During Thursday’s trade, Shares of Bank of America Corporation (NYSE:BAC), lost -1.10% to $17.09.
The largest bank in Tampa Bay has one less financial center in the area. Bank of America (NYSE:BAC) closed its office at 3637 34th Street S. in St. Petersburg on Oct. 6, according to Business Journals.
The branch, which dates back to the mid-1970s, was among the smallest Bank of America offices in Pinellas County, with $46.8 million in deposits as of June 30, according to the Federal Deposit Insurance Corp. Deposits average about $128.4 million at the other 34 other Pinellas County branches of Bank of America.
Operations at the 34th Street South office were merged with those of a branch at 2800 54th Ave. S., about a mile away, said Matthew Daily, a spokesman for Bank of America. Some employees went to work at the 54th Avenue office, while others went to offices closer to their homes; no one lost their job, Daily said.
The closure was prompted by changes in consumer banking preferences. “Not just in St. Petersburg, we’re seeing it across the country, customers want to bank on their own plan, when its convenient and in ways that are convenient,�? Daily said.
For instance, more than 17 million people nationwide use the bank’s mobile app, and the bank handles 215,000 check deposits daily through the app. Business Journals Reports
The company also revealed a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Friday, December 4th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Wednesday, December 2nd.
What is Dividend?
A dividend is a distribution of a portion of a companys earnings, decided by the board of directors, to a class of its shareholders. Dividends can be issued as cash payments, as shares of stock, or other property.
Net income and Revenue (ttm): For the trial twelve months, Bank of America Corporation’s net income is 14.92B, while its revenue is 49.25B.
Book Value Per Share and cash per share value (mrq): For the most recent quarter the stock has book value per share of 22.37, while cash per share value is 59.35.
Full Time Employees: The company has 220000 full time employees working. Bank of America’s stock is available to sell short.
Analyst’s Mean Recommendation: Analyst’s Mean Recommendation for the stock is 1.90. (where 1 is Buy and 5 is Sell).
Wells Fargo has upgraded its rating to “Market Perform�? from “Outperform�? recently on September 10, 2015. However, analysts mean target price for the stock is 18.55.
For the trial twelve months, Price to sale value of Bank of America Corporation, inclined by 3.62.
For the most recent quarter, the stock holds price to book value as 0.76, while price to cash per share value is 59.35. Total Debt to Equity ratio is calculated as -1.02, while long-term Debt to Equity ratio is also -1.02. The stock is trading at a distance of 6.98% from 20-day simple moving average.
The stock, as of recent close, has shown weekly upbeat performance of 5.75% which was maintained at -3.58% in this year. Over the last twelve months, the stock has gained 1.83%, whereas over the month the stock gained 9.69%.
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments. Its Consumer and Business Banking segment offers a range of deposits and consumer lending services. The companys deposit offerings comprise consumer deposits and business banking. Its consumer lending offerings comprise consumer and small business credit card, debit card, consumer auto lending, and other consumer lending. The companys Consumer Real Estate Services segment offers a range of home loans and legacy assets and servicing services. Its home loans offering comprises mortgage loan production and owned home equity loan portfolio. The companys legacy assets and servicing offering comprises mortgage loan servicing, owned legacy home equity loan portfolio, and legacy mortgage exposures. Its Global Wealth and Investment Administration segment offers wealth administration services. Its Global Banking segment offers investment banking, global corporate banking, and global commercial banking services. Its Global Markets segment offers fixed income markets and equity markets services. Its other segment comprises asset and liability administration, equity investments, international consumer card, liquidating businesses, and other services. The company caters to individual customers, institutional investors, corporations, and governments worldwide. Bank of America Corporation was founded in 1874 and is based in Charlotte, North Carolina.