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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 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.