On Friday, Bank of America Corporation's (NYSE:BAC) shares price traded between $29.38 and $29.61 during the last trading session above/below with -0.27% at $29.40. The shares recorded trading volume 44,863,158 shares as compared to its average volume of 46,920,850 shares. The company has 9.51B shares outstanding and market value of 274.672B. Over the one year trading period, the stock has a peak price of $31.91 and its down is recorded at $22.66.
Loan growth and higher equity issuances drove Bank of America’s BAC 2nd-quarter 2k19 earnings of 74 cents per share, which outpaced the Zacks Consensus Estimate of 70 cents. Also, the figure was up 17 percent from the prior-year quarter.
Loan Growth Aids Revenues, Expenses Up Slightly
Net revenues amounted to $23.1B, which marginally beat the Zacks Consensus Estimate of $23B. Also, the stated figure was up 2% on a year-over-year basis.
Net interest income, on a fully taxable-equivalent basis, grew 3 percent year over year to $12.3B, driven by higher rates, and loan and deposit growth. Further, net interest yield was up 3 basis points (bps) to 2.44%.
Non-interest income raised 2 percent from the year-before quarter to $10.9B.
Non-interest expenses were $13.2B, up marginally.
Efficiency ratio was 57.11 percent, down from 58.25 percent in the year-before quarter. Decline in efficiency ratio indicates improved profitability.
Credit Quality: A Mixed Bag
Provision for credit losses raised 4 percent on a year-over-year basis to $857M.
However, net charge-offs declined 11% to $991M, mainly Because of recoveries from sales of before charged-off non-core home equity loans, partly offset by an raise in commercial charge-offs. Further, as of Jun 30, 2k19, ratio of non-performing assets ratio was 0.47 percent, down 19 bps.
BAC switched up 1.84% 20-Days Simple Moving Average, added 3.33% from 50-Days Simple Moving Average and rose 4.44% from 200 Days Simple Moving Average. The short ratio in the stock is 1.6 and the short float is around of 0.84%.
Loan growth and higher equity issuances drove Bank of America’s BAC 2nd-quarter 2k19 earnings of 74 cents per share, which outpaced the Zacks Consensus Estimate of 70 cents. Also, the figure was up 17 percent from the prior-year quarter.
Loan Growth Aids Revenues, Expenses Up Slightly
Net revenues amounted to $23.1B, which marginally beat the Zacks Consensus Estimate of $23B. Also, the stated figure was up 2% on a year-over-year basis.
Net interest income, on a fully taxable-equivalent basis, grew 3 percent year over year to $12.3B, driven by higher rates, and loan and deposit growth. Further, net interest yield was up 3 basis points (bps) to 2.44%.
Non-interest income raised 2 percent from the year-before quarter to $10.9B.
Non-interest expenses were $13.2B, up marginally.
Efficiency ratio was 57.11 percent, down from 58.25 percent in the year-before quarter. Decline in efficiency ratio indicates improved profitability.
Credit Quality: A Mixed Bag
Provision for credit losses raised 4 percent on a year-over-year basis to $857M.
However, net charge-offs declined 11% to $991M, mainly Because of recoveries from sales of before charged-off non-core home equity loans, partly offset by an raise in commercial charge-offs. Further, as of Jun 30, 2k19, ratio of non-performing assets ratio was 0.47 percent, down 19 bps.
BAC switched up 1.84% 20-Days Simple Moving Average, added 3.33% from 50-Days Simple Moving Average and rose 4.44% from 200 Days Simple Moving Average. The short ratio in the stock is 1.6 and the short float is around of 0.84%.
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