Bank of America Stock Falls Following Q4 Revenue Miss

Bank of America Stock Falls Following Q4 Revenue Miss Jan. 12, 2024, 11:11 a.m., readers: 22

Bank of America (NYSE:BAC) disclosed its fourth-quarter revenue, which fell short of analyst expectations, resulting in a more than 2% drop in its shares intra-day today. The bank reported earnings per share of $0.70, surpassing the analyst prediction of $0.60. However, its revenue for the quarter was $23.5 billion, which did not meet the consensus estimate of $23.91 billion. The trading revenue, excluding DVA (Debt Valuation Adjustment), was $3.75 billion, slightly below the anticipated $3.84 billion. Bank of America's net interest income (NII) on a fully taxable equivalent (FTE) basis reached $14.09 billion, aligning with the consensus estimate. However, the net interest yield stood at 1.97%, which was lower than the estimated 2.04%. The bank also reported compensation expenses of $9.46 billion, exceeding the forecast of $9.17 billion.

About NYSE: BAC

B ank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans. The company's Global Wealth & Investment Management segment offers investment management, brokerage, banking, and trust and retirement products and services;

Price: 34.68
Market cap: 273.0 billion USD
Eps: 3.08
P/e ratio: 11.26
Focus Analysis On: BAC