Boston, MA 05/20/2013 (wallstreetpr) – The share prices of Bank of America Corp. (NYSE:BAC) surged by 0.93 percent and currently trading at $13.56. The bank holding company and the financial holding company had been trading in the range of $13.39 to $13.52 during the session. Bank of America Corp. (NYSE:BAC) had registered the highest price of $13.55 per share and lowest price of $6.72 per share during the past 52 week period.
Bank of America Corp. (NYSE:BAC) is a financial services company which includes individual consumers, small and middle market businesses, government and corporates as its customers. The bank provides a wide range of banking, investing, asset management and other financial products and services to its customers. Bank of America Corp. (NYSE:BAC) involves five basic business segments to serve its clients with banking and other non financial services in the United States, which includes Consumer and Business Banking, Consumer Real Estate Services, Global Banking, Global Markets and Global Wealth and Investment Management.
Increased credit ratings
The investor confidence in Bank of America Corp. (NYSE:BAC)’s shares would get another boost with increased credit ratings of the bank for its credit worthiness and various other measures. The credit rating agency had improved the rating given for Bank of America Corp. (NYSE:BAC) to A- which was previously fixed at BBB+. Such an improvement in the credit ratings for the bank had been facilitated through the bank’s continued efforts to resolve its various legal matters. Further the tier 1 capital adequacy ratio of Bank of America Corp. (NYSE:BAC) under Basel III requirements was also higher than the expectations of the credit rating agency.