From Nasdaq: 2024-11-19 22:51:19

Bank of America’s stock (NYSE: BAC) has surged 42% year-to-date, outperforming the S&P500 index. The recent gains are attributed to the U.S. election outcome, favoring the Trump administration’s deregulation focus. With a current share price of $46, BAC is trading around its estimated valuation.

In Q3 FY 2024, BofA exceeded street expectations with total revenues of $25.3 billion, driven by gains in trading, asset management, and investment banking. Despite a 12% YoY decline in net profits to $6.9 billion due to higher loan loss provisions, the company saw growth in advisory and trading businesses.

Looking ahead, BofA’s net interest income could improve in Q4 with Federal Reserve rate cuts. Stronger activity is expected in investment banking, debt, and equity issuances post-election. The company’s recent performance and outlook indicate potential for growth and improved profitability in the coming months.



Read more at Nasdaq: Bank of America Stock Is Up 42% YTD, Where Is It Headed?