Market Update (NYSE:BAC): Bank of America Announces the Redemption of Certain Trust Preferred Securities

[Business Wire] – Bank of America today announced the redemption of $2.0 billion of trust preferred securities. Beginning in January of 2016, these securities, unlike the corporation’s other outstanding series of trust preferred securities, will completely phase out from regulatory capital. Read more on this. Bank of America Corporation (BAC) , currently valued at $179.93B, started the session at $17.25. Shares have traded today between $17.16 and $17.35 per share and has traded between $14.60 and $18.48 over the past 12 months. BAC shares are currently priced at 11.98x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 15.79x earnings multiple for the same period. And for passive income investors, the company pays shareholders $0.20 per share annually in dividends, yielding 1.17%. Consensus earnings for the current quarter by the 28 sell-side analysts covering the stock is an estimate of $0.34 per share, which would be $0.09 better than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $1.43 which would be a $1.07 improvement than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $20.81 Billion. If reported, that would be a 9.76% increase over the year-ago quarter. In terms of ratings, Macquarie upgraded BAC from Underperform to Neutral (Aug 25, 2015). Previously, Robert W. Baird upgraded BAC from Neutral to Outperform. The average price target for BAC shares by the analysts covering the stock is $18.84, which is 9.22% above where the stock opened this morning. See more in (NYSE:BAC) Similar Articles: Stock Update: Bank of America Corporation (NYSE:BAC) – Bank of America Declares Dividend on Series L and Series Y Preferred Stock Market Update: Bank of America Corporation (NYSE:BAC) – Bank of America Names Paul Lambert Market President for Chicago Company Update: Bank of America Corporation (NYSE:BAC) – Bank of America Announces 2015 Art Conservation Project Grant Recipients