Bank of America Q1 Earnings Recap

BAC finishes a topsy-turvy day after beating profit estimates

   

Bank of America Corp (NYSE:BAC) fell 0.44% to $22.71 on Tuesday after reporting first-quarter earnings following a roller-coaster ride that saw it swing between $22.38 and $23.15.

Here’s a quick recap of the action:

  • Net Income: $4.9 billion (+40% year-over-year)
  • Earnings Per Share: 41 cents (+46% year-over-year), beat estimates of 35 cents per share.
  • Revenues: $22.2 billion (+12.5% year-over-year), beat estimates of $21.6 billion
  • Noninterest income: $11.2 billion (+9% year-over-year)
  • Total expenses: $14.8 billion (flat)
  • Return on average assets: 0.88%
  • Book value per share: $24.36 (+5% year-over-year)
  • Stock repurchases: $2.3 billion

Bank of America is now up roughly 3% for the year-to-date, and is currently struggling to cross above its short-term 20-day moving average, which has held as resistance since mid-March, when shares dipped below both it and the 50-day MA.

Bank of America stock chart

Back in early April, the 20-day crossed below the 50-day — a short-term bearish signal.

BAC has now returned to a range between $22 and $23 that it was mired in between December and mid-February before temporarily breaking out.

As of this writing, Robert Martin did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, http://investorplace.com/2017/04/bank-of-america-bac-q1-earnings-recap/.

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