Bank of America earnings for the company’s first quarter of the year have BAC stock down on Tuesday.
Bank of America (NYSE:BAC) reported earnings per share of 70 cents for the first quarter of 2019. This is an increase over the company’s earnings per share of 62 cents from the same period of the year prior. It was also above Wall Street’s earnings per share estimate of 65 cents for the quarter, but couldn’t keep BAC stock from dropping today.
The Bank of America earnings report for the first quarter of the year also includes net income of $7.31 billion. This is better than the company’s net income of $6.92 billion reported in the first quarter of 2018.
The most recent Bank of America earnings report also has revenue for the quarter coming in at $23.00 billion. This is a drop from the company’s revenue of $23.07 billion reported during the same time last year. It was also a blow to BAC stock by missing analysts’ revenue estimate of $23.30 billion for the period.
Bank of America notes that it’s revenue for the first quarter of the year was down during the quarter due to lower noninterest income. However, it also points out that it also saw higher net interest income from increased interest rates and loan and deposit growth during the quarter.
BAC stock was down 1% as of noon Tuesday, but is up 19% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.