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.
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.