Bank of America Corp (NYSE:BAC) Merrill Lynch won the highest number of global awards from Euromoney magazine, being named Best Global Loan House, Best Global Transaction Services House and Best Global Bank for Corporate Social Responsibility in the Euromoney 2015 Awards for Excellence.
“These awards are a testament to our fully integrated global platform and world-class talent,” said Christian Meissner, head of Global Corporate and Investment Banking at Bank of America Merrill Lynch. “The recognition as both Best Global Loan House and Best Global Transaction Services House underscores the power of our team to deliver innovative financial solutions tailored to the unique needs of clients around the world.”
“We are honored to be recognized by Euromoney for the second consecutive year as the Best Global Transaction Services House,” added Ather Williams, head of Global Transaction Services at Bank of America Merrill Lynch. “We thank our clients for entrusting us with their business, and we look forward to working with them in the years to come, as the cash management and payments industries continue to evolve and demand new approaches and innovations to trade finance and treasury management.”
“Being named Best Global Bank for Corporate Social Responsibility is confirmation of our commitment to making financial lives better,” said Andrew Plepler, Global Corporate Social Responsibility executive. “Ensuring that sustainable practices are integrated into our products, services and business activities allows us to best serve our clients and communities around the world. Through strategic partnerships and the responsible deployment of our assets and resources, we can effect long-term positive change.”
In the publication’s write-up about the loans honor, Euromoney wrote: “Lending remains at the very heart of finance and the relationship between banks and their clients. As some of their rivals pull back, Bank of America Merrill Lynch stands out as a true loans powerhouse on a genuinely global scale.”
For transaction services, the publication said: “Bank of America Merrill Lynch’s U.S. strength is not in doubt, but it’s building revenues and winning mandates on a regular basis in Europe, Latin America and Asia. It’s no longer just the momentum cash and payments house – it’s a true global competitor now.”
For corporate social responsibility, the publication noted: “In a highly competitive category, Bank of America Merrill Lynch stood out to the Euromoney editorial panel. The bank is supporting impact investment and leading from the front as the green bond market flourishes. Its Catalytic Finance Initiative, to which the bank has committed $1 billion and hopes to raise another $10 billion, could be a real game-changer in the CSR space.” (Original Source)
Shares of Bank of America closed yesterday at $16.48. BAC has a 1-year high of $18.21 and a 1-year low of $14.84. The stock’s 50-day moving average is $17.04 and its 200-day moving average is $16.32.
On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on June 24, Deutsche Bank analyst Matt O’Connor maintained a Buy rating on BAC, with a price target of $18.50, which implies an upside of 12.3% from current levels. Separately, on June 17, Oppenheimer’s Chris Kotowski maintained a Buy rating on the stock and has a price target of $21.
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 Chris Kotowski have a total average return of 4.3% and 2.6% respectively. O’Connor has a success rate of 72.1% and is ranked #1038 out of 3694 analysts, while Kotowski has a success rate of 67.7% and is ranked #924.
The street is mostly Bullish on BAC stock. Out of 6 analysts who cover the stock, 4 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $18.90, which represents a potential upside of 14.7% from where the stock is currently trading.