Market Update: Bank of America Corporation (NYSE:BAC) – UPDATE 1-Bank of America revs up auto loans business despite warning signs

[Reuters] – Bank of America is making a big push into auto lending just as regulators are sending warning signals, losses from auto loans are rising, and rivals are growing more cautious after years of strong returns. The bank tapped mortgage executives Matt Vernon and John Schleck to lead the auto lending business last May, saying they would be able to sell auto loans alongside other products such as checking accounts and home equity loans. Read more on this. Bank of America Corporation (BAC) , currently valued at $140.55B, started trading this morning at $13.76. During today’s session, BAC traded between $13.49 to $13.89 with the price of the stock fluctuating between $10.99 to $18.48 over the last 52 weeks. BAC shares are currently priced at 9.31x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.58x earnings multiple. And for dividend hunters, the company pays shareholders $0.20 per share annually in dividends, yielding 1.52%. According to a consensus of 29 analysts, the earnings estimate of $0.27 per share would be $0.00 worse than the year-ago quarter and a $0.06 sequential decrease. Investors should also note that the full-year EPS estimate of $1.45 is a $0.07 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $21.16 Billion. If realized, that would be a 1.21% decrease over the year-ago quarter. In terms of ratings, Atlantic Equities downgraded BAC from Overweight to Neutral (Mar 1, 2016). Previously, Credit Agricole upgraded BAC from Sell to Outperform. When considering if perhaps the stock is under or overvalued, the average price target is $17.45, which is 26.82% above where the stock opened this morning. See more in (NYSE:BAC) Similar Articles: Market Update: Bank of America Corporation (NYSE:BAC) – Bank of America Names Paul Lambert Market President for Chicago Market Update: Bank of America Corporation (NYSE:BAC) – Bank of America Merrill Lynch’s Director of Financial Gerontology Cyndi Hutchins Named Influencer in Aging by PBS’s Next Avenue Company Update: Bank of America Corporation (NYSE:BAC) – Bank of America Announces 2015 Art Conservation Project Grant Recipients