October 3, 2023

Why Bank of America Shares Are Rising Today

Bank Of America Corp (NYSE: BAC) is trading higher Wednesday morning after the company announced better-than-expected fourth-quarter earnings results.

Bank Of America reported quarterly earnings of 82 cents per share, which beat the estimate of 76 cents per share, representing an increase of 28% year-over-year. The company reported quarterly revenue of $22.1 billion, up 10% year-over-year.

Average loan and lease balances were up $10 billion to $945 billion. Bank Of America attributed the loan and lease improvement to strong commercial loan growth and higher card balances.

“We earned a record $32 billion in 2021, with every business line solidly contributing,” said Brian Moynihan, chairman and CEO of Bank Of America. 

“Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy.”

Bank of America is one of the largest financial institutions in the United States with more than $3 trillion in assets.

See Also: Why SoFi Technologies Shares Are Trading Higher Today

BAC Price Action: Bank Of America has traded as low as $29.57 and as high as $50.08 over a 52-week period.

The stock was up 4.09% at $48.15 at time of publication. 

Photo: Mike Mozart from Flickr.

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