Company Update (NYSE:BAC): Bank of America Corp Corporate Social Responsibility Activities Contribute to Economic Growth and Address Important Global and Local Issues
Through its annual Corporate Social Responsibility (CSR) Report released, Bank of America Corp (NYSE:BAC) shares successes and challenges of fulfilling its purpose of making financial lives better for customers, clients and communities through the power of every connection. The report includes details on how CSR is integrated into Bank of America’s business – its policies, practices, services, products and employee benefits.
Bank of America Global Corporate Social Responsibility Executive Andrew Plepler discusses how CSR permeates the company in the following video clip:
In Bank of America’s efforts to deliver on its purpose for customers and clients and help build thriving communities around the world, the company has:
- Established a Global Corporate Social Responsibility Committee that regularly reports to the Corporate Governance Committee of our board of directors.
- Demonstrated environmentally responsible investing by making one of the largest commitments to address climate change in the banking industry – $70 billion dollars, including a $10 billion Catalytic Finance Initiative to accelerate clean energy investments in low-carbon economies in emerging countries.
- Partnered with other financial institutions to co-author the Green Bond Principles to provide guidance on the issuance process for green bonds, and launched the Bank of America Merrill Lynch Green Bond Index. Bank of America was the No. 1 underwriter of green bond issuances last year, helping to triple the green bond investment volume from 2013 to 2014.
- Simplified products and services and launched SafeBalance Banking®, a low-fee account alternative that eliminates overdrafts by only permitting transactions to be approved when the customer has enough money in the account to fund them.
- Expanded Better Money Habits through an innovative online financial literacy platform to provide accessible financial education options and help individuals make more informed financial decisions.
- Supported small businesses by committing $175 million in loans over three years in partnership with the U.S. Small Business Administration and select community development financial institutions. Bank of America also provided $10.3 billion in new credit to small business customers, giving entrepreneurs and innovators new opportunities to boost the economy.
- Contributed $200 million to address pressing global and local community needs through the Bank of America Charitable Foundation, including philanthropic investments to more than 3,000 nonprofits. In addition to addressing immediate needs such as hunger relief and workforce training, the Foundation invests in longer-term solutions by educating nonprofit leaders and their organizations’ beneficiaries about better money habits.
- Engaged employees to contribute 2 million volunteer hours by connecting them to meaningful issues in cities and regions around the world, enabling them to be a part of the solution, including the company’s first global, multicity build with Habitat for Humanity. (Original Source)
Shares of Bank of America closed yesterday at $17.67 . 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 $16.85 and its 200-day moving average is $16.34.
On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on June 17, Oppenheimer analyst Chris Kotowski maintained a Buy rating on BAC, with a price target of $21, which represents a potential upside of 18.8% from where the stock is currently trading. Separately, on June 10, Portales Partners LLC’s Charles Peabody downgraded the stock to Sell .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chris Kotowski and Charles Peabody have a total average return of 4.4% and 5.9% respectively. Kotowski has a success rate of 70.8% and is ranked #585 out of 3640 analysts, while Peabody has a success rate of 33.3% and is ranked #2430.
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 7.0% from where the stock is currently trading.