Bank of America Corp. (NYSE:BAC), the nation’s second-biggest bank, reported on Friday that the financial company decided to pay $2.43 billion to fix a class-action court case linked with its Merrill Lynch acquisition.
Shareholders of the company charged Bank of America in this court case and alleged few of its officers made false or misleading statements regarding financial position of both the companies.
The court case was filed on behalf of investors who purchased or held shares of Bank of America when the corporation reported its plans to acquire Merrill Lynch in a $20 billion agreement as the banking industry and federal regulators resisted containing fallout from the financial crisis in the fall of 2008.
Accord by Bank of America, struggling to recover from the 2008 financial crisis, to acquire Merrill Lynch was forged on the same September 2008 weekend when Lehman Brothers collapsed.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Wells Fargo & Company (NYSE:WFC) fell -0.66% to settle at $34.53, JPMorgan Chase & Co. (NYSE:JPM) moved down -0.49% to end at $40.48 while U.S. Bancorp (NYSE:USB) jumped +0.41% to finish at $34.30 on Thursday.
Bank of America Corp. (NYSE:BAC)’s last session’s volume of 119.04 million shares was lower than its average volume of 145.50 million shares. The stock after opening at $8.89 hit high price of $8.93 and then closed at $8.83 by scoring -1.56%.
BAC generated revenue of $60.72 billion in the previous twelve months and earned $9.87 billion. The company showed a positive 11.62% in the net profit margin as well as in its operating margin which remained at 14.07%. Company’s annual sales growth for the past five years was -3.36%.
The BAC’s past twelve months’ price to sales ratio was 1.57 and price to cash ratio remained 0.77. As far as the returns are concerned, BAC’s return on equity was recorded as 4.67% and return on assets increased 0.51%.
The stock showed weekly downbeat performance of -3.07% which was maintained for the month at 10.51%. Likewise the positive performance for the quarter was recorded as 8.08% and for the year was 39.94% while the YTD performance remained at 59.39%.
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