buying Now * The 10 Best Cryptocurrencies to Keep on Your Radar * 7 Marijuana Penny Stocks That Could Triple (But You Won't Make Money) The post 5 Top Stock Trades for Friday: IBM, HON, PM, MS, BAC appeared first on InvestorPlace.