The Bank of America Corporation names Ted Janicki as its news market president in the Buffalo Niagara region
Berkshire Hathaway made an additional $2 billion investment in the Bank of America Corp.
avatar
Khan is a professional trader and business writer with over 7 years of experience in several financial markets. Khan takes pride in sharing insightful articles with his readers that help them improve their investment portfolios.
2020-08-21 09:30

In an announcement on Wednesday, the Bank of America Corporation (NYSE: BAC) named Ted Janicki as its new market president in the Buffalo Niagara region. Janicki had started working for the top U.S. investment bank when he was a college student, some 17 years ago.

Janicki will be filling the shoes for Kevin Murphy who served the Bank of America for over three decades. He held the role of market president for almost 15 years.

The Bank of America Corp has remained in the news for several reasons this week. Billionaire investor, Warren Buffett’s Berkshire Hathaway recently announced to have made an additional $2 billion investment in the Bank of America Corp. that increased its stake to 11.9% in the bank. Berkshire’s total investment in BofA now stands at $27.10 billion.

The Bank of America Corporation names Ted Janicki as its news market president in the Buffalo Niagara region

The Bank of America Corporation pledged $100K to Athena’s Access Fellowship Fund
Sources confirmed on Thursday that the U.S. financial services firm is collaborating with Athena Alliance to bolster the representation of women of color in the digital community in a bid to ensure fair opportunities for their career development. To that end, BofA pledged $100,000 to Athena’s Access Fellowship Fund.

Spokesman, Mathew Daily, acknowledged on Wednesday that three of the Bank of America Corp’s local branches in Citrus Country were still closed for the public in line with the guidelines laid out to minimize the fast spread of COVID-19. Daily said that customers could still access their deposit boxes in the closed branches. For that, he recommended, customers should approach one of the open branches in their region to receive further guidance on the process.

Credit Suisse analysts currently have an “Outperform” rating on BofA. Analyst Susan Roth has a price target of $31 per share that represents a roughly 20% increase on the price at which the Bank of America closed the regular session on Thursday.

The Bank of America Corporation published its Q2 financial results in July
The Bank of America Corporation published its quarterly results for the second quarter in July. Its financial performance in Q2 was reported stronger than what the experts had forecast, as it generated higher revenues from bond trading and investment banking.

In the recently concluded quarter, BofA generated a total of $23.59 billion in revenue and made 39.89 cents of adjusted earnings per share. Its net income in Q2 printed at $3.67 billion that tanked more than 50% from $7.65 billion in the comparable quarter of 2019. Its decline, the Bank of America said, was due to provisions for COVID-190-related credit losses that it valued at $4.19 billion.

Including the price action in after-hours trading on Thursday, the Bank of America is currently exchanging hands at $25.11 per share. The stock was seen trading as high as $35.64 per share at the start of the year 2020. In March, the pandemic-related disruptions pushed the company down to a per-share price of $18.08.

At the time of writing, the top American multinational investment bank has a market capitalization of $1.13 billion and a price to earnings ratio of 12.06.


Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

Rate this article

positive
negative
Published On
2020-08-21 09:30

avatar
About the Author
Khan is a professional trader and business writer with over 7 years of experience in several financial markets. Khan takes pride in sharing insightful articles with his readers that help them improve their investment portfolios.


buy-coffee
You've read 1 article in the last year
..thank you for supporting us and for visiting our site. Unlike many other sites, The Dog of Wall Street is available for everyone to read. Our focus is to provide great content for free. Do you like what we are doing? Buy us a cup coffee. It is the fuel that keeps us going..

Levi Strauss' Bold Gambit: Is the Denim Icon's DTC Shift Enough to Weather the Storm?
Levi Strauss & Co. boasts a strong quarter with direct-to-consumer growth and innovative fashion, but can it navigate the choppy waters of the retail market?
By Alfonso | 5 months ago

Amazon's Bold Counterattack: Introducing the China-Direct Discount Section
As competition heats up, Amazon unveils a daring new strategy to offer unbeatable prices and direct shipping from China.
By Alfonso | 5 months ago

Tesla's Legal Challenges: Facing the Music on Autopilot Misrepresentation
Court ruling intensifies scrutiny on Tesla's self-driving claims.
By Alfonso | 7 months ago

Netflix's Ad-Supported Triumph: A New Era in Streaming
Surpassing 40 million users, Netflix’s ad-supported plan redefines the streaming landscape.
By Alfonso | 7 months ago

Tesla Stock (TSLA): Look Who's Back!
I’m cautiously optimistic but I’m at the point where I need to see it to believe it.
By Mike Sakuraba | 7 months ago

2 Earnings To Pay Attention to Next Week
Since big tech is the theme, you probably know what I have my eyes on for next week.
By Mike Sakuraba | 7 months ago

2 Stocks to Watch Below $10
Here are two stocks that are currently less trading in the single digits that I believe have some relative upside from their current prices.
By Mike Sakuraba | 7 months ago

Looking Ahead to Tesla's Earnings: What Can We Expect?
Is there any stock that has been more talked about than Tesla (NASDAQ: TSLA) as of late? It’s a company that is always in the spotlight but the stock is under some heavy scrutiny this year and deservedly so.
By Mike Sakuraba | 8 months ago