Bank of America shares fall, Fifth Third raises dividend

Bank of America Corp. shares are down today as analysts downgrade the bank's stock following the Federal Reserve's rejection of a modest second-half dividend increase.

In morning trading, the shares are down 2 percent to $13.36. The bank disclosed the rejection on Wednesday.

In a report this morning, FBR Capital Markets analyst Paul Miller lowered the stock to "market perform" from "outperform." He also reduced the target price to $15 from $18.

The Fed may have been concerned about the bank's need for $20 billion to $25 billion in extra capital to meet new international guidelines, Miller wrote. The regulator may also be worried about its mortgage-related woes, including investor requests to buy back soured loans. "There are still many unknowns surrounding these claims," he wrote.

Read Full Article from Charlotte Observer

- Posted: 2011-03-24 10:45:26

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