Swiss Julius Baer, a private bank has decided to purchase Bank of America’s (NYSE:BAC) non-US Merrill Lynch wealth manager, in a bid of 860 million Swiss francs ($882 million) for the loss-making segment to enhance its assets supervised by 40 percent and supporting the agreement with intentions to generate1.19 billion Swiss francs ($1.22 billion) in new capital.
The takeover, the newest in a streak of takeovers for deal-hungry Baer, is the bank’s most agressive step since it purchased Ehinger Armand von Ernst, Ferrier Lullin & Cie, BDL Banco di Lugano and asset manager GAM from UBS in a deal of 5.6 billion francs back in 2005.
Its competitors include JPMorgan Chase & Co. (NYSE:JPM) whose revenue remained 59.01 billion with the market capitalization of 140.44 billion and Citigroup Inc. (NYSE:C) whose revenue came in 70.51 billion with the market capitalization of 84.75 billion.
Other financial stocks include Janus Capital Group Inc. (NYSE:JNS) possessing revenue of 876.90 million, Chimera Investment Corporation (NYSE:CIM) with 901.89 million in revenue, Knight Capital Group Inc. (NYSE:KCG) whose revenue remained 1.38 billion, Itau Unibanco Holding SA (ADR) (NYSE:ITUB) having revenue of 28.54 billion, Wells Fargo & Company (NYSE:WFC) with 49.17 billion revenue and Wells Fargo & Company (NYSE:WFC) revenue came in 35.52 billion.
Bank of America Corp (NYSE:BAC) stock reports on August 13, 2012 decreased 0.19% to the trading price of $7.72. Its fifty two week range is $4.92-$10.10. The total market capitalization remained $83.25 billion.
The overall volume in the current trading session is 39.35 million shares. In its share capital BAC has 10.78 billion outstanding shares among them 10.76 billion shares have been floated in market exchange. BAC stock institutional ownership remained 53.22% while insider ownership included 0.02%.
BAC is ahead its 52 week low with 57.63% and lagging behind from its 52 week high price with -23.29%. BAC last month stock price volatility remained 2.86%. The stock price of BAC is moving forward from its 20 days moving average with 4.43% and remote positively from 50 days moving average with 2.52%.
BAC current year earnings per share experienced an addition with 102.23% while its current quarter performance remained 2.65%. Company’s beta coefficient included 2.32. Beta factors measures the amount of market risk associated with market trade.
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