Stock Update (NYSE:BAC): Bank of America Corp Merrill Achieves Top Placements in Nilson Rankings For Commercial Card
Commercial card programs offered by Bank of America Corp (NYSE:BAC) Merrill Lynch continue to grow in popularity for treasury departments in the United States, according to rankings published in the June 2015 issue of the Nilson Report, a publication covering payments systems worldwide.
In the annual listing, Bank of America Merrill Lynch ranked No. 1 in Purchasing Card volume, with a 13% year-over-year growth. The bank also attained top placements in a number of other measurements, including No. 3 in Corporate Cards, with volume growing 18% year-over-year, and No. 5 in Prepaid Cards, with a 2% year-over-year volume growth.
“We are very gratified by these results, which ultimately reflect the continued trust our clients have in not only our solutions, but in the level of service we are committed to providing from on-boarding through the life of their programs,” said Kevin Phalen, head of Global Card and Comprehensive Payables at Bank of America Merrill Lynch. “Over the last five years, we’ve made considerable investments into our platform, extending our capabilities in response to the demands of our clients.”
Recent enhancements to BofA Merrill’s Card capabilities include: introducing an enhanced web-based reporting tool to allow Prepaid Card clients to more easily manage their programs; expanding Purchasing and ePayables solutions to 31 countries; launching Travel and Entertainment Cards in South Africa and Turkey, with plans to launch in several more countries later this year; and, following the introduction of BofAML Travel Pro in Europe in February, clients now have improved travel expense management. Treasury Management International magazine named BofAML Travel Pro as the Best Card Solution in the publication’s Technology Innovation Awards.
“It’s an exciting time to be a leader in the global payments area, where digital innovations and new mobile offerings are being introduced on an increasingly common basis,” said Ather Williams, head of Global Transaction Services at Bank of America Merrill Lynch. “Our clients are constantly looking for increased efficiency and improved analytics. We look forward to working with them on how together we can capitalize on these innovations to further their payment objectives and working capital.” (Original Source)
Shares of Bank of America opened today at $17.91 and are currently trading slightly down at $17.77. BAC has a 1-year high of $18.48 and a 1-year low of $14.84. The stock’s 50-day moving average is $17.47 and its 200-day moving average is $16.39.
On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on July 27, Deutsche Bank analyst Matt O’Connor maintained a Buy rating on BAC, with a price target of $20, which represents a potential upside of 11.7% from where the stock is currently trading. Separately, on July 23, Morgan Stanley’s Betsy Graseck maintained a Buy rating on the stock .
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 Betsy Graseck have a total average return of 5.3% and 8.9% respectively. O’Connor has a success rate of 77.2% and is ranked #829 out of 3724 analysts, while Graseck has a success rate of 66.7% and is ranked #791.
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 5.5% from where the stock is currently trading.