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Last $17.84 USD
Change Today +0.1669 / 0.94%
Volume 38.9M
BAC On Other Exchanges
Symbol
Exchange
New York
Mexico
London
Tokyo
Sao Paulo
Frankfurt
Bogota
As of 12:16 PM 07/28/15 All times are local (Market data is delayed by at least 15 minutes).

bank of america corp (BAC) Snapshot

Open
$17.79
Previous Close
$17.67
Day High
$17.85
Day Low
$17.60
52 Week High
07/22/15 - $18.48
52 Week Low
08/1/14 - $14.84
Market Cap
187.4B
Average Volume 10 Days
98.6M
EPS TTM
$1.43
Shares Outstanding
10.5B
EX-Date
09/2/15
P/E TM
12.5x
Dividend
$0.20
Dividend Yield
1.13%
Current Stock Chart for BANK OF AMERICA CORP (BAC)

bank of america corp (BAC) Details

Bank of America Corporation is a bank holding company. The company, through its subsidiaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Management; Global Banking; Global Markets; and Other segments. It’s Consumer and Business Banking segment offers a range of credit, banking, and investment products and services including traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, investment accounts and products, and credit and debit cards. The company’s Consumer Real Estate Services segment provides consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans. It’s Global Wealth and Investment Management segment provides investment and brokerage services, estate and financial planning, fiduciary portfolio management, cash and liability management, and specialty asset management services. The company’s Global Banking segment provides commercial loans, leases, commitment facilities, trade finance, real-estate lending, asset-based lending, treasury management, foreign exchange, short-term investing options, debt and equity underwriting and distribution, and merger-related and other advisory services. Its Global Markets segment offers risk management products, and sales and trading services, market-making, financing, securities clearing, settlement, and custody services to institutional investor clients. The company’s other segment includes residential mortgage portfolio and investment securities, interest rate and foreign currency risk management, international consumer card business, and other services. It caters to individual customers, large and small companies, institutional investors, corporations, and governments worldwide. Bank of America Corporation was founded in 1874 and is based in Charlotte, North Carolina.

216,679 Employees
Last Reported Date: 07/15/15
Founded in 1874

bank of america corp (BAC) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $1.5M
Chief Operating Officer
Total Annual Compensation: $6.2M
Vice Chairman of Global Wealth & Investment M...
Total Annual Compensation: $4.1M
Vice Chairman and Global General Counsel
Total Annual Compensation: $3.8M
Member of Management Team
Total Annual Compensation: $4.8M
Compensation as of Fiscal Year 2014.

bank of america corp (BAC) Key Developments

Bank of America Corporation Declares Dividend on Common Stock, Payable on September 25, 2015 ; Declares Dividend on Cumulative Redeemable Preferred Stock, Series B, Payable on October 23, 2015

Bank of America Corporation announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.05 per share, payable September 25, 2015 to shareholders of record as of September 4, 2015. The board also declared a regular quarterly cash dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B. The dividend is payable October 23, 2015 to shareholders of record as of October 9, 2015.

Bank of America Announces Management and Executive Changes, Effective August 1, 2015

Bank of America announced changes to the company’s management team. Chief Financial Officer Bruce Thompson has decided to step down after 5 ½ years as chief risk officer and chief financial officer. Global Human Resources Executive Andrea Smith will assume a newly created position as chief administrative officer. Vice Chairman David Darnell has decided to retire by the fourth quarter, after more than 35 years with the company. Paul Donofrio, who has been with Bank of America since 1999 and has 25 years of global corporate and investment banking experience, will become CFO, effective August 1. Prior to being named Strategic Finance Executive for Bank of America, serving as CFO of Consumer Banking and Global Wealth and Investment Management (GWIM), Donofrio was co-head of Global Corporate and Investment Banking, co-head of Global Investment Banking, and head of Global Corporate Banking. Thompson will assist Donofrio and remain on the management team until the end of the year. Smith, who joined Bank of America in 1988, is taking on a broad portfolio of responsibilities that reflect her deep understanding of the company and her management expertise. As CAO, she will be responsible for Global Corporate Strategy; the company’s market president and enterprise business and community engagement organization; Legacy Assets and Servicing; Global Corporate Services; and Corporate Security, Executive Protection and Aviation. Smith also will partner with Terry Laughlin and begin a transition of responsibility for the company’s annual Comprehensive Capital and Review (CCAR) submission and Global Resolution and Recovery Planning (GRRP). Laughlin remains responsible for the resubmission of the 2015 CCAR. To ensure a smooth transition, Laughlin will continue to partner with Smith to drive the spring 2016 CCAR submission. Replacing Smith as Global Human Resources executive is Sheri Bronstein, who will join the management team and report to Moynihan. Bronstein has been the human resources executive for the company’s Global Banking and Global Markets businesses. In her 15 years as a senior human resources executive, she has held leadership roles supporting several lines of business, and is a member of the company’s Global Diversity and Inclusion Council. Darnell, who currently oversees GWIM, plans to retire in the fourth quarter of this year. Upon Darnell’s retirement and after the company’s 2015 CCAR submission work is completed, Terry Laughlin will assume responsibilities as leader of GWIM and be appointed vice chairman. Laughlin, who is currently president of Strategic Initiatives, has held various senior leadership positions with Bank of America and Merrill Lynch, including serving as chief risk officer for Bank of America, and chairman and chief executive officer of Merrill Lynch Bank & Trust. In addition to the management changes announced above, Moynihan announced three senior executives will receive new titles in line with the evolution of their responsibilities. Anne Finucane is appointed vice chairman and continues as the company’s global chief strategy and marketing officer. This reflects additional responsibilities Finucane has recently taken on for general oversight of the company’s corporate governance process, working closely with the Board of Directors in governance matters and outreach to stockholders in the area of corporate governance practice. Cathy Bessant remains head of the company’s technology and operations areas. The position is re-designated chief operations and technology officer, effective immediately. Gary Lynch continues to serve as global general counsel and is appointed vice chairman.

