51.65 0.00 (0.00%)
After hours: 6:21PM EDT
|Bid||51.51 x 1100|
|Ask||51.77 x 4000|
|Day's range||51.56 - 53.17|
|52-week range||50.26 - 66.31|
|Beta (3Y monthly)||1.35|
|PE ratio (TTM)||12.20|
|Earnings date||15 Jan 2019|
|Forward dividend & yield||1.72 (3.25%)|
|1y target est||61.93|
Bank of America’s (BAC) total assets grew ~2.4% YoY (year-over-year) in the third quarter and reached ~$2.34 trillion. This increase was driven by higher deposits, new assets, and rate spreads.
Bank of America (BAC) has been reducing its administrative expenditures and increasing its spending on technology to improve its operating efficiency and margins. Improved operating efficiency and margins have led the bank’s earnings to grow at a faster pace.
In the third quarter, Bank of America’s (BAC) CB (Consumer Banking) segment’s revenues increased 7.0% YoY to $9.4 billion. This increase was driven by a 10.0% increase in net interest income and partially offset by a modest decline in non-interest income.
To compete, wirehouses have rolled out in-house succession programs that pay retiring advisors to transfer their clients to junior advisors. On Thursday, (MS) took things a steps further, announcing it’s sweetening its sunset retirement packages for top-producing advisors. If participating advisors leave the firm, they’re barred from joining rivals for 90 days, and they lose their retirement program bonuses.
The big four banks have low direct exposure to a slowing Chinese economy, but the interconnectedness of the global economy means that the banks still face a lot of secondary risk.
On October 15, Bank of America (BAC) reported better-than-expected bottom-line results for the third quarter. The bank posted earnings of $0.67, beating the Wall Street estimate of $0.62 and marking ten consecutive quarters of earnings beats.
The Massachusetts Democrat escalated her criticism of the San Francisco-based bank in a letter Thursday to Fed Chairman Jay Powell, requesting that he maintain growth limits imposed earlier this year to ensure that real changes are made to fix oversight gaps that allowed consumer abuses including opening millions of accounts without customers’ knowledge. “The Federal Reserve should not remove the growth cap on WFC until the Board replaces Mr. Sloan with a new CEO who has not contributed to the very problems the Federal Reserve is seeking to fix,” Warren wrote.
Wells Fargo & Co., perhaps unsurprising given its recent problems, has the biggest gap between what it reported as earnings growth, which was cheered as a sign of improvement, and the profits its operations produced. More than half of the non-operating boost came from the tax change, which saved the nation’s six biggest banks $3.3 billion in the third quarter alone.
A bounce-back quarter, rising interest rates, and putting distance between itself and its many recent scandals are all positives. It's also dirt cheap.
Wells Fargo has asked French regulators for an investment firm licence, in the latest boost for Paris as it looks to become Europe’s pre-eminent banking centre after Brexit. The announcement on Tuesday “is part of the company’s Brexit strategy, which is predicated on supporting the capital markets and investment banking needs of Wells Fargo’s customers in a post Brexit environment,” said Wells, the third-biggest US bank by assets, in a statement. “With Brexit on the horizon, Wells Fargo is committed to providing a transition, which is as seamless as possible, for its markets and investment banking customers within the European Union and European Economic Area,” said Alicia Reyes, head of Wells Fargo Securities in Europe, Middle East and Africa.
On October 16, Morgan Stanley (MS) shares were trading ~2% higher during the pre-market trading session. The investment bank reported better-than-expected third-quarter results. The company’s top and bottom lines beat analysts’ estimates and marked a significant improvement YoY (year-over-year).
On October 15, Bank of America (BAC) reported overwhelmingly positive third-quarter results. Its top and bottom lines not only beat analysts’ expectations but also marked significant YoY (year-over-year) improvement. The second-largest US bank after JPMorgan Chase (JPM), BAC benefited from higher spreads, loan growth, cost controls, and lower taxes.
Zacks Investment Ideas feature highlights: JP Morgan Chase, Citigroup, Wells Fargo, Bank of America and Bank of New York Mellon
The BT Pension Scheme has appointed Morten Nilsson as chief executive of its £50.7bn investment management and advisory arm. Mr Nilsson worked for more than a decade for ATP, the Danish pension scheme, ...
JPMorgan Chase's Jamie Dimon promised bank branches in brand new cities, and regulatory filings show the company plans on expanding to Minneapolis, Nashville, Kansas City and Raleigh.
The major benchmarks recovered some ground to close a miserable week for stocks, with JPMorgan Chase and Wells Fargo among the first to report third-quarter earnings.