Previously for the quarter ended on 6/2016, Bank of America Corp (NYSE:BAC)'s expected mean EPS was $0.34, the company reported its quarterly earnings per share of $0.36 on 7/18/2016 Before Market Open, beating the analysts' consensus estimate by 0.02 with surprise factor of 5.88%. Let's look at the results and whether Bank of America is attractive at today's price. Revenue came in at $20 billion, a 2% year over year increase from $19.6 billion in the same quarter a year ago. BOA's net charge off ratio made an improvement to 0.39%, which was a historic low the prepared statement said.
BofA said first-quarter expenses would be impacted by about $1.3 billion as a result of annual retirement-eligible incentive compensation costs. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
Chief Executive Brian Moynihan, who has been criticized for being slow to cut costs, said in July that the bank would cut annual non-interest expenses to about $53 billion by 2018.
"In a research note to clients, Seifert viewed, ":We expect strong growth to continue from Consumer and Global Wealth & Investment Management, and we see further expense reductions, though expectations remain high". The loan growth has slowed down over the past year, but total deposits were up by more than five percent.
Net income reported by Bank of America Corp in the fourth quarter of 2016 was $4.70 billion. From a valuation perspective, this makes Bank of America stock even more interesting.
At the moment 34 analysts are watching Bank of America Corporation (NASDAQ:BAC), 11 rate it "Buy", 14 "Outperform", 9 "Underperform", 0 "Sell", while 0 "Hold". The Hedge Fund company now holds 19,256 shares of BAC which is valued at $436,726.
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In the duration of 12 months Bank of America's share price has increased by 51.6% to 22.85 from 15.07.
Two of the largest banks in America, JPMorgan and Bank of America, beat analyst expectations, and JPMorgan beat on revenue expectations as well.
The largest USA bank, JPMorgan Chase & Co.(NYSE:JPM), and the country's biggest mortgage lender, Wells Fargo & Co. My colleague John Maxfield recently published an excellent discussion on why higher interest rates will benefit Bank of America more than other banks.
Bank of America Corp.is one of the world's leading financial services companies.
In terms of earnings per share, 27 analysts have a 0.34 EPS mean target for the quarter ending Mar-17, for the quarter ending Jun-17, 27 analysts have a 0.44 EPS mean target and for the quarter ending Jun-17 there are 31 estimates of 1.67 EPS. Mr. Donofrio said that activity had slowed down in the second half of December, partly because the Federal Reserve's interest-rate increase slowed demand for trading municipal bonds, government bonds and other products tied to interest rates. The stock had a trading capacity of 99.2M shares.