31.24 +0.05 (0.16%)
Pre-Market: 7:22AM EDT
|Bid||31.21 x 1300|
|Ask||31.29 x 2900|
|Day's Range||31.14 - 31.37|
|52 Week Range||24.58 - 33.05|
|PE Ratio (TTM)||16.38|
|Earnings Date||Oct 15, 2018|
|Forward Dividend & Yield||0.60 (1.98%)|
|1y Target Est||34.57|
Leadership changes are starting to ripple through Bank of America Corp.’s investment bank as disagreements over risk-taking and a struggle to keep pace with competitors spur high-level departures. On Wednesday, Christian Meissner said he’s stepping down as head of the corporate and investment-banking division he led through the tumultuous years after the financial crisis. More executives may follow Meissner’s lead, they said.
Sensible investors years ago could have chosen market leaders like Polaroid, General Motors (NYSE:GM), Sears (NASDAQ:SHLD), and myriad other ‘safe’, seemingly dominant stocks that would go on to stumble badly — or even go bankrupt. It’s far from guaranteed, however, that even torrid growth will produce much in the way of long-term returns relative to the stocks’ current prices.
Bank of America Corp Global Corporate and Investment Banking head Christian Meissner is leaving the bank at the end of the year, according to an internal memo seen by Reuters. Meissner will be replaced ...
Bank stocks have had a rough 2018 so far, but Oppenheimer is expecting strong third quarter earnings reports to spark an upsurge in their share prices, Barron's reports. Banks’ earnings fundamentals are "more solid than any time in the 33 years we have been covering the space, but the perception that the earnings power of these companies is fragile persists," writes Chris Kotowski, senior analyst for large cap banks and brokerage firms at Oppenheimer, as quoted by Barron's. He adds that capital levels are high and loan delinquencies are low, on "altogether better planes than they have ever been before." Another positive is good expense control, with bank expenses up only about 2%, Barron's adds. The KBW Nasdaq Bank Index is trailing the S&P 500 Index (SPX) by a wide margin year-to-date, as are 5 of the 6 largest U.S. banks, Bank of America Corp. ( BAC), Citigroup Inc. ( C), Goldman Sachs Group Inc. ( GS), Morgan Stanley ( MS) and Wells Fargo & Co. ( WFC).
Bank of America Corp. has made substantial inroads into the Twin Cities market as of late after shying away from the area for decades. In 2015, the bank says it was the 80th-largest bank in the Twin Cities based on metro-area deposits. Over roughly the past five years, the bank has built up its local infrastructure and is deploying technology like few, if any, other financial institutions.
Shares of Bank of America Corp. (BAC), a multinational investment bank and financial services company, are up over 2.2% since Monday, Sept. 17. Treasury yields rose on Wednesday, pushing bank stocks higher, helped by positive housing data. Benchmark 10-year U.S. Treasury yields rose above the 3% mark on Tuesday, and the benchmark rose to its highest level in four months on Wednesday.
In a recent note, Bank of America Merrill Lynch Chief Investment Strategist Michael Hartnett analyzed the state of the markets 10 years following financial crisis. Hartnett cited the unique deflationary nature of the bull market, wherein while stocks have risen to record highs, brokerage commissions have fallen to $30 billion from $80 billion since 2000, as outlined by Business Insider. Deflationary assets such as government bonds, US investment-grade bonds, the S&P 500, US consumer discretionary equities, growth stocks and US high-yield credit have outperformed the inflationary group including assets like commodities, Treasury inflation protected securities, developed-market stocks (excluding the US and Canada), US banks, value stocks and cash.
Here are some of the companies with shares expected to trade actively in Thursday’s session. Check back closer to the market open for an updated list. Comcast Corp.—Up 0.3%: British regulators said Comcast and Fox will settle their takeover battle for Sky via an auction starting Friday, a dramatic climax to a lengthy sale process involving some of the world’s biggest media companies.
This has been a pain trade for many institutional and private investors, as expectations of higher interest rates and valuation calls led them to bullish decisions on the banks. On Wednesday, Bank of America (NYSE:BAC) rallied 2.6% as this sector received a bid. Because should longer-term interest rates receive a renewed and sustainable bid, then this sector could quickly wake up and catch up.
Bank of America Corp. corporate and investment banking head Christian Meissner is leaving the bank, according to an internal memo reviewed by The Wall Street Journal. Mr. Meissner was largely responsible for reshaping the unit following Bank of America’s financial-crisis merger with Merrill Lynch & Co. Mr. Meissner is expected to be replaced by Matthew Koder, who is currently the bank’s Asia-Pacific president, and stay until the end of the year, the memo said.
Bank of America Corp. will pay $30 million as part of a settlement with the Commodity Futures Trading Commission related to charges that the bank tried to manipulate a benchmark for interest-rate products over a span of six years. The CFTC said Wednesday that Bank of America tried to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, or ISDAfix, to help its own derivatives positions. Bank of America traders, according to the futures regulator, attempted to manipulate rates to benefit specific trading positions and influence reference rates and spreads ahead of the time the final rates were published.