Market Update (NYSE:BAC): Bank of America reaches $190 million mortgage settlement

[Reuters] – Bank of America Corp reached a $190 million settlement with a federal home loan bank over four mortgage-related complaints, according to a securities filing on Monday. The bank had accrued “substantially all” of the settlement amount previously, Bank of America said in a filing with the U.S. Securities and Exchange Commission. The settlement was dated on April 25. Read more on this. Bank of America Corporation (BAC) , valued at $152.32B, started the session at $14.58. During the trading session, BAC traded between $14.40 to $14.78 with its 52-week range being $10.99 to $18.48. Priced at 11.03x this year’s forecasted earnings, BAC shares are relatively inexpensive compared to the industry’s 15.51x forward p/e ratio. And for dividend hunters, the company pays shareholders $0.20 per share annually in dividends, yielding 1.37%. Consensus earnings for the current quarter by the 28 sell-side analysts covering the stock is an estimate of $0.37 per share, which would be $0.08 worse than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $1.32 which would be a $0.06 setback than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $20.97 Billion. If realized, that would be a 6.13% decrease over the year-ago quarter. Recently, Atlantic Equities downgraded BAC from Overweight to Neutral (Mar 1, 2016). Previously, Credit Agricole upgraded BAC from Sell to Outperform. When considering if the stock is under or overvalued, the average price target is $17.47, which is 19.82% above where the stock opened this morning. See more in (NYSE:BAC) Similar Articles: Market Update: Bank of America Corporation (NYSE:BAC) – Bank of America Announces Preliminary Voting Results of 2016 Annual Meeting of Stockholders Market Update: Bank of America Corporation (NYSE:BAC) – Bank of America Provides NYCEEC with $10 Million Loan for Clean Energy Projects Stock Update: Bank of America Corporation (NYSE:BAC) – 2015 Bank of America Chicago Marathon Charity Runners Raised an Event Record $18.7 Million