Bank of America Earnings: BAC Stock Gets a 2% Bump on Q3 Beat

BAC beat EPS estimates by 6 cents

Bank of America (NYSE:BAC) earnings for the financial company’s third quarter of 2019 have BAC stock up on Wednesday. This comes from EPS of 56 cents and revenue of $22.80 billion. These both beat out Wall Street’s per-share earnings and revenue estimates of 51 cents and $22.79 billion for the quarter.

Bank of America Earnings: BAC Stock Gets a 2% Bump on Q3 Beat
Source: Tero Vesalainen / Shutterstock.com

Now let’s take a closer look at the most recent Bank of America earnings report.

  • BAC earnings per share for the quarter are down 15.15% from 66 cents in the third quarter of 2018.
  • Revenue comes in just a little above the $22.70 billion from the same time last year.
  • Net income of $5.80 billion is down 19.44% YoY from $7.20 billion.
  • The Bank of America earnings report also notes that it returned $9.30 billion of capital to investors through share buyback and dividends during the quarter.

Brian Moynihan, Chairman and CEO of BAC, has this to say about the Bank of America earnings report.

“We made continued strong investments in our capabilities to serve customers, more relationship management teammates, more and refurbished branches and offices, and more digital capabilities, all while core expenses are flat. Our client activity, the expansion of our client base, and our ability to gain market share across most of our businesses in the quarter, all reflect responsible growth.”

While the Bank of America earnings report doesn’t include its expectations for 2019, we do know what Wall Street is looking for. This includes earnings per share of $2.65 on revenue of $91.60 billion for the year.

BAC stock was up 2% as of Wednesday afternoon.

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


Article printed from InvestorPlace Media, https://investorplace.com/2019/10/bank-of-america-earnings-boost-bac-stock-up/.

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