3SOF

Profile:  




Bank of America Corporation
100 North Tryon Street
Bank Of America Corporate Center
Charlotte, NC 28255
United States - Map
Phone: 704-386-5681
Fax: 704-386-6699
Web Site: http://www.bankofamerica.com

DETAILS  
Index Membership: Dow Jones Composite
Dow Industrials
S&P 100
S&P 500
S&P 1500 Super Comp
Sector: Financial
Industry: Money Center Banks
Full Time Employees: 243,000


BUSINESS SUMMARY  
Bank of America Corporation, a financial holding company, provides a range of banking and nonbanking financial services and products in the United States and internationally. Its Global Consumer and Small Business Banking segment offers savings accounts, money market savings accounts, certificate of deposits, individual retirement accounts, and checking accounts; U.S. Consumer and Business Card, unsecured lending, and international card; consumer real estate products, including mortgage products for home purchase and refinancing, reverse mortgage products, and home equity products; and insurance services. The company's Global Corporate and Investment Banking segment provides commercial and corporate bank loans, indirect consumer loans, real estate lending products, and leasing and asset-based lending products for banking clients, middle market commercial clients, multinational corporate clients, public and private developers, homebuilders, and commercial real estate firms; advisory services, financing, and related products for institutional investor clients in support of their investing and trading activities; debt and equity underwriting, merger-related advisory services, and risk management solutions; and treasury management, trade finance, foreign exchange, short-term credit facilities, and short-term investing options for correspondent banks, commercial real estate firms, and governments. The company's Global Wealth and Investment Management segment offers investment and brokerage services, estate management, financial planning services, fiduciary management, credit and banking expertise, and diversified asset management products to institutional clients and high-net-worth individuals. As of December 31, 2008, the company operated approximately 6,100 banking centers and 18,700 automated teller machines. Bank of America was founded in 1874 and is headquartered in Charlotte, North Carolina.

Big Bank
BIG BOUNCE WITH EARNING EXPECTATIONS...
Broke through short term resistance with big move on today,
up 35.27%. All banks and financial were up big time and may continue move up short term.
I wouldn't want to stay in the way of this one longer term. I will be a buyer on future weakness, (dip...pullback).


52wk Range: 2.53 - 40.65
Volume: 1,029,694,523
Avg Vol (3m): 428,166,000
Market Cap: 61.13B
P/E (ttm): 17.24
EPS (ttm): 0.55
Div & Yield: 0.04 (0.50%)

Technicals
Record Volume.......
13-day EMA Cross Above 50-day MA
Close Above the 50-day MA
Most Actives
Gap Up
Percentage Gainer

Last Price Quote is:
29.20%above 13-day MA
32.08%above 50-day MA
RS Rating: 14 

Fundamentals
Earnings Expected on Apr 20

Key Data:
Market Cap (M): $48,677.20 
P/E Ratio: 12.19 
PEG Ratio: 2.14706 
Next Earnings: 04/20/2009
Last Analyst Rating: Perform

Bank of America Begins Mortgage Refinancing under U.S.Treasury Department's "Making Home Affordable" program...


CALABASAS, Calif., April 9, 2009 /PRNewswire via COMTEX/ -- Bank of America, which services one out of five mortgages in the United States, announced today that it has begun processing its first wave of mortgage refinance applications under the U.S. Treasury Department's "Making Home Affordable" program. The initiative provides new refinance opportunities to homeowners who previously could not qualify.

"Combined with historically low interest rates, this program has generated significant interest from borrowers seeking the benefit of lower mortgage payments," said Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services. "We are proud to be one of the first lenders to take loans from application to closing under the Treasury's plan, providing the opportunity for more Americans to save money on their monthly mortgage payments and supporting efforts to stabilize the nation's housing market."

The U.S. Treasury plan allows homeowners with loans owned by Fannie Mae or Freddie Mac, who are current with their mortgage payments and whose home value is no more than 105% of the current mortgage, balance the opportunity to refinance their loans. Complete eligibility guidelines can be found at http://www.makinghomeaffordable.gov/refinance_eligibility.html.

In its first wave, Bank of America will be able to serve the majority of eligible customers - homeowners whose mortgages are serviced by Bank of America or Countrywide and who do not have mortgage insurance on their current loans. Additional borrowers will be included as systems become operational.

