NEW YORK, NY -- (Marketwire) -- 04/26/12 -- Banking stocks have provided investors with strong gains in the first quarter, the SPDR S&P Bank ETF (KBE) is up nearly 18 percent year-to-date. Ben Bernanke recently stated that the central bank is prepared to take action if necessary to insure that the economic recovery continues. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on Bank of America Corp. (NYSE: BAC) and Wells Fargo & Company (NYSE: WFC).
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"We remain prepared to do more as needed to make sure that this recovery continues and that inflation stays close to target," Bernanke said at a recent press conference. Central Bankers upgraded forecasts for economic growth and stated that borrowing costs are likely to remain "exceptionally low" through at least 2014. Economic growth is expected to "remain moderate over coming quarters and then to pick up gradually," according to the Federal Open Market Committee.
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Bank of America Corporation recently reported a net income of $653 million, or $0.03 per diluted share, for the first quarter of 2012. Revenue, net of interest expense, on a fully taxable-equivalent (FTE) basis was $22.5 billion, including negative valuation adjustments related to changes in the company's credit spreads of $4.8 billion pretax, or $0.28 a share.
Wells Fargo & Company recently announced a quarterly common stock dividend of $0.22 per share. The dividend is payable June 1, 2012, to stockholders of record on May 4, 2012. The Company has approximately 5.3 billion shares outstanding.
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