Bank of America Corporation (NYSE:BAC) is reporting third quarter financial results on Wednesday 14th October 2020, before market open.
According to analysts surveyed by Thomson Reuters, BAC is expected to report 3Q20 income of $ 0.49 per share from revenue of $ 20806.30 million.
For the full year, analysts anticipate top line of $ 86428.40 million, while looking forward to income of $ 1.68 per share bottom line.
Previous Quarter Performance
Bank of America Corporation came out with income for the second quarter of $ 0.37 per share, from the revenue of $ 22,454.00 million. The quarterly earnings dropped 50.00 percent while revenues shrunk 3.35 percent compared with the same quarter last year.
According to street consensus, BAC was expected to report 2Q20 income of $ 0.27 per share from revenue of $ 22011.10 million. The bottom line results beat street analysts by $ 0.1 or 37.04 percent, at the same time, top line results outshined analysts by $ 442.90 million or 2.01 percent.
Stock Performance
Shares of Bank of America Corporation traded low $ -0.73 or -2.84 percent on Tuesday, reaching $ 24.95 with volume of 59.53 million shares. Bank of America Corporation has traded high as $ 25.68 and has cracked $ 24.84 on the downward trend
According to the previous trading day, closing price of $ 24.95, representing a 43.06 % increase from the 52 week low of $ 17.95 and a 28.11 % decrease over the 52 week high of $ 35.72.
The company has a market capital of $ 216.17 billion and is part of the Financial Services sector and Banks – Global industry.
Recent Analyst recommendations
- On 3rd September 2020, upgraded by Deutsche Bank to Buy from Hold rating, with $ 29.00 target price.
Recent Stock Dividend Announcement
On July 22, 2020, the board of directors authorized quarterly dividend of $ 0.18 per share to holders of record as of the close of business on September 4, 2020, with payment date of September 25, 2020 and ex-dividend date on September 3, 2020.
Conference Call
Bank of America Corporation will be hosting a conference call at 8:30 AM eastern time on 14th October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.bankofamerica.com
Bank 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. It operates in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments. The Consumer Banking segment offers traditional and money market savings accounts, CDs 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.
