Bank of America reports strong quarter with record results, betting on Zelle

From Nasdaq: 2024-07-26 10:49:00

In this episode of Motley Fool Money, Matt Frankel discusses the comeback story of Bank of America, big financial institutions relying on the Fed, and Prologis entering the data center business. Plus, Rachel Warren interviews BlackRock director Dhruv Nagrath about fixed-income trends for investors. Full episodes available at The Motley Fool’s podcast center. If you’re considering investing $1,000 in Bank of America, the Motley Fool Stock Advisor team has identified 10 stocks they believe offer better returns. The Stock Advisor service has outperformed the S&P 500 since 2002. Bank of America reported another record quarter with strong equities trading, investment banking fee growth, and asset management fees increase. They’re relying on three rate cuts from the Fed, but analysts aren’t certain about the market’s expectations. Bank of America is betting on Zelle becoming a dominant way to move money, but it faces competition from platforms like Venmo. Older generations may prefer Zelle for moving funds due to distrust in third-party apps. Bank of America’s stock was trading below book value a few months ago, offering potential for value investors.



Read more at Nasdaq: What We Learned From Bank of America’s Latest Report