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Bank of America Corporation (BAC)

  • Feb. 22, 2012, 12:16 PM
    Single family RE in Daytona Beach has reached Depression levels, writes Robert Sinn, with cap rates of 20%, i.e. operating income of $20K on a $100K purchase. With the cost of capital less than 5%, well, you do the math. Bank of America (BAC) owns at least 1/3 of single-family RE there, and may not have taken the marks yet - something to think about the next time someone says BofA is cheap on a price/book basis.
  • Feb. 22, 2012, 12:07 PM
    Ireland's Sealink investment firm sues a rack of big banks (including JPM, C, BAC, RBS, CS and more) for $948.8M in damages over residential mortgage-backed securities, charging material misrepresentation and omissions in underwriting standards.
  • Feb. 22, 2012, 3:41 AM
    BofA (BAC) and Barclays (BAC) grant Equity Residential (EQR) more time to submit a bid for their 26.5% stake in Archstone, but at a higher minimum price of $1.485B. EQR will have until April 19 to bid, and may use the extra time to prepare an offer for all of Archstone; the remaining stake is held by Lehman. (previously)
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  • Feb. 21, 2012, 7:05 PM
    The financial services industry may be seeing massive job cuts, but leading brokerage houses are still aggressively recruiting brokers working for rivals. Merrill Lynch (BAC) is offering top brokers from rival firms upfront cash payments equal to 150% of the fees and commissions they generated over the prior 12 months, while UBS has raised its payment to 180%.
  • Feb. 21, 2012, 12:37 PM
    It's not too late to buy Bank of America (BAC +1.7%), Second Curve's Thomas Brown surmises, "not because they’re going to become a great banking company, but because the valuation of the company is just too low relative to even their weak earning potential... If we [can] just get it back to tangible book value, we’ve had a pretty good investment."
  • Feb. 21, 2012, 8:22 AM
    Bank of America (BAC) files a request with a NY state court to issue a protective order that would block the deposition of CEO Brian Moynihan in a lawsuit filed by MBIA that alleges fraud by BofA headache Countrywide Financial.
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  • Feb. 17, 2012, 5:21 PM
    CEO Brian Moynihan ended 2011 with neither a cash bonus nor a pay raise from Bank of America (BAC), Bloomberg reports, but he did get a $5.9M performance-restricted share bonus to go along with his $950K salary.
  • Feb. 17, 2012, 1:08 PM
    "The people have spoken," writes Josh Brown, "Investing advice should be paid for, not investing products." Nobody wants to sell "products" anymore, and wirehouses no longer have either a technological or marketing advantage over independents and will continue to lose market share.
  • Feb. 17, 2012, 5:45 AM
    More details on the emergency-planning list BofA (BAC) submitted to the Fed last year: In the event of a market shock or severe downturn that necessitates capital raising, BofA would consider selling its retail-branch network in Texas and its U.S. Trust wealth-management unit, though execs might also choose to issue common stock before letting go of key chunks of the business.
  • Feb. 16, 2012, 2:59 PM
    Financial stocks (XLF +1.3%) rally to the head of the pack among S&P sectors after an early slump following Moody’s warning that it could make severe cuts to the ratings of big banks. Hopeful news out of Greece and strong U.S. data are taking priority; and hey, that's just one guy's opinion. BAC +4%, C +2.9%, JPM +1.5%, GS +1.2%, MS +0.8%, RY +0.3%.
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  • Feb. 16, 2012, 9:21 AM
    Taking a closer look at Moody’s warning of a ratings downgrade for several banks, Morgan Stanley (MS) could have its long-term ratings cut by up to three notches, while Goldman Sachs (GS) and JPMorgan Chase (JPM) could be dropped by two notches each. In premarket trading: MS -2.3%, GS -0.2%, JPM -0.3%, BAC -0.7%, C -0.8%.
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  • Feb. 15, 2012, 8:07 PM
    Moody's Investor Service warns of a possible downgrade to the credit ratings of 17 global banks and securities firms due to funding issues, regulatory burdens and a more difficult operating environment. U.S. banks under review include: Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS) and Royal Bank of Canada (RY).
  • Feb. 15, 2012, 9:29 AM
    Another downgrade for Bank of America (BAC), as Bernstein cuts shares to Market Perform citing their YTD surge and the likelihood BofA still has work to do on its earnings. BofA may look cheap to its book value, the firm says, but on an earnings valuation, the stock is comparable to other big banks like JPM and C, and BofA doesn’t look like it deserves that yet. (yesterday)
  • Feb. 14, 2012, 5:36 PM
    Bruce Berkowitz's Fairholme Capital Management cut substantial parts of stakes in Berkshire Hathaway (BRK.A), Citigroup (C) and Regions Financial (RF) in Q4, and completely sold out of holdings in telecoms AT&T (T), Telefonica (TEF), Verizon (VZ) and Vodafone (VOD). He keeps the faith in Bank of America (BAC), maintaining a stake of nearly 105M shares.
  • Feb. 14, 2012, 10:25 AM
    Bank of America (BAC -3%) is up 48% YTD, but Citigroup thinks the rally may be getting ahead of itself, and cuts its stock rating to Neutral from Buy. “BAC’s recent outperformance reflects the market’s increased comfort with its capital position, but at these levels we believe investor focus will shift to earnings, which have been weak,” Citi says, expecting 2012 EPS at $0.50 vs. $0.71 consensus.
  • Feb. 10, 2012, 2:06 PM
    Another day, another subpoena for Bank of America (BAC -1.4%): Massachusetts’ securities regulator subpoenas the bank in connection with its involvement in loan securities that resulted in $150M in losses for investors. The state is examining whether BofA knowingly overvalued the assets in the portfolios to get the loans off its books.
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Company Description
Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, it provides banking and non-banking financial services and products throughout the United States and in selected international markets.