Federal lawsuit Filed Against Bank of America and Nationstar Mortgage, LLC

An 8 and ½ year battle over a foreclosed home has Las Vegas, NV. Resident Michael Bondi filed a Federal lawsuit against Bank of America, N.A. and Nationstar Mortgage LLC. The lawsuit claims Fraud, Civil Conspiracy, violations of the Federal Fair Credit Reporting Act, Federal Fair Debt Collections Practices Act, and Misrepresentation. Bondi's problems started with Bank of America in 2008 when BofA took over Bondi's Countrywide Home Loan. Bondi was in a car accident in 2007, leaving him unable to work and losing his savings. Bondi had over 5 valid short sale offers on his home that BofA refused to accept because Bondi would not sign a blank Promissory Note. Bondi's home was ultimately foreclosed in June of 2009. Bondi continued to have several problems with BofA after the foreclosure. BofA incorrectly reported Bondi's credit as an Open foreclosure which made it appear Bondi was still missing monthly payments on a home that he no longer owned. Bondi contacted BofA a year after the foreclosure in 2010. Bondi found several violations of Federal Law, about which he confronted BofA. BofA in an effort to avoid litigation from Bondi, offered to correctly zero out Bondi's credit report and to change his report as a foreclosure with a zero balance, per Federal Law. Bondi's updated credit report reflected and showed a ZERO BALANCE and Closed Foreclosure Status for over 3 years until June 2013. Bondi received a letter from BofA stating that his loan was going to be sold to Nationstar Mortgage LLC for collection purposes. Bondi contacted BofA's Office of the CEO and they confirmed that BofA records showed Bondi had a zero balance. BofA still sold Bondi's zero balance account with no explanation and no apology. July 2013, Bondi contacted Nationstar Mortgage LLC and advised them of the status of the loan and the zero balance. Bondi provided copies of credit reports clearly showing a zero balance. After several months, Nationstar Mortgage LLC reviewed the account, agreed with Bondi, and sent him several letters stating that they would not collect from him and that his account was closed with a zero balance. December 2013, Nationstar Mortgage LLC sent Bondi's account to their internal collection agency -- Veripro Solutions -- for further collection activity. Bondi then contacted Veripro Solutions and sent letters from Nationstar Mortgage LLC and copies of his credit report, clearly showing a zero balance. January 2014, Veripro Solutions issues a letter to Bondi stating that they will close out his zero balance account and they will not take any further action against him or his credit report. April 2014, Bondi's credit is destroyed once again. This time Nationstar Mortgage LLC, which clearly stated that Bondi had a closed account with a zero balance, now reported to the credit bureaus a MAJOR DEROGATORY Charge Off debt for over $69,000.00. Bondi's credit score dropped over 100 points. Bondi lost his credit card accounts, a new home loan, an auto loan, and suffered business losses due to inaccurate credit reporting from Nationstar Mortgage LLC. July 2014, fearing that this situation would not end and would continue to get worse, Bondi filed a Federal lawsuit claiming damages in excess of $1 million. December 2014, both BofA and Nationstar Mortgage LLC deleted all negative trade lines/accounts on Bondi's credit report, only after Bondi filed his federal law suit. Bondi currently has over 1,000+ pages of letters, copies of credit reports, and other evidence to support his claims against BofA and Nationstar Mortgage LLC. Bondi is looking forward to his day in federal court to prove his allegations as stated above.

 

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Industry Analysis

BAC

Industry Average

Valuation BAC Industry Range
Price/Earnings 19.1x
Price/Sales 2.3x
Price/Book 0.8x
Price/Cash Flow 16.4x
TEV/Sales NM Not Meaningful
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