Bank of America Corp (BAC) Chief Executive Officer Brian Moynihan’s total compensation for 2019 has been left without change at $26.5 million, the Wall Street bank said in a filing with the Securities and Exchange Commission.
Bank of America shares closed higher for the sixth time in the past ten trading sessions in New York on Monday. The stock edged up 0.23% ($0.08) to $34.69. The latter also was the intraday high and a price level not seen since February 6th ($35.01).
Shares of Bank of America Corporation have retreated 1.50% so far in 2020 compared with a 3.75% gain for the benchmark index, S&P 500 (SPX).
In 2019, Bank of America’s stock went up 42.94%, thus, it outperformed the S&P 500, which registered a 28.88% gain.
According to the filing, Moynihan’s compensation package for the entire 2019 included a base salary of $1.5 million and equity incentive awards of $25 million.
In comparison, Morgan Stanley’s board reduced CEO James Gorman’s total compensation by 7% to $27 million last year in an attempt to cut costs.
On the other hand, J.P. Morgan Chase’s board raised CEO Jamie Dimon’s total compensation for 2019 by only $0.5 million.
In 2018, Bank of America’s board raised Moynihan’s total compensation by 15%, as the bank reported record profit of $28.1 billion. However, in 2019, total profit decreased slightly because of the impact of a joint venture discontinuation during the year.
Analyst stock price forecast and recommendation
According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Bank of America Corp’s stock price, have a median target of $37.00, with a high estimate of $49.00 and a low estimate of $30.00. The median estimate represents a 6.66% upside compared to the closing price of $34.69 on February 10th.
The same media also reported that at least 14 out of 27 surveyed investment analysts had rated Bank of America Corp’s stock as “Buy”, while 11 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.