Bank of America Corp (NYSE:BAC) board of directors appointed Michael D. White as a director, effective immediately. White, 64, is the recently retired chairman, president and CEO of DIRECTV.
“Mike’s expertise leading consumer and technology businesses, working in regulated industries, his finance background, and his international perspective make him a great fit to help oversee the management team and the responsible growth approach to creating value for shareholders,” said Chairman and CEO Brian Moynihan.
“Mike is a proven leader who will further strengthen an already deep board,” said Lead Independent Director Jack Bovender.
White is an advisory partner for Trian Fund Management. He is the former CEO of PepsiCo International and former vice chairman and director of PepsiCo. His experience includes service as CEO of Frito-Lay’s Europe, Africa and Middle East division, and CFO for PepsiCo and certain of its subsidiaries. He is a former senior vice president for Avon Products, Inc., and a former management consultant for Bain & Company and Arthur Andersen & Co.
White received a master’s degree in international relations from Johns Hopkins University and a Bachelor of Arts in English and Russian from Boston College. (Original Source)
Shares of Bank of America are currently trading at $13.99, up $0.39 or 2.83%. BAC has a 1-year high of $18.48 and a 1-year low of $10.99. The stock’s 50-day moving average is $14.18 and its 200-day moving average is $14.23.
On the ratings front, BAC has been the subject of a number of recent research reports. In a report issued on June 17, Bernstein Research analyst John McDonald assigned a Buy rating on BAC, with a price target of $17, which represents a potential upside of 23% from where the stock is currently trading. Separately, on June 14, Deutsche Bank’s Matt O’Connor reiterated a Buy rating on 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, John McDonald and Matt O’Connor have a total average return of -3.0% and 0.2% respectively. McDonald has a success rate of 38.5% and is ranked #2859 out of 3980 analysts, while O’Connor has a success rate of 51% and is ranked #2126.
The street is mostly Bullish on BAC stock. Out of 14 analysts who cover the stock, 11 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $18, which implies an upside of 30% from current levels.