Top 1 0 Bank Stocks For 2015: Bank of America Corporation(BAC)
Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individuals, small- and middle-market businesses, large corporations, and governments in the United States and internationally. The company?s Deposits segment generates savings accounts, money market savings accounts, certificate of deposits, and checking accounts; and Global Card Services segment provides the U.S. consumer and business card, consumer lending, international card and debit card services. Its Home Loans & Insurance segment offers consumer real estate products and services, including mortgage loans, reverse mortgages, home equity lines of credit, and home equity loans. It also provides property, disability, and credit insurance. The company?s Global Commercial Banking segment offers lending products, including commercial loans and commitment facilities, real estate lending, leasing, trade finance, short-term credit, asset-based lending, and indirect consumer loans; and capital management and treasury solutions, such as treasury management, foreign exchange, and short-term investing options. Its Global Banking & Markets segment provides financial products, advisory services, settlement, and custody services; debt and equity underwriting and distribution, merger-related advisory services, and risk management products; and integrated working capital management and treasury solutions. The company?s Global Wealth & Investment Management segment offers investment and brokerage services, estate management, financial planning services, fiduciary management, credit and banking expertise, and asset management products. Bank of America Corporation serves customers through a network of approximately 5,900 banking centers and 18,000 automated teller machines. It was formerly known as NationsBank Corporation and changed its name o! n October 1, 1998. Bank of America Corporation was founded in 1874 and is based in Charlott e, North Carolina.Advisors' Opinion:
- [By WWW.DAILYFINANCE.COM]
Kevork Djansezian/Bloomberg via Getty Images WASHINGTON -- While the appearance of the deadly Ebola virus in Texas is worrying the nation, it has yet to lead Americans to take a more cautious view over how to spend their money, data suggested Friday. The Thomson Reuters/University of Michigan index of consumer sentiment unexpectedly rose in early October to its highest level since July 2007. Separate data showed groundbreaking for new homes rose more than expected last month, and taken together the reports pointed to solid U.S. economic growth. "The underlying strength of the U.S. economy remains intact," said David Berson, an economist at Nationwide Mutual Insurance in Columbus, Ohio. "If it were not for Ebola and geopolitical concerns, these [sentiment] numbers would be higher." The data for the sentiment survey was collected Sept. 25 to Oct. 15, a period in which Americans have been barraged by news of Ebola's spread in West Africa, where it has killed thousands, and its appearance in the United States. U.S. officials have confirmed three Ebola cases, all in Dallas, since Sept. 30 -- a Liberian man who later died of the disease and two nurses who had cared for him and are now being treated. Investors have been concerned that Ebola, if not contained in the United States, could scare consumers and lead them to cut back on spending, though there is little sign of that so far. The consumer sentiment survey period also overlapped with the global stock market sell-off earlier this week. Economists polled by Reuters had expected the sentiment index to fall, but instead it ticked two tenths of a point higher to 86.4. Consumers were more upbeat about their personal finances and the national economy. Other measures of consumer confidence have also failed to show much alarm. Gallup's daily poll of economic! sentimen! t has been stable in recent weeks. At least when it comes to spending decisions, consumers remain focused on a strengthening economy. "Despite
- [By Jayson Derrick]
Bank of America (NYSE: BAC) reported its third quarter results this morning. The company earned $0.42 per share, beating the consensus estimate of $0.32. Revenue of $21.23 billion fell short of the consensus estimate of $21.36 billion. Net income for the quarter fell to $168 million (including a $5.3 billion pre-tax legal charge) from $2.5 billion a year ago. Consumer and Banking net income rose to $1.856 billion from $1.787 billion a year ago; Consumer Real Estate Services net loss fell to $5.184 billion (due to the DOJ settlement) from net income of $990 million; Global Wealth and Investment management net income rose to $813 million from $720 million; Global Banking net income rose to $1.414 billion from $1.137 billion and Global Markets net income rose to $769 million from a net loss of $875 million. The bank's tangible book value per share rose to $14.13 from $13.62 a year ago. Shares lost 4.60 percent, closing at $15.76.
- [By Matthew Frankel]
Bank of America (NYSE: BAC ) reported its third quarter earnings this morning, and surprised the market by posting better results than the market was expecting. The company still reported a loss, but it was due to one-time expenses, and wasn't quite as bad as analysts thought it would be.
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