|Bid||32.110 x 15000|
|Ask||32.120 x 16300|
|Day's Range||31.880 - 32.200|
|52 Week Range||22.070 - 33.050|
|PE Ratio (TTM)||20.60|
|Earnings Date||Apr 16, 2018|
|Forward Dividend & Yield||0.48 (1.50%)|
|1y Target Est||34.62|
The Securities and Exchange Commission on Monday announced its biggest-ever whistleblower awards, with roughly $83 million combined going to three whistleblowers who helped the regulator reach a $415 million settlement with Bank of America Corp., according to an SEC statement and a lawyer representing the whistleblowers. As part of the agreement, Bank of America resolved accusations that it misused customer cash and securities to generate profits, putting billions of dollars of customer assets at risk over a roughly six-year period. The SEC, in keeping with its usual practice, didn’t specify Monday which settlement the whistleblower awards were connected to.
The SEC announced its biggest-ever whistleblower awards, with roughly $83 million combined going to three whistleblowers who helped the regulator reach a $415 million settlement with Bank of America.
Oil prices finished the week at a gain after a big Friday rally, and U.S. stock indices ended flat-to-higher, to close a bumpy week on a high note. Crude prices had been on track for a weekly loss, but spiked on Friday as energy investors looked to cover short bets ahead of a televised interview Sunday by the U.S. news program "60 Minutes" with Saudi Arabia's Crown Prince Mohammed bin Salman. Gains on Wall Street also supported crude futures, which have recently been moving in tandem with U.S. stock indices.
Banks and asset managers (XLF) had a great run in 2017 due to a rise in broad markets, allowing them to generate a higher base and performance fees. Overall, the economy and corporates are expected to continue on a growth trajectory helped by global demand and lower unemployment rates. Among major bankers, Bank of America (BAC) is managing $2.8 trillion in asset management offerings as of December 31, 2017—a rise of 10% on a YoY basis.
Bank of America (BAC) seems to command a favorable rating, with 22 out of 30 Wall Street analysts awarding it “buy” or strong buy” ratings. Bank of America’s mean price target is $34.59 per share, implying growth of 7.4% over the next 12 months. Among Bank of America’s peers, Citigroup (C) commands 17 “buys” or “strong buys” out of 29 analyst ratings.
Strong fundamentals and improving economy will support BofA's (BAC) profitability, while muted fee income growth remains a major concern.
After amendments to the Tax Cuts and Jobs Act, the US dollar has seen a downward trajectory with expectations of a higher fiscal deficit. The Trump administration is now entering into aggressive trade wars with China and even some European countries. Among major bankers, Citigroup (C) has a fairly diversified revenue stream from the perspective of its regional spread.
Merrill Lynch is beefing up its ultra-high-net-worth client group as the Wall Street brokerage works to pull in new assets and offer a wider range of wealth-management services.
Merrill Lynch is beefing up its ultra-high-net-worth client group as the Wall Street brokerage works to pull in new assets and offer a wider range of wealth-management services. The brokerage arm of Bank of America Corp. said it would consolidate its private banking, international and institutional groups to better serve its richest clients. Merrill said it also would create a new support team within the group, meant to provide specialized services for those clients, including generational wealth and family planning.
Wells Fargo Bank and Bank of America have bested five other lending groups to provide financing to Motorsport Aftermarket Group Inc. once the company emerges from bankruptcy, which is expected by the end ...
After the reduction in tax rates, clearance of stress tests, and higher operating cash flow generation, banks (XLF) are in a favorable position to improve payout ratios. Investors have long been seeking higher payout ratios after the 2007 financial crisis. Bank of America (BAC) grew its dividend 60% to $0.12 in 4Q17 from the prior year’s corresponding period payout, helped by strong operating performance and the clearance of stress tests.