Eligible homeowners may benefit from refinancing under the plan because of historically low interest rates coupled with guidelines designed to provide increased flexibility:


 
    --  Expanded guidelines for high loan-to-value loans; 
    --  No mortgage insurance required on loans that did not previously carry 
        mortgage insurance; and 
    --  No required minimum credit score 

"Potentially millions of Americans will benefit from the government's refinance and loan modification programs," said Desoer. "In just one month since announcing this program, nearly 200,000 homeowners have contacted us to determine their eligibility for refinancing. We're pleased to begin offering the program now to the majority of eligible customers and we look forward to expanding the offering to others in the coming weeks."

Bank of America is in the process of implementing the Treasury Department's "Home Affordable Modification" program for Bank of America and Countrywide customers. In the next two weeks, the company expects to begin offering trial modifications under the plan.

Bank of America has extended its voluntary moratorium on foreclosure of loans that may be eligible for the "Home Affordable Modification" program until April 30, 2009.

On April 27, 2009, the Bank of America and Countrywide mortgage brands will combine to become Bank of America Home Loans.

Bank of America and Countrywide customers can call the following phone numbers for more information on refinancing and loan modification opportunities:


 
                                      Refinancing          Loan Modifications 
    Bank of America Customers         888-256-7683            800-285-6000 
    Countrywide Customers             800-593-7798            800-669-6607 

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,700 ATMs and award-winning online banking with nearly 29 million active users.

Following the acquisition of Merrill Lynch on January 1, 2009, Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

www.bankofamerica.com

SOURCE Bank of America



http://www.bankofamerica.com 

Copyright (C) 2009 PR Newswire. All rights reserved

Hopes for solid 1Q profits lead bank stocks higher
Bank stocks mostly higher as investors place bets ahead of earnings; Citi jumps 13 percent
Monday April 13, 2009, 2:44 pm EDT

Related:Bank of America Corporation, Citigroup, Inc., Fifth Third Bancorp


NEW YORK (AP) -- A number of bank stocks bucked the broader market Monday, plowing higher as investors placed bets on which banks might report better-than-expected earnings in the coming weeks.

The KBW Bank Index, which tracks 24 of the nation's largest banks, rose more than 6 percent. Citigroup Inc. and Bank of America Corp. shares led the gains, rising more than 17 percent and 14 percent, respectively.

Analysts said much of the buying was fueled by investors trying to determine which other banks could be the next Wells Fargo & Co., which wowed the market on Thursday when it said it expects to report a record quarterly profit for the first quarter.

The surprise announcement buoyed bank stocks and helped send the overall market sharply higher ahead of a long weekend. Markets were closed for Good Friday.

"People are looking for the biggest opportunity out there," said Keith Springer, president of Capital Financial Advisory Services, a Sacramento, Calif.-based wealth manager. "(Traders) are looking for the next shock. Who is going to shock again and surprise us with a great number?"

Analysts also attributed some of the buying to "short covering," or the buying of stocks to cover misplaced bets that banks would fall when they post results this week. Short covering has played a large role in the surge in bank stocks over the past few weeks.

Citigroup shares were also boosted by a report that the bank is considering selling its Japanese banking units. Japanese news service Kyodo News said Monday that Citi is considering a sale of Nikko Citigroup Ltd. along with brokerage Nikko Cordial Securities and Nikko Asset Management.

In January, Citigroup reorganized itself into two entities, Citicorp and Citi Holdings. The first is focused on traditional banking around the world, and includes Nikko Citigroup. The second holds the company's riskier assets and tougher-to-manage non-core ventures, including Nikko Cordial. It has been speculated that Citigroup would shed Nikko Cordial as part of its restructuring, but this is the first the Japanese retail bank has been mentioned.

Citigroup spokesman Mike Hanretta declined to comment on the report.

Citi shares rose 52 cents, or 17.1 percent, to $3.56 in afternoon trading. Bank of America rose $1.38, or 14.5 percent, to $10.93.

Investors are extremely anxious ahead of banks' first-quarter earnings reports, hoping for signs of improvement during the quarter. Reports from Citigroup, Goldman Sachs Group Inc. and JPMorgan Chase & Co. plan to report this week.

Over the past month, bank stocks have led the market higher, helping the major indexes stage their biggest four-week rally in more than 75 years. The surge was driven in part by encouraging announcements from several big bank CEOs that they were having a better quarter than most expected -- which helped fuel hopes for an economic recovery. Many hinge the end of the recession on the restoration of the nation's banking system.

But a handful of pessimistic forecasts about potential loan losses began to surface, jolting investors' newfound confidence. Wells Fargo, however, helped to solidify investors' hopes that huge spikes in revenue will help offset rising loan losses. Wells Fargo shares dipped 19 cents to $19.42 after surging 32 percent on Thursday.

