Bank of America Corp (NYSE:BAC) announced that Paul Lambert has been named market president, serving as the company’s enterprise leader in Chicago. Lambert will succeed Tim Maloney who led the market since 2009 and intends to retire in early 2016.
In this role, Lambert will work across the region to connect Bank of America’s business lines to deliver integrated financial services to individuals, families and businesses. He will also lead Bank of America’s corporate social responsibility work in the market, which leverages the unmatched capabilities of the company to help partners, people, communities and a broad client and customer base more effectively address a wide range of issues.
“Paul’s leadership in Chicago will ensure we are helping all of our customers and clients live their financial lives, through the power of every connection we can make with them,” said Bank of America Chief Executive Officer Brian Moynihan.
Lambert brings outstanding leadership credentials to the market president role including his current position as division executive for Mid America for Merrill Lynch Wealth Management. He oversees more than 1,500 financial advisors across eight Midwestern states. He joined Merrill Lynch in 1992 and has served with distinction in positions of increasing leadership responsibility. Additionally, he served as Chicago Market Integration executive, working closely with Maloney and the local leadership team on the bank’s business integration efforts.
An active community leader, Lambert currently serves on the board of Chicago Run and leads its fundraising efforts with the Bank of America Chicago Marathon. He and his wife are also active in the Hinsdale Community House where his wife serves as a trustee. (Original Source)
Shares of Bank of America are trading at $17.61, down $0.14 or 0.79%. BAC has a 1-year high of $18.48 and a 1-year low of $14.60. The stock’s 50-day moving average is $17.37 and its 200-day moving average is $16.84.
On the ratings front, BAC has been the subject of a number of recent research reports. In a report issued on December 15, Deutsche Bank analyst Matt O’Connor reiterated a Buy rating on BAC, with a price target of $19, which represents a potential upside of 6.7% from where the stock is currently trading. Separately, on December 3, Rafferty’s Richard Bove assigned a Buy rating to the stock and has a price target of $21.
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 Richard Bove have a total average return of 5.0% and 4.9% respectively. O’Connor has a success rate of 75.2% and is ranked #426 out of 3645 analysts, while Bove has a success rate of 54.5% and is ranked #787.
The street is mostly Bullish on BAC stock. Out of 7 analysts who cover the stock, 6 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $18.75, which implies an upside of 5.3% from current levels.