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Bank of America Corporation (BAC)

NYSE - NYSE Delayed Price. Currency in USD
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23.54+0.07 (+0.30%)
At close: 4:00PM EDT

23.21 -0.33 (-1.40%)
Before hours: 4:47AM EDT

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Trade prices are not sourced from all markets
Previous Close23.47
Bid0.00 x 2900
Ask0.00 x 1200
Day's Range23.12 - 23.75
52 Week Range17.95 - 35.72
Avg. Volume58,534,830
Market Cap203.892B
Beta (5Y Monthly)1.55
PE Ratio (TTM)11.60
EPS (TTM)2.03
Earnings DateJan. 19, 2021
Forward Dividend & Yield0.72 (3.06%)
Ex-Dividend DateDec. 03, 2020
1y Target Est28.70
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  • China Fintech Firm Lufax Set to Raise $2.4 Billion in U.S. IPO

    China Fintech Firm Lufax Set to Raise $2.4 Billion in U.S. IPO

    (Bloomberg) -- Chinese financial technology firm Lufax Holding Ltd. raised $2.4 billion in a U.S. initial public offering priced at the top of an indicative range, according to people familiar with the matter, just days after U.S. stocks suffered their biggest drop since June.The company sold 175 million American depositary shares for $13.50 each, said the people, who asked not to be identified because the information is private. The amount raised makes Lufax’s offering one of the biggest IPOs by a Chinese company in the U.S. this year. A representative for the company declined to comment, citing the IPO quiet period.Lufax, which is backed by China’s largest insurer by market value, Ping An Insurance Group Co., marketed its American depositary shares for $11.50 to $13.50 each. Two ADS represent one ordinary share.The IPO coincides with a week of significant volatility. The S&P 500 Index suffered its worst rout in four months on Wednesday amid worries about the economic hit of the pandemic. On Thursday U.S. stocks bounced back, with investors encouraged by better-than-forecast economic data. The S&P 500 gained 1.2%, the most since Oct. 12.Lufax, which was once among China’s largest peer-to-peer lenders, has morphed into a financial giant offering wealth management and retail lending services. At $13.50 a share, it would be valued at $33 billion based on the outstanding shares listed in its prospectus.Chinese authorities launched a sweeping crackdown on the unruly P2P sector three years ago, forcing the company to transform its business. Its assets under management dropped by 6.1% in 2019 due to “asset portfolio adjustment and restrictions on consumer finance products,” Ping An said in February. Wealth management transaction volumes fell by almost 30%.Lufax is going public at the same time as fintech behemoth Ant Group Co., which is set to raise $34.5 billion in listings in Shanghai and Hong Kong, making it the world’s biggest IPO on record.The company plans to use the funds from the IPO for purposes which may include investment in product development, sales and marketing activities, technology infrastructure, acquisitions or investments, according to the prospectus.Goldman Sachs Group Inc., Bank of America Corp., UBS Group AG, HSBC Holdings Plc and China PA Securities Co. are leading Lufax’s offering. Its shares are expected to begin trading Friday on the New York Stock Exchange under the symbol LU.(Updates with company decline to comment in second paragraph.)For 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.