Bank of America
The company posted solid third-quarter results and interest0rate increases are welcomed by banks. Bank of America Corporation (NYSE: BAC) is a ubiquitous presence in the United States, providing various banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, corporations, and governments in the United States and internationally. Bank of America operates 5,100 banking centers, 16,300 ATMs, call centers, online and mobile banking platforms.
The money-center bank has expanded into a number of new US markets, with scale across the country, positioning Bank of America to benefit from accelerating loan growth over the next two years. Moreover, unlike smaller peers, scale allows the bank to substantially increase investment over the next few years without notably jeopardizing returns, driving further market-share gains.
Shareholders are paid a 2.37% dividend. Barclays has an overweight rating and a $51 target price. The Wall Street consensus price target is posted at $41.31. The shares were last seen Friday trading at $37.19. Warren Buffett owns a stunning 1.1 billion shares of the bank.
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