Bank of America Earnings: BAC Stock Dips 2% Despite Q4 Beat

Bank of America (NYSE:BAC) earnings for the financial institution’s fourth quarter of 2019 have BAC stock down on Wednesday. This is despite its diluted per-share earnings of 74 cents beating Wall Street’s estimate of 68 cents. However, its revenue of $22.30 billion is below analysts’ estimates of $22.35 billion.

Bank of America Earnings: BAC Stock Dips 2% Despite Q4 Beat

Source: Tero Vesalainen/Shutterstock

Now for a closer look at the most recent Bank of America earnings report.

  • Diluted earnings per share for the quarter are up 5.71% from the same time last year.
  • Revenue is down 1.76% compared to $22.70 billion in the fourth quarter of 2018.
  • The Bank of America earnings report also includes a net income of $7.00 billion.
  • That’s a 4.12% decrease compared to its net income of $7.30 billion from the same period of the year prior.

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

“In a steadily growing economy marked by solid client activity, our teammates produced another strong quarter and year, allowing us to increase investments in our customers, communities, and employees, while keeping a close eye on expenses. We also delivered for shareholders in 2019 by returning a record $34 billion in excess capital through dividends and share repurchases.”

The Bank of America earnings report doesn’t include an outlook for the upcoming 2020 year. Despite this, we know what Wall Street is expecting. That includes EPS of $3.01 on revenue of $92.06 billion for the year.

BAC stock was down 2.04% 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,

©2023 InvestorPlace Media, LLC