BAC
Bank of America CorporationNYSE
1d
5d
1m
6m
1y
5y
10y
Advanced Chart
  • Fri, Jul. 1, 7:01 AM
    • June monthly performance was: -0.91%
    • AUM of $13.4B
    • 52-week performance vs. the S&P 500 is: -4%
    • $0.04 in dividends were paid in June
    • Top 10 Holdings as of 3/31/2016: JPMorgan Chase & Co (JPM): 2.91993%, US Treasury Note 1.125%, Citigroup Inc (C): 2.71706%, US Treasury Note 0.5%, General Electric Co (GE): 2.15542%, Bank of America Corporation (BAC): 1.79099%, Morgan Stanley (MS): 1.36115%, Target Corp (TGT): 1.36065%, US Treasury Note 1.625%, Carnival Corp (CCL): 1.28533%
    | Fri, Jul. 1, 7:01 AM
  • Thu, Jun. 30, 10:51 AM
    • Dividend increases and boosted buybacks must already have been priced into the shares of the big banks, as share prices are showing little reaction to last night's capital plans.
    • Citigroup (C -0.6%) is notably lower despite announcing more than a tripling in the dividend. Bank of America (BAC -0.8%) was more cautious with its payout boost, but is faring about the same. JPMorgan (JPM unch) chose not to lift its dividend, but did raise the buyback. Morgan Stanley (MS +0.6%) lifted both. Wells Fargo (WFC -0.5%) didn't give details other than saying its capital plan was approved; same for Goldman Sachs (GS +0.1%).
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF, KBE
    | Thu, Jun. 30, 10:51 AM | 23 Comments
  • Wed, Jun. 29, 4:53 PM
    • The Fed greenlights an increase in the quarterly dividend to $0.075 per share, up 50% from the current level. Buybacks over the next  year of up to $5B are approved as well.
    • BAC +0.9% after hours.
    | Wed, Jun. 29, 4:53 PM | 101 Comments
  • Mon, Jun. 27, 6:55 AM
    | Mon, Jun. 27, 6:55 AM | 62 Comments
  • Fri, Jun. 24, 5:22 AM
    | Fri, Jun. 24, 5:22 AM | 129 Comments
  • Thu, Jun. 23, 4:51 PM
    • Ally Financial (NYSE:ALLY): Actual end of 2015 CET1 ratio of 9.2%, Q1 2018 CET1 ratio under severely adverse scenario of 6.1%, minimum 6.1%.
    • American Express (NYSE:AXP): Actual 12.4%, Q1 2018 12.3%, minimum 11.4%.
    • Bank of America (NYSE:BAC): Actual 11.6%, Q1 2018 8.1%, minimum 8.1%.
    • BNY Mellon (NYSE:BK): Actual 11.5%, Q1 2018 11.2%; minimum 10.5%.
    • BB&T (NYSE:BBT): 10.3%, 6.9%, 6.9%
    • BBVA Compass (NYSE:BBVA): 10.7%, 6.5%, 6.5%.
    • BMO Financial (NYSE:BMO): 11.9%, 5.9%, 5.9%.
    • Capital One (NYSE:COF): 11.1%, 8.2%, 8.2%.
    • Citigroup (NYSE:C): 15.3%, 9.2%, 9.2%.
    • Citizens Financial (NYSE:CFG): 11.7%, 8.8%, 8.8%.
    • Comerica (NYSE:CMA): 10.5%, 8.3%, 8.3%.
    • Discover (NYSE:DFS): 13.9%, 12.4%, 11.9%.
    • Fifth Third (NASDAQ:FITB): 9.8%, 6.8%, 6.8%.
    • Goldman Sachs (NYSE:GS): 13.6%, 10.2%, 8.4%.
    • HSBC N.A. (NYSE:HSBC): 15.7%, 9.1%, 9.1%.
    • Huntington Bancshares (NASDAQ:HBAN): 9.8%, 5%, 5%.
    • JPMorgan (NYSE:JPM): 12%, 8.3%, 8.3%.
    • KeyCorp (NYSE:KEY): 10.9%, 6.4%, 6.4%.
    • M&T (NYSE:MTB): 11.1%, 6.9%, 6.9%.
