Julius Baer Holding AG is looking forward to purchase Bank of America Corp.’s (NYSE:BAC) Merrill Lynch wealth-management unit in an agreement that could cost almost $2 billion.
The buyout would assist the Swiss private bank lower its reliance on its local market, where profits have been hammered, according to the Wall Street Journal reports.
Julius Baer is reported to be near an agreement with Bank of America (NYSE: BAC), although other banks might also be in the pursuit.
Its competitors include JPMorgan Chase & Co. (NYSE:JPM) that surged 1.85% to $35.26 with the total traded volume of 11.38 million shares and Citigroup Inc. (NYSE:C) that moved up 2.69% to $28.29 with the total traded volume of 11.27 million shares.
Other financials stocks with bullish trend include Morgan Stanley (NYSE:MS) up 3.40% to $14.29, Wells Fargo & Company (NYSE:WFC) up 1.48% to $32.94 and Regions Financial Corporation (NYSE:RF) up 1.36% to $6.72, whereas with bearish trend include HCP, Inc. (NYSE:HCP) down -2.36% to $42.59, Princeton National Bancorp, Inc. (NASDAQ:PNBC) down -17.44% to $0.710 and Severn Bancorp, Inc. (NASDAQ:SVBI) down -14.63% to $2.80.
Bank of America Corp (NYSE:BAC) stock in current session held volume of 103.30 million shares as compare to its average volume of 198.58 million shares. The stock after opening at $7.88 hit high price of $8.19 and then trading at $8.11 by scoring +4.57% at 11:06AM EDT.
As the revenue measures BAC generated revenue of 63.78 billion in the following twelve months income of -$1314.00 million. The Company showed a positive 0.06% in the net profit margin and in decline to in its operating margin which remained -2.58%. Company’s annual sales growth for the past five year was -3.36%.
The stock showed weekly upbeat performance of 6.59% which was maintained for the month at 11.33%. Likewise the negative performance for the quarter was recorded as -18.49% and for the year was -26.93% while the YTD performance remained at 39.82%.
The BAC past twelve months price to sales ratio was 1.31 and price to cash ratio remained 0.65. As far as the returns are concern, the BAC return on equity was recorded as -0.61% while its return on asset stayed at flat.
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