BAC Stock – Shares Rise on Bank of America Earnings Beat

by Christopher Freeburn | January 15, 2014 10:35 am

Bank of America 6 300x199 BAC Stock   Shares Rise on Bank of America Earnings Beat[1]Higher quarterly profits[2] at Bank of America (BAC[3]) 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.

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[4]) and Wells Fargo (WFC[5]) both rose almost 2% in Wednesday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/05/Bank-of-America-6.jpg
  2. Higher quarterly profits: http://money.cnn.com/2014/01/15/investing/bank-of-america-earnings/
  3. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  4. JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
  5. WFC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFC

Source URL: http://investorplace.com/2014/01/bac-stock-shares-rise-bank-america-earnings-beat/
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