(Reuters) - Bank of America's (BAC.N) stock has potential upside after dropping since April after it said it planned to cut its reliance on fees and charges, Barron's business weekly said on Sunday.
It noted Wall Street has cooled on the No. 1 U.S. bank ranked by assets and deposits since its shares peaked at $19.50. It was at $14 last week -- a bigger drop than shares of chief rivals, Citigroup (C.N), JPMorgan (JPM.N) and Wells Fargo (WFC.N).
"There's a lot of upside in Bank of America," Barron's quoted Sanford Bernstein analyst John McDonald as saying. via reuters
Bank of America news:
Bank of America's $100 Million in grants could help small businesses
Bank of America announced that it will offer borrowers $10 million in grants to non-profit organizations that help small businesses in rural communities. The news came as many small business are turning to private lenders to for some much needed capital. Many of these small businesses are paying astronomical rates (as much as 36%) to get the cash they need to purchase inventory or meet their monthly payroll. During such times when credit is scarce, cash can come at a very high cost. This move by B of A can lead to as much as $100 million in low-cost capital for small business microloans.
David Darnell, Bank of America's Global Commercial Banking President , said " Helping strengthen small businesses and new start-up companies stimulates job creation and is critical to our nation's economic recovery. Bank of America is empowering these entrepreneurs by directing private sector capital to unlock exponentially greater amounts of federal dollars for their businesses."
Bank of America home loans have seen a increase when it comes to the HAMP numbers that were released for June 2010. The Obama government mortgage program or Making Home Affordable program reports that Bank of America increased permanent mortgage modifications to 72,000 since March of 2009 which is when to program began.
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