Financial services giant Bank of America (NYSE:BAC) will be reporting earnings this Wednesday before market hours. Here’s what you need to know.
Bank of America met analysts’ revenue expectations last quarter, reporting revenues of $26.46 billion, up 4.3% year on year. It was a slower quarter for the company, with a slight miss of analysts’ net interest income estimates and a narrow beat of analysts’ EPS estimates.
Is Bank of America a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Bank of America’s revenue to grow 8.8% year on year to $27.58 billion, improving from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $0.95 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Bank of America has missed Wall Street’s revenue estimates twice over the last two years.
With Bank of America being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for banks stocks. However, the segment has faced declining investor sentiment as Bank of America’s peer group is down 4.3% on average over the last month. Bank of America is down 3.3% during the same time and is heading into earnings with an average analyst price target of $56.31 (compared to the current share price of $48.93).
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