Bank of America Corp (NYSE:BAC
) announced plans to open its first financial center in Indianapolis, offering retail banking services to its existing clients in the area. The company signed a lease for a space in Cummins Office Tower at 301 E. Market Street. The downtown Indianapolis financial center will open in late 2017, with multiple financial centers and standalone ATMs scheduled to open over the next several years.
Bank of America has a long-standing history in the Indianapolis community. The company currently provides commercial and business banking, as well as wealth management services through Merrill Lynch, to almost 128,000 Indianapolis-area clients. The Indianapolis area presents an exciting opportunity to build on an existing client base and develop relationships with new clients by connecting them with a greater variety of financial services.
“The decision to open financial centers here is an important demonstration of our commitment to Indianapolis,” said Will Smayda, Bank of America Financial Center and Merrill Edge Central Division executive. “These financial centers will provide our existing banking, investment and commercial clients, as well as new customers, with access to all the capabilities Bank of America has to offer. Seamlessly integrated with our digital offerings, the physical presence of these new financial centers will provide our clients with both the high-tech and high-touch experience that we always strive to create for them.”
The new financial centers will serve as destinations for clients when they need help managing their finances. The financial center design includes dedicated space to assist clients one on one. Onsite specialists, including Merrill Edge financial solutions advisors and Bank of America mortgage loan officers and small business bankers, will work together as one team to understand a client’s unique circumstances and personal goals and provide the tailored solutions they need.
Smayda added, “We are pleased to serve new and existing clients in the Indianapolis area and look forward to helping them prepare for and respond to their various life priorities.”
The growth in Indianapolis is another example of the bank’s continued investment in its financial center and ATM network, including expanding its footprint in markets where there is opportunity, such as Denver and Minneapolis.
Shares of Bank of America closed last Friday at $23.59, down $0.28 or -1.17%. BAC has a 1-year high of $25.80 and a 1-year low of $12.05. The stock’s 50-day moving average is $24.44 and its 200-day moving average is $20.95.
On the ratings front, BAC has been the subject of a number of recent research reports. In a report issued on March 17, Keefe analyst Frederick Cannon reiterated a Buy rating on BAC, with a price target of $25, which represents a potential upside of 6% from where the stock is currently trading. Separately, on March 16, Compass Point’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, Frederick Cannon and Charles Peabody have a yearly average return of 14.8% and 2.1% respectively. Cannon has a success rate of 63% and is ranked #603 out of 4562 analysts, while Peabody has a success rate of 56% and is ranked #2655.
Overall, one research analyst has rated the stock with a Sell rating, 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 $26.05 which is 10.4% above where the stock closed last Friday.