    • Morgan Stanley (NYSE:MS): 16.4%, 10%, 9.1%.
    • Northern Trust (NASDAQ:NTRS): 10.8%, 9.6%, 9.6%.
    • PNC Financial (NYSE:PNC): 10.6%, 7.6%, 7.6%.
    • Regions (NYSE:RF): 10.9%, 7.3%, 7.3%.
    • Santander Holdings (NYSE:SAN): 12%, 11.8%, 11.8%
    • State Street (NYSE:STT): 13%, 9.6%, 9.6%
    • SunTrust (NYSE:STI): 10%, 7.5%, 7.5%.
    • TD Group (NYSE:TD): 13.1%, 8.4%, 8.4%.
    • U.S. Bancorp (NYSE:USB): 9.6%, 7.5%, 7.5%.
    • Wells Fargo (NYSE:WFC): 11.1%, 7.2%, 7.2%.
    • Zions (NASDAQ:ZION): 12.2%, 6.6%, 6.6%.
    • Previously: All 33 banks pass this year's stress tests (June 23)
    | Thu, Jun. 23, 4:51 PM | 64 Comments
  • Thu, Jun. 23, 12:47 PM
    • An experienced rainmaker, Luca Ferrari was most recently with Greenhill & Co. (he left in October). Prior to that, he served with Goldman Sachs and UBS. In all, Ferrari has more than 25 years in the business.
    • He'll start as BAML's (BAC +2.5%) head of M&A for EMEA in July, and be based in London (pending Brexit vote?).
    | Thu, Jun. 23, 12:47 PM | 3 Comments
  • Wed, Jun. 22, 6:01 PM
    • Bank of America (NYSE:BAC) has been in discussions with the SEC about paying $400M-$450M to settle allegations it violated rules designed to safeguard client accounts, WSJ reports.
    • The SEC has been investigating whether BofA had proper controls for some customer accounts and retail brokerage funds; according to the report, one of the issues is whether BofA used complicated trades and loans to free up billions of dollars in cash for its own uses that it would usually have set aside to meet regulatory requirements.
    • A settlement could be announced as soon as tomorrow, the report says; BAC +0.3% AH.
    | Wed, Jun. 22, 6:01 PM | 63 Comments
  • Wed, Jun. 22, 8:39 AM
    • The percentage of Americans with subprime credit scores fell to 20.7% in April, the sixth consecutive year-over-year decline, and the lowest level since at least 2005 when FICO started tracking the data.
    • The level peaked at 25.5% in 2010.
    • The improving trend means revenue-squeezed banks can boost lending without lowering standards. "It will have a positive impact on loan volume, loan growth and revenue,” says Morgan Whitacre, a consumer client underwriting executive at Bank of America (NYSE:BAC).
    • Alongside rising credit scores are near-record lows for defaults. Just 0.81% of consumer loan dollars - including mortgages, auto loans, and credit cards - were in default in May, the lowest level on records going back to 2004. This peaked at 5.51% in 2009.
    • The result: Consumers are starting to borrow more again ... a good thing until it isn't anymore. Jamie Dimon (NYSE:JPM) earlier in June called the auto-lending market "a little stretched," and Synchrony Financial (NYSE:SYF) just lifted its forecast for credit losses in the coming year.
    • Source: Annamaria Andriotis at the WSJ
    | Wed, Jun. 22, 8:39 AM | 6 Comments
  • Tue, Jun. 21, 12:30 PM
  • Tue, Jun. 21, 8:56 AM
    • Jefferies' fiscal quarters end one month ahead of those for JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), and Bank of America (NYSE:BAC), so investors in those banks like to keep an eye out in order to get a preview.
    • What they'll get from Jefferies' FQ2 is that fixed-income trading has experienced a sharp reversal to the upside after a lame Q1. Bond-trading revenue at Jefferies was up 55%, the largest quarterly gain since 2014, and the best Mar-May quarter since 2012. Wall Street executives for a few weeks have touted a Q2 trading rebound, and the news from Jefferies backs that up.
