Bank of America (BAC) Reports Q3: Everything You Need To Know Ahead Of Earnings
Financial services giant Bank of America (NYSE:BAC) will be announcing earnings results this Wednesday before market open. Here’s what to expect.
Bank of America beat analysts’ revenue expectations last quarter, reporting revenues of $31.78 billion, up 15% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates but a slight miss of analysts’ net interest income estimates.
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This quarter, the market is expecting Bank of America’s revenue to grow 4.7% year on year, slowing from the 9.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Bank of America has a history of exceeding Wall Street’s expectations.
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 unfold for banks stocks. However, the segment has faced declining investor sentiment as Bank of America’s peer group is down 7% on average over the last month. Bank of America is down 8.1% during the same time .
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