On Monday, Rochdale Securities analyst Richard Bove started coverage of JPMorgan with a "Buy" rating, noting solid earnings potential. Though loan losses will likely remain elevated through 2011, the rate of growth of losses should slow, Bove said. At the same time, the bank's deposits and net interest income are growing at a fast clip.

JPMorgan added 68 cents, or 2.1 percent, to $33.43.

Regional banks also posted big gains on Monday. Huntington Bancshares Inc. soared 42 cents, or 19.5 percent, to $2.57, while Fifth Third Bancorp rose 60 cents, or 16.8 percent, to $4.18. Regions Financial Corp. added 24 cents, or 5.6 percent, to $4.55, while KeyCorp rose 40 cents, or 4.9 percent, to $8.65.

PNC Financial Services Group Inc. rose $1.17, or 3 percent, to $39.65, while U.S. Bancorp rose 30 cents to $17.94.

Future looks good for BAC...

Of course all financials are up, that much is obvious, but for how long? That's the big question and the answer is found in BAC's new market share coupled to its overall financial strength.

If you look at the acquisitions over the past 6 years BAC is in a very strong market share position and poised for maximum ROE with even a glimmer of recovery prospects.
This is why you can reasonably expect BAC to move into the teens soon, even against a receding market. Case in point, today BAC was up 8% while market was down 70 pts. Institutional investing is reading exactly what I am and they are making their play now. I am accumulating shares cautiously.

Given this optimistic report, I'm also prepared to move out of the market completely should we see too much (worse than expected) earnings coming in. many major companies will be reporting and nobody is expecting their reports to be Rosy.

The price of oil, gold and the old stand by, the VIX, should give us some good short term indication of an Overbought or Oversold situation for the broader market.

We've probably just met or are just about to meet the market tipping point where the recession ends and recovery begins. This is a very difficult call and can only be seen accurately in hindsight. Key factors to watch will be inventory, retail, and real estate, in that order. Real estate is a lagging indicator, as is unemployment numbers, but still good to watch for future trends and I consider unemployment slightly better of the two. The downside here is the unemployment numbers appear to be getting worse not better. This will gum up the works and we could see a slower than expected recovery in this recession. There's been a lot of damage and its all going to have to play itself out, not to mention the heavy burden of the TARP loans. That will impede recovery too, but most of you voted for Obama so I guess you won't mind.

A deep recession generally lasts about 22 months, this recession is very deep, now you do the math and your guess for recovery is as good as anyones.

PS I also like ACAS mostly because of their CEO. I think that ACAS could be return to double digits in the next 6 months, same could be said of PRU and ING. C is the weaker play due to poor management and debt load. GS is a favorite holding of mine and for a little bank stock with good potential, I like PBKS. Good luck, but remember, due your own due diligence.



52wk Range: 2.53 - 40.65
Volume: 575,119,938
Avg Vol (3m): 428,166,000
Market Cap: 70.16B
P/E (ttm): 19.78
EPS (ttm): 0.554
Div & Yield: 0.04 (0.40%)

Technicals
Record Volume
13-day MA Cross Above 50-day MA
Close Above the 50-day MA
Most Actives
Percentage Gainer

Last Price Quote is:
47.33%above 13-day MA
50.61%above 50-day MA
RS Rating: 22 

Fundamentals
Earnings Expected on Apr 20

Key Data:
Market Cap (M): $61,166.74 
P/E Ratio: 15.31 
PEG Ratio: 2.94118 
Next Earnings: 04/20/2009
Last Analyst Rating: Perform

updated chart look...

updated chart look...

Bank of America climbs, analyst ups price target
Bank of America stock advances, Stifel analyst upbeat on TARP loan payback
On Friday June 12, 2009, 3:20 pm EDT

NEW YORK (AP) -- Shares of Bank of America Corp. advanced on Friday, after a Stifel Nicolaus analyst said the company was on track to repay its government loans, raising his price target on the stock.

Shares rose 82 cents, or 6.3 percent, to $13.79 in afternoon trading.

Analyst Christopher Mutascio said in a note to clients on Friday that the Charlotte, N.C.-based bank's recent success in raising new capital puts it on track to repay $25 billion from the government's Troubled Asset Relief Program by the end of the year. The bank would be on track to repay its remaining $20 billion in early 2010, he said.

He raised his price target to $22 from $18 and reiterated a "Buy" rating on the stock. The new price target implies a premium of 70 percent over the stock's Thursday close of $12.97.

The federal government told Bank of America last month that it should raise $33.9 billion in capital to boost its reserves in case the economy worsens further. As part of its stress tests of the 19 largest U.S. banks, the government said Bank of America needed the most additional cash.