    • On the downside, stock and bond underwriting income continued to slump.
    | Tue, Jun. 21, 8:56 AM | 1 Comment
  • Wed, Jun. 15, 3:17 PM
    • Having already shed value in June as expectations for rate hikes evaporated, the financial sector (XLF +0.7%) is showing relative strength following the FOMC's standing pat and dialing back expectations for the future level of the Fed Funds rate.
    • The S&P 500 is higher by just half the amount of the financials.
    • Within financials, the banks (KBE +1.1%), (KRE +1.1%) are particularly strong, led by Bank of America (BAC +1.5%), Morgan Stanley (MS +1.3%), Citigroup (C +1%), BB&T (BBT +1.2%), Fifth Third (FITB +2.2%), SunTrust (STI +1.4%), Zion (ZION +1.3%).
    | Wed, Jun. 15, 3:17 PM | 10 Comments
  • Wed, Jun. 15, 7:44 AM
    • Thank the digital banking revolution reducing the need for teller and back-office jobs. According to the FT, another 8K retail jobs are set to go at Bank of America (NYSE:BAC), though the lender will be adding sales staff - loan officers, small business bankers, and personal investment advisors.
    • Even with those additions, headcount is expected to shrink by several thousand amid a steady drop in the number of customers visiting branches. According to the report, the cuts are mostly to come from attrition rather than outright layoffs.
    • The bank has already cut nearly 40K jobs from its consumer division since 2009, bringing headcount down to about 68.4K at the end of Q1. Speaking at a conference this week, Thong Nguyen, head of retail banking, told an audience to expect that number to get to the low 60s.
    | Wed, Jun. 15, 7:44 AM | 41 Comments
  • Tue, Jun. 14, 3:48 PM
    • The S&P 500 is down just 0.25%, but the financial sector (XLF -1.5%) is taking a far larger beating as the idea of higher interest rates fades, with German 10-year yields falling below zero, and the U.S. 10-year Treasury yield within sight of its all-time low. KBE -2.3%, KRE -2.3%
    • The FOMC concludes its two-day policy meeting tomorrow, at which updated economic projections and dots will be unveiled, along with a Janet Yellen press conference.
    • How much of the panic into fixed-income is due to concern about the U.K. exiting the EU will become evident next Thursday night as that country's Brexit votes are tallied.
    • Bank of America (BAC -2.5%), Citigroup (C -3.1%), Wells Fargo (WFC -2.5%), Regions Financial (RF -2.9%), KeyCorp (KEY -3.7%), PNC Financial (PNC -2.4%), Fifth Third (FITB -2.6%), SunTrust (STI -2.8%), E*Trade (ETFC -2.6%), MetLife (MET -1.6%), Prudential (PRU -1.8%), BNY Mellon (BK -2%)
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Tue, Jun. 14, 3:48 PM | 89 Comments
  • Tue, Jun. 14, 7:59 AM
    • Speaking at conference in D.C. last night, Bank of America (NYSE:BAC) CEO Brian Moynihan said publicly what is strikingly obvious: That the stress tests are probably forcing banks to restrict lending.
    • "If you think of any business decision you’re going to make, you’d have to assume that the business decision was going to go wrong at the worst possible time and hold capital ... That's the stress test."
    • "Over the next 10 to 15 years, people will ask whether we got it right," says Moynihan, speaking about banks' boosted capital requirements.
    | Tue, Jun. 14, 7:59 AM | 36 Comments
  • Mon, Jun. 13, 2:25 PM
    • Not very excited about the prospects for bank stocks given the significant flattening in the yield curve as potentially signaling a deteriorating H2 and 2017 environment, a bank stock analyst nevertheless needs to recommend bank stocks.
    • Given low expectations as reflected in its cheap valuation, its highly asset-sensitive balance sheet, and the chance for good news from CCAR, Bank of America (BAC -1.3%) is the team's top bank idea.
    • Looking at regionals, they like the M&A optionality in Comerica (CMA -1.1%), but don't see much value in names like Citizens Financial Group (CFG -1.1%), Regions Financial (RF -1.1%), SunTrust (STI -0.9%), and Zions Bancorp (ZION -0.9%). Baird also sticks with its Underperform rating on M&T Bank (MTB +0.3%), which trades at 13.5x 2017E EPS vs. about 11x for the peer group.
    | Mon, Jun. 13, 2:25 PM | 21 Comments