On Wednesday, Bank of America Corp (NYSE:BAC)’s shares declined -1.19% to $17.06.
Bank of America declared the redemption of $2.0 billion of trust preferred securities. Startning in January of 2016, these securities, unlike the corporation’s other outstanding series of trust preferred securities, will completely phase out from regulatory capital.
As a result of the Bank of America Merrill Lynch merger in 2009, the company recorded a discount to par value as purchase accounting adjustments associated with these securities. Bank of America will record a non-cash reduction to net interest income and to pretax income of about $600 million in the fourth quarter of 2015 for the remaining discount to par value. The company anticipates to realize cash savings from lower funding costs as a result of the redemption.
The redemption affects all of the trust preferred securities of each trust listed in the table below. The redemption date for all such trust preferred securities is January 29, 2016, and the redemption price is 100 percent of the liquidation amount per trust preferred security, plus accumulated and unpaid distributions on the trust preferred securities through the redemption date.
The address for The Bank of New York Mellon, the paying agent for the trust preferred securities of each of the trusts listed in the table above, is 101 Barclay Street, 8 West, New York, New York 10286.
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments.
Wells Fargo & Co (NYSE:WFC)’s shares dropped -0.72% to $54.89. The last trading range of Wells Fargo & Co (NYSE:WFC) ranges between $54.79 and $55.31. The EPS of the company stands at $4.14. The 52-week range shows that the stock reached higher at $58.76 while its lower range is $47.75 in the last 52-weeks. The average volume of the company is at 14.83 million with the Outstanding Shares of 5.11 billion. The market capitalization of the company is $282.41 billion. The Beta of the company stands at 0.94 with the RSI (Relative Strength Index) of 51.71.
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, in addition to time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards.
ConAgra Foods Inc (NYSE:CAG)‘s shares dipped -0.26% to $42.59. ConAgra Foods Inc (NYSE:CAG) is now worth about $18.49 billion. The share price has made a 4.93% gain in the past 5 days and has gained 17.39% since 2015 kicked off. Analysts are forecasting EPS growth of -1.00% for next fiscal year and 7.05% growth in the next 5 years. The stock trades with a beta of 0.38. The stock price is above by 5.75% as contrast to the average price over the last 200 days. The company has 24.10% gross margins.
ConAgra Foods, Inc. operates as a food company primarily in North America. The company operates through three segments: Consumer Foods, Commercial Foods, and Private Brands. The Consumer Foods segment provides branded food products in various categories, such as meals, entrees, condiments, sides, snacks, and desserts to various retail channels, such as frozen, refrigerated, and shelf-stable temperature classes.