New York- Bank of America Corporation stock trended lower today dropping 16 cents or 1.21 % and finishing at 13.11. Allan Edwards CEO of The Markets Are Open noted that the stock is currently having trouble breaking its range outside of $13. " He said that "Bank of America has done an excellent job building up provisions and should recognize gains in future quarters."
Edwards added that these gains are important for banks. He also noted that the banking sector appears to be priced in for the worst, despite improving fundamentals. Most of the banks, trade near their equity despite having impressive capital ratios, and improving profits.
Edwards noted that BAC will have a one time loss in Q3 due to a write off of goodwill, but that the stock is still very attractive.
To see his full report Click Here
Bank of America Corporation is a bank holding company, and a financial holding company. The Company is a financial institution, serving individual consumers, small and middle market businesses, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries (the Banks) and various nonbanking subsidiaries throughout the United States and in selected international markets, it provides a range of banking and nonbanking financial services and products through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Commercial Banking, Global Banking & Markets, Global Wealth & Investment Management, with the remaining operations recorded in All Other.
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