Why Bank Of America Shares Are Rising

Bank of America Corp BAC shares are trading higher by 2.32% at $38.44 after the company reported better-than-expected first-quarter EPS and sales results.

Bank of America reported quarterly earnings of 80 cents per share which beat the analyst consensus estimate of 74 cents. This EPS figure represents a decrease over earnings of 86 cents per share from the same period last year. Bank of America reported quarterly sales of $23.20 billion which beat the analyst consensus estimate of $23.11 billion. This sales figure represents a 1% increase over sales of $22.93 billion in the same period last year.

Bank of America says sales and trading revenue decreased 7% to $4.7 billion. FICC revenue declined to $2.7 billion, driven by the absence of gains in commodities from a weatherrelated event in first-quarter 2021 and a weaker credit trading environment, partially offset by improved performance across macro products. Equities revenue increased to $2.0 billion, driven by increased client activity and a strong trading performance in derivatives.

Bank of America Chair and CEO Brian Moynihan said: “We achieved solid first-quarter results earning $7.1 billion, continuing the momentum from record net income in 2021. Across our businesses, ongoing organic growth combined with good expense management drove operating leverage for the third consecutive quarter. Year over year we grew loans $70 billion and deposits by $240 billion. Our teammates supported our clients while managing through the impacts of the pandemic, war in Ukraine, and an evolving rate environment. Our strong first quarter client activity drove results that allow us to deliver for shareholders while continuing to invest in our people, businesses, and communities.”

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According to data from Benzinga Pro, Bank of America has a 52-week high of $50.11 and a 52-week low of $36.51.