Stock Update (NYSE:BAC): Bank of America Corp Announces Redemption of All Outstanding Floating Rate Capital Securities of Barnett Capital III

Bank of America Corp (NYSE:BAC) announced a redemption notice will be submitted to the property trustee for Barnett Capital III, which will result in the redemption of all $63,805,000 aggregate liquidation amount outstanding of the Floating Rate Capital Securities of Barnett Capital III.

The redemption date for these securities will be July 27, 2015, and the cash redemption price to be paid on the redemption date will be $1,000 per capital security plus accrued and unpaid distributions thereon to the redemption date. Bank of America has received all necessary approvals for these redemptions. (Original Source)

Shares of Bank of America opened today at $17.48 and are currently trading down at $17.45. 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 $16.92 and its 200-day moving average is $16.35.

On the ratings front, BAC 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 20.1% from where the stock is currently trading. Separately, on June 10, Portales Partners LLC’s Charles Peabody downgraded the stock to Sell .

According to, 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 3.9% and 6.5% respectively. Kotowski has a success rate of 69.7% and is ranked #670 out of 3679 analysts, while Peabody has a success rate of 66.7% and is ranked #2382.

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 implies an upside of 8.1% from current levels.


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