Have you been eager to see how Bank of America (BAC - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Charlotte-based one of the world's largest financial institutions’ earnings release this morning:
An Earnings Beat
BofA came out with earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 59 cents.
Increase in revenues was the key reason for the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BofA depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 30 days.
Nonetheless, BofA has an impressive earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in all four trailing quarters.
Overall, the company has a positive earnings surprise of 8.8% in the trailing four quarters.
Higher-than-expected Revenues
BofA posted net revenues of $23.1 billion, which was above the Zacks Consensus Estimate of $22.9 billion.
Key Q1 Statistics
- Investment banking fees were $1.4 billion, down 15%
- Sales and trading revenue (excluding net DVA) inched up 1%
- Provision for credit losses were relatively stable at $834 million
- Non-interest expense down 1% to $13.9 billion
What Zacks Rank Says
At present, BofA carries a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
How the Market Reacted So Far
Following the earnings release, BofA shares were up nearly 1% in the pre-trading session. This is in contrast to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this BofA earnings report!
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Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Have you been eager to see how Bank of America (BAC - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Charlotte-based one of the world's largest financial institutions’ earnings release this morning:
An Earnings Beat
BofA came out with earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 59 cents.
Increase in revenues was the key reason for the earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BofA depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 30 days.
Nonetheless, BofA has an impressive earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in all four trailing quarters.
Overall, the company has a positive earnings surprise of 8.8% in the trailing four quarters.
Higher-than-expected Revenues
BofA posted net revenues of $23.1 billion, which was above the Zacks Consensus Estimate of $22.9 billion.
Key Q1 Statistics
What Zacks Rank Says
At present, BofA carries a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
How the Market Reacted So Far
Following the earnings release, BofA shares were up nearly 1% in the pre-trading session. This is in contrast to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this BofA earnings report!
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Click here to see them >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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