The National Community Advisory Council (NCAC), a diverse group of nonprofit and private-sector leaders convened by Bank of America Corp (NYSE:BAC), recognizes its 10th anniversary with the addition of five new members representing environment and sustainability expertise. Meeting this week in Washington, D.C., the group of senior consumer, community and academic leaders gathers twice a year to advise the bank on critical issues impacting society.
Formed in 2005, NCAC initially provided guidance on the bank’s community development lending and investment activities. While continuing its focus on community development and consumer policy issues, the council’s concentration has evolved into a broader focus on environmental, social and governance (ESG) issues and performance.
As part of the broad portfolio of climate change goals and transformative finance initiatives the bank has engaged with several leading environmental organizations. This led to an increased focus and expansion of environmental NCAC membership, which now includes:
- Armond Cohen, executive director, Clean Air Task Force
- Rick Fedrizzi, founding chairman and CEO, U.S. Green Building Council
- Bob Perciasepe, president, Center for Climate and Energy Solutions (C2ES)
- Andrew Steer, president and CEO, World Resources Institute
- Mark Tercek, president and CEO, The Nature Conservancy
Another recent addition to the NCAC roster is Jane Nelson, a globally recognized leader in the CSR arena who currently serves as director of the Harvard Kennedy School’s Corporate Social Responsibility Initiative.
“Our members challenge us and collaborate with us to strengthen the impact of our collective work in the communities we serve, and we welcome new voices around the table to further that goal,” said Andrew Plepler, Corporate Social Responsibility executive, Bank of America, and NCAC chair. “We are proud that what started out as a conversation about community development has evolved into a decade of engagement on some of the biggest issues facing society.”
This week’s meeting will provide an opportunity for NCAC members and bank executives to sit down together and engage in meaningful dialogue on a broad range of topics, including neighborhood stabilization efforts around affordable housing, the state of civil rights, and environmental sustainability issues. These meetings are meant to address important topics and open the lines of communication between NCAC members and the bank on the state of the economy and how these collaborative efforts can lead to meaningful solutions.
“Bank of America has long set a high bar for social responsibility programs that enhance the communities they serve,” said Rick Fedrizzi, founding chairman and CEO, U.S. Green Building Council. “I’m honored to be part of its National Community Advisory Council, and look forward to serving with such an exceptional group.” (Original Source)
Shares of Bank of America closed yesterday at $17.18. 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 $16.01 and its 200-day moving average is $16.61.
On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on October 27, Deutsche Bank analyst Matt O’Connor maintained a Buy rating on BAC, with a price target of $19, which implies an upside of 10.6% from current levels. Separately, on October 12, Sandler O’Neill’s Jeff Harte assigned a Hold rating to the stock and has a price target of $17.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Matt O’Connor and Jeff Harte have a total average return of 2.2% and 6.8% respectively. O’Connor has a success rate of 59.7% and is ranked #1311 out of 3824 analysts, while Harte has a success rate of 57.9% and is ranked #1355.
Overall, 2 research analysts have assigned a Hold rating and 12 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $19.13 which is 11.4% above where the stock closed yesterday.