Bank of America Corp (NYSE:BAC) announced today the latest round of projects in its ongoing global Art Conservation Project, which will help to restore and preserve culturally significant works of art around the world. In 2015, funding will be provided for 13 projects in seven countries.
The full list of 2015 grant recipients includes:
- “Enclosed Field with Ploughman and Houses at Auvers” by Vincent Van Gogh at the Museum of Fine Arts in Boston.
- Two portraits by Henrietta de Beaulieu Dering Johnston at the Gibbes Museum of Art in Charleston, South Carolina.
- Two floral still-lifes by Harriet Beecher Stowe, as well as portraits of her husband and father, at the Harriet Beecher Stowe Center in Hartford, Connecticut.
- Six paintings by Osman Hamdi Bey at the Sakip Sabanci Museum in Istanbul.
- Amitābha Buddha sculpture at the British Museum in London.
- Forty-one murals by Emilio García Cahero, Ramón Alva de la Canal, Jean Charlot, Fernando Leal, José Clemente Orozco, Fermín Revueltas and David Alfaro Siqueiros at the Antiguo Colegio de San Ildefonso in Mexico City.
- “Woman in Evening Dress” by Édouard Manet at the Solomon R. Guggenheim Museum of Art in New York.
- “The Mellow Pad” by Stuart Davis at the Brooklyn Museum of Art in New York.
- Eight sculptures created by notable American Indian artists at the Heard Museum in Phoenix, Arizona.
- Sixty works on paper by German Expressionists including Max Beckmann, Peter August Böckstiegel, Otto Dix, Conrad Felixmüeller, Erich Heckel, Ernst Ludwig Kirchner and Emil Nolde at the Virginia Museum of Fine Arts in Richmond, Virginia.
- Four paintings and a recently discovered fresco at the Museum Oca do Ibirapuera in São Paulo, Brazil.
- “Jo-no-Mai (Noh Dance Prelude)” by Uemura Shōen at the Tokyo National University of Fine Arts Museum in Japan.
- A medieval stucco panel at that Museum of Islamic Art in Doha, Qatar.
“Art has the ability to bring communities together and boost local economies – but it must be seen and shared to have an impact,” said Rena DeSisto, Global Arts and Culture executive at Bank of America. “We understand how important these works are and we’re proud of the impact we’ve had on the maintenance of these cultural treasures that will ensure they are appreciated by future generations.”
Including this year’s recipients, the Bank of America Art Conservation Project will have funded the conservation of 85 projects in 28 countries. The program was introduced in 2010 in Europe, the Middle East and Africa and expanded to the Americas, Asia and Australia in 2012.
Past efforts have focused on a diverse array of works including Henri Matisse’s “The Swimming Pool” at the Museum of Modern Art in New York; four Tudor paintings at National Portrait Gallery in London, England; three Watanabe Kazan paintings at the Tokyo National Museum; and Rembrandt’s “Scholar in His Study” at the National Gallery in Prague.
The Art Conservation Project is an extension of Bank of America’s global commitment to supporting the arts, which is a demonstration of the company’s commitment to delivering both social and economic value to the community. The company’s support for the arts is diverse, and includes loans of its art collection to museums at no cost, sponsorships, grants to arts organizations for arts education, and the preservation of cultural treasures. (Original Source)
Shares of Bank of America are trading at $16.39, down $0.14 or 0.82%. BAC has a 1-year high of $18.48 and a 1-year low of $14.60. The stock’s 50-day moving average is $15.83 and its 200-day moving average is $16.54.
On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on October 12, Sandler O’Neill analyst Jeff Harte assigned a Hold rating on BAC, with a price target of $17, which represents a slight upside potential from current levels. Separately, on the same day, J.P. Morgan’s Vivek Juneja assigned a Buy rating to the stock and has a price target of $17.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jeff Harte and Vivek Juneja have a total average return of 6.4% and 16.4% respectively. Harte has a success rate of 57.9% and is ranked #1337 out of 3801 analysts, while Juneja has a success rate of 71.0% and is ranked #434.
The street is mostly Bullish on BAC stock. Out of 14 analysts who cover the stock, 12 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $19.13, which implies an upside of 15.8% from current levels.