Stock Update (NYSE:BAC): Bank of America Corp Shareholders to Vote on Board’s Authority to Set Leadership Structure
Bank of America Corp (NYSE:BAC) announced that it will hold a special meeting of shareholders on September 22 to vote on a proposal to ratify the board of directors’ October 2014 amendments to the company’s bylaws. Those amendments authorized the board to determine its leadership structure, including appointing an independent chairman, or appointing a lead independent director when the chairman is not an independent director.
The board previously informed stockholders that such a vote would be held no later than the company’s 2016 annual meeting of stockholders.
Shareholders of record as of the close of business on August 10, 2015 will be entitled to vote at the special meeting, which will be held in the 1 Bank of America Center Auditorium in Charlotte, N.C. beginning at 10 a.m. ET. In addition to voting at the meeting, stockholders may submit a proxy by the Internet, telephone or mail. Details are included in materials filed today with the U.S. Securities and Exchange Commission and available on Bank of America’s website, http://investor.bankofamerica.com, and will be provided directly to eligible shareholders.
“The board is calling this special meeting to follow through promptly on our commitment to stockholders regarding this vote, and we encourage their participation,” said Lead Independent Director Jack Bovender. (Original Source)
Shares of Bank of America closed today at $17.62, up $0.10 or 0.57%. BAC has a 1-year high of $18.48 and a 1-year low of $14.97. The stock’s 50-day moving average is $17.55 and its 200-day moving average is $16.51.
On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on August 11, Deutsche Bank analyst Matt O’Connor maintained a Buy rating on BAC, with a price target of $20, which represents a potential upside of 13.5% 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 3.9% and 8.5% respectively. O’Connor has a success rate of 60.5% and is ranked #1132 out of 3734 analysts, while Graseck has a success rate of 68.6% and is ranked #774.
Overall, 2 research analysts have assigned a Hold rating and 4 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 $18.90 which is 7.3% above where the stock opened today.