Stocks were looking to start the week in the green this morning as Wall Street awaits existing home sales data. We know that the red hot housing market has been cooling off, today we’ll get a clearer picture of exactly how much and where. Data is expected to show a small decrease to 5.82 million from 5.86 million existing home sales in June.
Later this week, investors will be looking for clues on the Fed’s taper timeline during the central bank’s Jackson Hole Symposium. Chairman Jerome Powell is expected to give a speech entitled “The Economic Outlook,” which “may suggest the speech could have a more near-term focus,” Nomura economist AichiAmemiya said in a note. The event will take place virtually on Thursday and Friday.
The inevitable tapering of the Fed’s $120 billion emergency bond-buying program is seen as progress to an eventual interest rate hike. Our trade alert for today highlights a stock from the financial sector that will likely benefit as the U.S. continues on the tapering path and rising rates grow nearer.
Palm Beach Group:
Teeka: “Buy this Ticker ASAP” – DONT USE.
With experts projecting gains as high as 1,530% by the end of this year… Anyone who doesn’t buy this ticker will most likely regret it later. Even Forbes has confirmed that when all is said and done, “a new class of millionaires may emerge.” Unfortunately, a recent study shows that only 3% of retirees have invested in this opportunity. That means most people will miss out. Don’t be one of them. Click here and get the ticker now… no strings attached. [REVEAL TICKER]
Bank of America Corporation (BAC) provides banking and financial products and services for individual consumers, institutional investors, large corporations, and governments worldwide. It operates through the following segments: consumer banking; global wealth & investment management; global banking; and global market segments.
Thanks to its global investment banking and financial services portfolio, most are familiar with this financial titan. In the U.S., BAC currently operates via 4,300 retail financial centers, 17,000 ATMs, and digitally serves 41 million active users. Furthermore, the company is also present in 34 other countries across the globe.
After more than doubling since its pandemic-era low, let’s take a look at the factors that could boost BAC going forward. For one thing, the Fed has signaled two interest rate hikes as soon as late 2023, which should help BAC increase its interest income down the road. Zooming in a little closer, according to Globe Newswire, the global financial services market is expected to grow at a 9.9% CAGR to hit $22.5 trillion this year.
Furthermore, BAC’s shift in focus towards the digital space seems to be benefiting the company. Earlier this month, BAC reported that its Bank of America app facilitates 85% of deposit transactions on its network now. In the second quarter, this accounts for nearly 48 million checks that BAC customers deposited.
If you need another reason, consider BAC’s uninterrupted 21-year history of rewarding investors through dividends. The company recently raised its quarterly dividend to $0.21 per share, up 16.7% from the previous quarter. New investors won’t be included in the September 24th payout. Even still, it’s worth mentioning because, with their impeccable history, BAC’s dividend is not likely going anywhere anytime soon.
The Wall Street pros are mostly bullish on BAC. Of 29 analysts polled, 17 rate the stock a Buy, 9 rate it a Hold, and only 2 say to Sell BAC stock. A 12-month median price target of $44 represents a 10% increase from its current level.
Where to invest $1,000 right now...
Before you consider buying Bank of America, you'll want to see this.
Investing legend, Keith Kohl just revealed his #1 stock for 2022...
And it's not Bank of America.
Jeff Bezos, Peter Thiel, and the Rockefellers are betting a colossal nine figures on this tiny company that trades publicly for $5.
Keith say’s he thinks investors will be able to turn a small $50 stake into $150,000.
Find that to be extraordinary?
Click here to watch his presentation, and decide for yourself...
But you have to act now, because a catalyst coming in a few weeks is set to take this company mainstream... And by then, it could be too late.
Click here to find out the name and ticker of Keith's #1 pick...
Jeff Bezos Just Poured $10 Billion Into This…
Not many people know this story… But in 1998, Bezos invested $250,000 of his own money in Google, when the company was just getting started out of a garage in California. When Google went public in 2004, that $250,000 investment translated into 3.3 million shares of Google stock. Nobody knows if Bezos has sold any shares. If he hasn’t, today they’re worth more than $5.6 billion.Jeff Bezos is betting big on a new trend. This time he’s planning to invest $10 billion of his own money in this exciting new trend. That’s 40,000 times more money than what he invested in Google. That’s how big he thinks this could be. [Full Story…]