So far, the bank has raised nearly $33 billion and said it expects to top the government's required amount.

Bank of America has received $45 billion in government funds since the start of the financial crisis last fall, a portion of which was provided to help the bank manage massive losses from its acquisition of Merrill Lynch & Co.

On Thursday, House lawmakers questioned federal regulators, accusing them of orchestrating a "shotgun wedding" between Bank of America and Merrill that cost taxpayers $20 billion.

Shares of Bank of America have lost 8 percent since the start of the year.

Big Question...What will BAC do at the 200-day MA ?
I'm wondering if we'll bust right through it or retest it a few times... 

52wk Range: 2.53 - 39.50
Volume: 448,295,799
Avg Vol (3m): 507,852,000
Market Cap: 87.85B
P/E (ttm): 16.10
EPS (ttm): 0.85
Div & Yield: 0.04 (0.30%)

Technicals
Most Actives
Percentage Gainer

Last Price Quote is:
13.33%above 13-day EMA
28.67%above 50-day EMA
RS Rating: 93 

Fundamentals
Analyst Upgrade to Outperform

Key Data:
Market Cap (M): $75,939.18 
P/E Ratio: 14.24 
PEG Ratio: 3.04706 
Next Earnings: 07/17/2009
Last Analyst Rating: Outperform

updated chart scene...

updated chart look...

52wk Range: 2.53 - 39.50
Volume: 241,624,517
Avg Vol (3m): 407,373,000
Market Cap: 83.81B
P/E (ttm): 15.36
EPS (ttm): 0.852
Div & Yield: 0.04 (0.30%)


Technicals
Close Above the 13-day MA
Most Actives

Last Price Quote is:
3.66%above 13-day MA
8.86%above 50-day MA
RS Rating: 87 

Fundamentals
Coverage Initiated: Hold

Key Data:
Market Cap (M): $108,229.80 
P/E Ratio: 28.27 
PEG Ratio: 2.43421 
Next Earnings: 10/13/2009
Last Analyst Rating: Hold

updated chart look...

updated chart look...
14 months of chart detail

BAC  Criden & Love, P.A. Announces Amended Class Action...  
by PR Newswire  Mar 25 2011 4:53PM

MIAMI, March 25, 2011 /PRNewswire via COMTEX/ -- Criden & Love, P.A. ("Criden") today announced that an amended securities class action lawsuit was filed on March 25, 2011 in the United States District Court for the Southern District of New York on behalf of purchasers of Bank of America Corporation ("BAC"). (BAC) common stock during the period between July 23, 2009 and October 19, 2010, inclusive (the "Class Period"). If you wish to serve as lead plaintiff, you must move the Court no later than April 4, 2011. You need not seek to become a lead plaintiff in order to share in any possible recovery.

This action seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The defendants are BAC, individually and as successor-in-interest to Countrywide Financial Corporation, Brian T. Moynihan, Charles H. Noski, Kenneth D. Lewis, and Joseph L. Price (collectively, "Defendants"). Prior to its acquisition by BAC, Countrywide was one of the world's largest residential mortgage lenders. As has now been widely reported, Countrywide's mortgage lending and servicing practices were rife with fraud, predatory tactics, and other misconduct. This action alleges that BAC adopted these practices and concealed material information and made false and misleading statements concerning the same, which artificially inflated the price of BAC stock until the truth was revealed.

Any member of the alleged class may seek to be appointed as lead plaintiff, even if that person has not filed a complaint, by complying with the relevant provisions of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). See 15 U.S.C. Section 78u-4(a)(2)(A)(i)-(iv). The Plaintiff - Patricia Grossberg Living Trust -- seeks to recover damages on behalf of the class and is represented by Criden, a firm with a strong background and significant experience in handling securities class actions and other complex litigation. If you have any questions about this Notice, the action, or your rights, please contact us at www.cridenlove.com .

SOURCE Criden & Love, P.A.

CHARLOTTE, N.C., Mar 24, 2011 (BUSINESS WIRE) -- Bank of America Corporation today announced it will report its first-quarter 2011 financial results on Friday, April 15. The results are scheduled to be released at 7 a.m. ET, followed by an investor presentation at 8:30 a.m. ET.

The live webcast, accompanying presentation and other earnings-related information will be available through the Bank of America Investor Relations website at http://investor.bankofamerica.com .

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with more than 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange

www.bankofamerica.com

SOURCE: Bank of America Corporation


Investors May Contact:
Kevin Stitt, Bank of America, 1.980.386.5667
Lee McEntire, Bank of America, 1.980.388.6780
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
[email protected]