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BAC Stock – Shares Rise on Bank of America Earnings Beat

The banks stock has climbed over the past year


Bank of AmericaHigher quarterly profits at Bank of America (BAC) sent BAC stock up more than 3% in Wednesday morning trading.

BAC stock gained after the big bank said that it earned $3.4 billion during the fourth quarter, up from just $732 million in the same time last year. EPS for the quarter was 29 cents per share of BAC stock, topping the 28 cents a share that Wall Street was expecting, CNN notes.

BAC Stock – Bank of America Earnings Should Keep the Rally Alive
BAC Stock – Bank of America Earnings Should Keep the Rally Alive

Profits from BAC’s consumer and business banking units during the quarter climbed form $1.4 billion a year ago, to $2 billion. Meanwhile, its commercial real estate unit posted a net loss of $1.1 billion, down from a $3.7 loss a year ago.

BAC reported an $11.4 billion annual profit for 2013. In 2012, it earned just $4.2 billion.

Over the past twelve months, BAC stock has gained more than 45%. BAC stock now trades over $17 a share.

News of BAC’s quarterly results boosted other major banks. Shares of JPMorgan Chase (JPM) and Wells Fargo (WFC) both rose almost 2% in Wednesday morning trading.

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