Last $16.72 USD
Change Today +0.12 / 0.72%
Volume 42.0M
BAC On Other Exchanges
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As of 8:04 PM 10/24/14 All times are local (Market data is delayed by at least 15 minutes).

bank of america corp (BAC) Snapshot

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52 Week High
03/21/14 - $18.03
52 Week Low
11/7/13 - $13.80
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Average Volume 10 Days
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Dividend Yield
Current Stock Chart for BANK OF AMERICA CORP (BAC)

bank of america corp (BAC) Details

Bank of America Corporation, through its subsidiaries, provides various banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, corporations, and governments in the United States and internationally. The company’s Consumer & Business Banking segment offers traditional and money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards; and lending related products and services, working capital management, and treasury solutions. This segment provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers 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. The company’s Global Wealth & Investment Management segment provides investment and brokerage, estate and financial planning, fiduciary portfolio management, cash and liability management, and specialty asset management services; and retirement and benefit plan, philanthropic management, and asset management services. Its Global Banking segment provides various commercial loans, leases, commitment facilities, trade finance, real estate and asset-based loans, and consumer loans; treasury management, foreign exchange, and short-term investing options; and debt and equity underwriting and distribution, and merger-related and other advisory services. The company’s Global Markets segment offers sales and trading services for securities and derivative products in primary and secondary markets; market-making, financing, securities clearing, settlement, and custody services to institutional investor clients; and risk management products. The company was founded in 1874 and is based in Charlotte, North Carolina.

229,538 Employees
Last Reported Date: 10/15/14
Founded in 1874

bank of america corp (BAC) Top Compensated Officers

Chairman, Chief Executive Officer and Member ...
Total Annual Compensation: $1.5M
Chief Financial Officer
Total Annual Compensation: $5.3M
Chief Operating Officer
Total Annual Compensation: $6.8M
Vice Chairman
Total Annual Compensation: $4.6M
Head of Compliance & Regulatory Relations and...
Total Annual Compensation: $4.1M
Compensation as of Fiscal Year 2013.

bank of america corp (BAC) Key Developments

Bank of America Corporation Announces Amendment to its Certificate of Incorporation

On October 23, 2014, Bank of America Corporation filed a Certificate of Designations with the Secretary of State of the State of Delaware for the purpose of amending its Amended and Restated Certificate of Incorporation to fix the designations, preferences, limitations and relative rights of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Z, $0.01 par value per share. The Series Z Preferred Stock has a liquidation preference of $25,000 per share.

Virgin Islands Sues Buchanan Ingersoll & Rooney and Bank of America over 2006 Bonds

The Government of the Virgin Islands and the Virgin Islands Public Finance Authority filed a lawsuit in the week against their former bond counsel and financial advisor, alleging they were negligent when they advised that $219.49 million of bonds issued in 2006 would be tax exempt. The Internal Revenue Service found in an audit that there was an over-issuance of the 2006 bonds because some of the proceeds were used to refund some 1999 bonds issued for working capital and the authority had already committed to redeem the 1999 bonds with surplus revenues each year from 2005 to 2009. The authority never redeemed any of the bonds, violating its covenant. The IRS also found that the 2006 bonds, which were issued based on the conclusion that the government was suffering an ongoing deficit, should not have been tax-exempt because the government had a cash surplus, according to the complaint. After negotiations, the IRS said that $80 million of the 2006 bonds should not have been issued as tax-exempt. The PFA and the GVI paid $13.6 million to settle the tax dispute and maintain the tax-exempt status of the bonds. The lawsuit names as defendants bond counsel Buchanan Ingersoll & Rooney PC and financial advisor Bank of America and related entities collectively referred to as "BoA." It also names as defendants "Does 1-10" who are employees of the other defendants that have not yet been identified, and "XYZ Corporations 1-10," which are other companies involved in the bond issuance that have yet to be identified. All of the defendants are being sued in U.S. District Court of the Virgin Islands for negligence. Additionally, Buchanan and BoA are being sued for breach of fiduciary duty and breach of contract. Buchanan is also being sued for legal malpractice. The plaintiffs are seeking a jury trial and are asking the court to award them compensatory and punitive damages, prejudgment interest and attorneys' fees and costs.

Bank of America Corporation Declares Quarterly Cash Dividend on Common Stock and Preferred Stock, Series B

Bank of America Corporation announced the board of directors declared a regular quarterly cash dividend on common stock of $0.05 per share, payable on December 26 to shareholders of record as of December 5. 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 on January 23, 2015 to shareholders of record as of January 9, 2015.


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Industry Average

Valuation BAC Industry Range
Price/Earnings 38.7x
Price/Sales 2.1x
Price/Book 0.8x
Price/Cash Flow 31.1x
TEV/Sales NM Not Meaningful

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