Bank of America (BAC) is slated to report fourth-quarter and full-year 2023 results on Jan 12, before the opening bell. Despite being the most interest rate-sensitive among its peers, the company’s net interest income (NII) is less likely to have improved in the fourth quarter.Though the Federal Reserve did not raise rates in the quarter, the policy rate stands at a 22-year high of 5.25-5.5% at present. This is likely to have aided BAC’s NII and net interest margin (NIM). But the company’s billions of dolla ...

About this content About Stephen Gunnion Stephen Gunnion is a senior financial journalist and broadcaster at Proactive Investors. He has more than 25 years of experience in television, radio and print media, anchoring on a number of television channels including South Africa's Business Day TV, CNBC Africa and the South African Broadcasting Corporation, where he was the economics editor. He has also worked for Daily Maverick, Bloomberg, the Business Day newspaper and Investors' Chronicle. Read more About ...

Bank of America (BAC) will incur a net non-cash pre-tax charge of $1.6 billion in the fourth quarter of 2023 as it phases out the use of the Bloomberg Short-Term Bank Yield Index (BSBY). The company stated this in a filing with the Securities and Exchange Commission (“SEC”).The charge will be presented in “revenue through market making and similar activities.”BofA has been using BSBY in various lending agreements as an alternative to the London Interbank Offered Rate (LIBOR) since 2021. However, in November ...

New Data-Driven Tool Empowers Corporate and Commercial Clients to Make Strategic Decisions, Drive Cost Savings and Efficiencies NEW YORK, Jan. 9, 2024 /PRNewswire/ -- Bank of America today announced the launch of CashPro Insights, a digital tool that analyzes information flowing through the CashPro platform. Through data-driven intelligence, clients are presented with insights that empower them to make more informed treasury decisions and drive cost savings and efficiencies. CashPro is Bank of America's dig ...

In the latest trading session, Bank of America (BAC) closed at $34.16, marking a -0.78% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.41%. Meanwhile, the Dow experienced a rise of 0.58%, and the technology-dominated Nasdaq saw an increase of 2.2%.Heading into today, shares of the nation's second-largest bank had gained 11.21% over the past month, outpacing the Finance sector's gain of 5.34% and the S&P 500's gain of 2.9% in that time.Analysts and investors ali ...

Bank of America Corp. on Monday said it would take a noncash pretax charge of about $1.6 billion in its fourth-quarter report related to the global transition away from an index used to replace the London interbank offered rate, or Libor.Bank of America BAC, -1.87% said the $1.6 billion net impact is expected to be added back into its interest income in subsequent periods, largely through 2026, according to a filing.The accounting adjustment follows the discontinuation of the Bloomberg Short-Term Bank Yield ...

Shares of Bank of America were falling Monday after the bank said it would recognize a net non-cash pretax charge of about $1.6 billion in the fourth quarter as Bloomberg stops publishing an index for short-term rates that had served as an alternative to Libor, or the London Interbank Offered Rate. ...

Bank of America (BAC) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this nation's second-largest bank have returned +11.2% over the past month versus the Zacks S&P 500 composite's +2.9% change. The Zacks Banks - Major Regional industry, to which Bank of America belongs, has gained 11.4% over this period. Now the key question is: Where could the stock be headed in the ...

Key PointsThe new market cycle is about to start, and some stocks are looking better than others, especially in the financial sector.Bank of America and Citigroup are two banks uniquely positioned to boost their earnings in this period because of today's trends.Barclays analysts notice these developments and raise their price targets on both, giving you a double-digit upside.5 stocks we like better than D.R. HortonWho likes to invest in financial stocks? Only people with a solid financial or accounting back ...

Michael Nagle Thesis In this article, I will conduct a comparison among JPMorgan Chase & Co. (JPM), Bank of America Corporation (BAC), and Wells Fargo & Company (WFC). The valuation of the three largest U.S. banks reveals that JPMorgan is poised to outperform the other two, boasting a fair price per share of approximately $314.74. This figure represents an 85% increase from the current stock price of $170. The model suggests a future price for JPMorgan at $545.20, translating into an impressive annual r ...