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Bank of America has agreed to a $2.85 million settlement over claims it violated New York’s Exempt Income Protection Act by improperly charging fees on restrained accounts. Affected account holders from January 1, 2009, to February 17, 2023, may receive cash payments estimated at around $35, with no claim form required. The bank will also change its practices, ensuring exempt funds remain in accounts and no longer aggregating accounts for calculations.
Goldman Sachs analyst Mark Delaney warned that a 25% Trump tariff on imported cars could raise prices by $5,000 to $15,000, impacting both imported and locally made vehicles due to increased production costs. The auto industry reacted with concern, predicting higher prices and fewer options for consumers, while the United Auto Workers union viewed the tariffs as a positive step for job creation in the U.S.
The S&P 500 has dropped 7% from its peak, with 2025 earnings estimates cut by 4%. Despite this, Bank of America analysts assert the index remains statistically expensive, trading at 20x forward earnings compared to 14x in Europe. They highlight risks in the tech sector and policy uncertainty, while still recognizing long-term advantages for U.S. equities, particularly in large-cap value.
Bank of America warns customers that accounts inactive for three or more years may be classified as abandoned and turned over to the state under escheatment laws. To prevent this, customers should regularly log in, make transactions, and keep personal information updated. If notified of inactivity, they must follow instructions to avoid account closure and reclaim funds if already escheated.
Insiders sold 455,911 shares of ACV Auctions stock valued at $7.48 million in the last three months, with insiders owning 8.50% of the company. Institutional investors hold 88.55% of the stock, with Wellington Management increasing its stake by 61.3% to 1.7 million shares. JPMorgan Chase & Co. cut its price target for ACV Auctions from $24 to $20, suggesting a potential upside of 37.19%. The stock currently has a "Moderate Buy" rating, with an average target price of $23.14, while trading at $14.58.
Bank of America may close accounts deemed inactive under state escheatment laws, affecting various financial products if there is no activity for three years or more. Customers are advised to regularly check their accounts to avoid triggering these procedures and potentially losing access to their funds. Each state has specific rules regarding what constitutes an abandoned account and the timeline for reporting dormant assets.
Warren Buffett's net worth surged by $25 billion in 2025, reaching $167 billion, while most billionaires, particularly in tech, saw declines. Berkshire Hathaway's stock rose 17% this year, contrasting with the S&P 500's 3% drop, solidifying its position as the eighth most valuable company globally at $1.16 trillion. Buffett, known for investing in undervalued public companies, currently holds $325 billion in cash, indicating potential market concerns or a search for bargains.
Open source is transforming the banking industry, with major institutions like Citi, JPMorgan Chase, and Morgan Stanley embracing code-sharing to modernize IT and enhance collaboration. The FINOS coalition, which surpassed 100 members, is leading this shift, promoting shared solutions and compliance frameworks, while banks aim to reduce technical debt and streamline operations through open-source technologies. As the industry moves away from legacy systems, the adoption of platforms like Linux is expected to rise significantly by 2028.
Bank of America will pay a quarterly dividend of $0.26 on March 28, with an ex-dividend date of March 7. The company has a payout ratio of 32.30% and an average analyst rating of "Moderate Buy," with a consensus target price of $48.45. Recent analyst reports show mixed ratings, with one sell, six hold, sixteen buy, and three strong buy ratings.
UBS Group upgraded Bank of America to a "buy" rating with a price target of $53, while Keefe, Bruyette & Woods set a target of $57. Despite some analysts maintaining a "neutral" stance, the consensus rating is "Moderate Buy" with an average target of $48.45. The company reported a quarterly EPS of $0.82, exceeding estimates, and declared a dividend of $0.26 per share.
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