Operating Leverage Continues to Impress at Bank of America
Narrow-moat Bank of America generated a 9.4% return on average tangible common equity during 2017, benefiting from increasing net interest income and continuing expense management efforts. At the same time, Bank of America was able to grow average loans and deposits at mid-single-digit rates. The company’s performance is likely to reflect broad macroeconomic trends over the course of 2018, and we are raising our fair value estimate from $24 to $27 as we incorporate the long-term benefits of lowe...Bank of America is a bank and a financial holding company. Through its subsidiaries, the company provides a range of banking, investing, asset management and other financial and risk management products and services. The company's segments include: Consumer Banking, which provides credit, banking and investment products and services; Global Wealth & Investment Management, which provides investment management, brokerage, banking and retirement products; Global Banking, which provides lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services; and Global Markets, which provides sales and trading services and research services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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