U.S. banking earnings have been an awaited one as investors’ view toward the banking sector has dwindled last year, thanks to the U.S. regional banking crisis emanating in March 2023 and investors’ shifting deposits to big banks. Although the crisis has subsided considerably, investors' attention will undoubtedly be focused on the earnings of the big banks as rising rate worries still loom.For example, JPMorgan (JPM) experienced a decline in its shares on Friday despite surpassing profit expectations, as CE ...

Key PointsBank of America's earnings add to the Wall Street trend pushing for interest rate cuts to come around the corner. Net interest income and a sales and trading windfall suggest the stock market could secure new highs. An inflation-choked consumer calls for the Fed to step in and bail out the economy with a more accessible policy. 5 stocks we like better than Bank of AmericaFinancial stocks' earning season has kicked off, and the biggest names on the Street are showing the markets what has been happe ...

The quarter was solid, but charge-offs caught investors off guard.Bank of America (BAC -3.06%) beat on the top and bottom lines, but investors are more focused on elevated expenses and charge-offs of bad loans that exceeded expectations. Shares are trading off slightly, down about 3% as of 12:30 p.m. ET.Credit cards felt a pinchBank of America earned $0.83 per share in the first quarter on sales of $25.82 billion, surpassing the Wall Street consensus estimate for a $0.77 per share profit on sales of $25.46 ...

Bank of America 1Q24 Financial Results April 16, 2024 1Q24 Financial Results 1Q24 Inc / (Dec) 1Q24 1Q23 Inc / (Dec) ($B, except per share data) Adjusted1 Adjusted1 Total Revenue, net of interest expense $25.8 $25.8 $26.3 ($0.4) (2) % ($0.4) (2) % Provision for credit losses 1.3 1.3 0.9 0.4 42 0.4 42 Net charge-offs 1.5 1.5 0.8 0.7 86 0.7 86 Reserve build (release)2 (0.2) (0.2) 0.1 (0.3) N/M (0.3) N/M Noninterest expense 17.2 16.5 16.2 1.0 6 0.3 2 Pretax income 7.3 8.0 9.1 (1.8) (20) (1.1) (12) Pretax, pre-p ...

Bank of America Corporation (NYSE:BAC) Q1 2024 Earnings Conference Call April 16, 2024 8:30 AM ET Company Participants Brian Moynihan - Chair, Chief Executive Officer Alastair Borthwick - Chief Financial Officer Lee McIntyre - Investor Relations Conference Call Participants Steven Chubak - Wolfe Research Mike Mayo - Wells Fargo John McDonald - Autonomous Research Betsy Graseck - Morgan Stanley Glenn Schorr - Evercore ISI Matt O’Connor - Deutsche Bank Ken Usdin - Jefferies Gerard Cassidy - RBC Capital Mark ...

jetcityimage In our last coverage of Bank of America Corporation (NYSE:BAC) (NEOE:BOFA:CA), we have generally had the view that the franchise was fairly valued, and the returns would be average. We did do one shift from that view in late October 2023 as the stock became rather undervalued and offered a compelling entry point. Thanks to the barn burner of a rally that followed, we were forced to shift back into neutral and have remained there since. Seeking Alpha The stock has done well since then regardless ...

New housing data has hit the tape this morning. Housing Starts for March came in -14.7% to 1.3 million seasonally adjusted, annualized units. The previous month’s tally has been downwardly revised to 1.45 million from 1.52 million initially reported. Both single-family and multi-family units were lower than expected: 1.1 million and 299K, respectively.Only the West posted a positive number: +7.1%, compared with the -36% result in the Northeast and -23% in the Midwest. Mortgage rates all around the country — ...

Tuesday, April 16th, 2024New housing data has hit the tape this morning. Housing Starts for March came in -14.7% to 1.3 million seasonally adjusted, annualized units. The previous month’s tally has been downwardly revised to 1.45 million from 1.52 million initially reported. Both single-family and multi-family units were lower than expected: 1.1 million and 299K, respectively.Only the West posted a positive number: +7.1%, compared with the -36% result in the Northeast and -23% in the Midwest. Mortgage rates ...

Bank of America’s first quarter results took note of continued use of digital channels in banking — and for payments, too.The bank recorded 3.4 billion digital logins; digital sales represented 50% of total sales, the company noted in its earnings supplementals.Digital households tallied by the banking firm came in at 748,000 in the quarter, at 86% of the installed base, up from 717,000 and 84% a year ago.Zelle numbers showed increased use of P2P payments, as volumes gained about 26% year on year to $106 bi ...

Bank of America (BAC) reported $25.82 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 1.7%. EPS of $0.83 for the same period compares to $0.94 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $25.28 billion, representing a surprise of +2.14%. The company delivered an EPS surprise of +7.79%, with the consensus EPS estimate being $0.77.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...