March 28, 2024

Bank of America (BAC) closed Thursday March 28, 2024 at $37.92. YTD the stock is up 11.86% trading near its 52 Week high of $38.00. The stock has a consensus rating of Moderate buy based on 19 Wall Street Analyst. The average price targe is $38.12.

BAC is scheduled to report Q1 2024 on April 16th, the expected EPS is 0.77 and revenue of 25.2B

On January 21, 2024 reported Q4 FY 2023 earnings. They reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. Its revenue was down 10.2% on a year-over-year basis. Bank of America has generated $3.07 earnings per share over the last year ($3.07 diluted earnings per share) and currently has a price-to-earnings ratio of 12.4. Earnings for Bank of America are expected to grow by 8.68% in the coming year, from $3.11 to $3.38 per share.Here are some highlights from the last earnings.

Net income of $2.8 billion

• Revenue of $10.3 billion, down 4%
• Average deposits of $959 billion, down 8%; 33% above pre-pandemic levels
• Average loans and leases of $313 billion increased $13 billion, or 4%
• Combined credit / debit card spend of $229 billion, up 3%
• Client Activity
  – Added ~130,000 net new Consumer checking accounts in Q4-23;
  20th consecutive quarter of growth
  – Record 36.7 million consumer checking accounts with 92% being primary4
  – Small Business checking accounts of 3.9 million, up 3%
  – Record consumer investment assets of $424 billion grew 33%; accounts
  grew 10% with client flows of $49 billion since Q4-22
  – Digital logins exceeded 3 billion, up 10%; digital sales represented 49%
  of total sales.