- One day after attending Bank of America's (BAC +1.2%) annual meeting, CLSA's Mike Mayo cuts his FY14 EPS estimate all the way to $0.55 per share from $1 previously, based on the lender having just $2.4B on reserve for what could end up being a far larger MBS settlement with the DOJ.
- Other issues: "Poor governance, including missing a compensation committee head, different time frames in financial charts, and a meeting that ended before all questions were taken, not to mention a chairman who seems to us like a figurehead." Mayo notes CEO Moynihan ran the entire meeting while Chairman Chad Holliday only gave a few "mostly nonresponsive answers."
- Positives: The U.S. consumer banking arm, the investment bank, and wealth management.
- Mayo continues to rate the stock a Sell with $15 price target.
- Previously: BofA fields questions on accounting foul-up at annual meeting
From other sites
Cash Dividend On The Way From Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 5at Nasdaq.com (Mon, 1:37PM)
at AdvisorHUB (Apr 10, 2015)
at AdvisorHUB (Apr 8, 2015)
at MarketWatch.com (Apr 8, 2015)
at CNBC.com (Apr 7, 2015)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs