Boston, MA 12/30/2013 (wallstreetpr) – In 2013, Bank of America Corp (NYSE:BAC) registered slow, steady and sustained recovery than most of its peers. For this year, the bank is up more than 37 percent, dwarfing not just its rivals, but also the sector. Looking forward into 2014, BAC offers even better reasons to remain bullish in the stock.
As the second largest lender in the U.S., Bank of America Corp (NYSE:BAC) worked hard to retain this position in 2013. It is not going to be easy for the banking giant to stabilize its balance sheet over such a short span since the financial crisis, at a time when the industry is still in shock. But here you can see CEO Mr. Brian Moynihan taking the bank from strength to strength during the last few years.
Why there is hope
Some of the remarkable achievements for Bank of America Corp (NYSE:BAC) in 2013 is that it exceeded the expectations of analysts on its profit earnings throughout the year. Compared to peers, JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (WFC), the bank comes through as a clear best performer in 2013.
Heading into 2014, the bank is poised for greater opportunities. First, its January 15, 2014 earnings release is expected to be the biggest growth catalyst for the year, as the bank is widely expected to outperform the sector. Moreover, the fact that the bank is seeking to expedite the string of lawsuits it’s facing with regard to its involvement in controversial mortgage-backed securities, is also clearing its path for future growth.
Higher dividend
Bank of America Corp (NYSE:BAC) attempted to raise its dividend payout in 2011, but Fed stood in its way. The bank has been paying 1 cent dividend each quarter since the financial crisis. The reason Fed objected to dividend hike request was due to regulatory issues. But now that the bank has been able to shore up its balance sheet, it looks real that dividend hike is coming soon.
