Bank of America Stock Price, News & Analysis

Bank of America reported a 10% increase in total consumer payments YoY in September, though a notable decline in wire payments to escrow and title companies was observed, turning negative in 2022. The median mortgage payments rose 8.8% YoY, contributing to a housing market slowdown attributed to rising rates and high valuations. Meanwhile, median rent payments increased by 8.1% YoY, impacting lower-income renters. Overall, while consumers continue to spend amid inflation, the housing market's downturn may pressure affordability and spending patterns.

Bank of America has launched an enhanced CashPro Payment API, allowing over 350 payment types and bundled payments, improving operational efficiency and data access. The API provides 24/7 processing, with 20% of transactions occurring on weekends. This upgrade aligns with the bank's digital strategy, enabling clients to manage payments across 38 global markets and supporting various real-time payment solutions. The CashPro APIs facilitate integration with major platforms, enhancing client efficiency in payments and financial services.

Bank of America has expanded its innovative online payment solution, Pay by Bank, to include euro currency payments, following its initial UK launch earlier this year. This service, developed with Banked Ltd., allows customers to make real-time transactions directly from their bank accounts without using credit or debit cards. The expansion aims to enhance customer experience and streamline payment processes across various European countries. This solution benefits both consumers and merchants by offering a quicker and more secure online checkout.

Bank of America will announce its third-quarter 2022 financial results on October 17, with results expected at 6:45 a.m. ET and an investor presentation at 8:30 a.m. ET. Interested investors can access the news release, supplemental filing, and presentations via Bank of America's Investor Relations website. A dial-in option for the investor conference call is available at 1.877.200.4456 (U.S.) with conference ID 79795.

Bank of America's 2022 Women & Minority Business Owner Spotlight report reveals that 66% of small business owners anticipate revenue growth over the next year, the highest in seven years. A notable 52% plan to expand their businesses, up from 37% in spring. However, inflation (75%) and commodity prices (69%) are major concerns. Notably, 38% of owners plan to hire, though labor shortages persist. Women business owners express optimism but remain less confident than men, with 63% expecting revenue growth. The survey involved over 1,300 small business owners across various demographics.

Bank of America announced an additional $100 million in low-cost deposits to minority depository institutions (MDIs), doubling its current investments. This initiative aims to enhance lending, housing, and banking services in minority and low-to-moderate-income communities. The total portfolio for MDIs and Community Development Financial Institutions (CDFIs) now stands at $2 billion. This program is part of Bank of America's commitment to advancing racial equality and supporting diverse communities through various financial investments, including $42.5 million in equity investments to 22 MDIs and CDFIs.

Merrill Wealth Management has launched Merrill Advisor Match, a new digital platform designed to connect individuals seeking financial advice with suitable financial advisors. This innovative tool addresses the lack of financial advisor engagement among affluent Americans, as shown by a survey revealing that one-third do not work with an advisor. Merrill Advisor Match utilizes a questionnaire to recommend advisors based on various factors, including communication style and personality traits. The rollout comes at a time of heightened demand for financial guidance amid market volatility.

The Bank of America has launched the Chicago Distance Series, connecting its premier events: the Chicago Marathon, Chicago 13.1, and Shamrock Shuffle. Registration for the Chicago 13.1 and Shamrock Shuffle is open, with special pricing until October 18. The Chicago Marathon will accept applications starting October 18. Registration costs are $230 for U.S. residents and $240 for international participants. Notably, the Chicago Marathon generates over $400 million in annual economic impact and attracts thousands of runners from around the globe.