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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

(BAC)
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Bank of America : Profit Rises Sharply

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01/16/2019 | 07:06am EDT

By Rachel Louise Ensign

Bank of America Corp. said Wednesday that fourth-quarter profit rose sharply from a year ago.

Quarterly profit at the Charlotte, N.C.-based bank, the second largest in the U.S. by assets, was $7.3 billion, compared with $2.4 billion a year ago. Per share, earnings were 70 cents. Analysts polled by Refinitiv had expected 63 cents per share.

Earnings benefitted from the corporate tax cut passed in late 2017. In the same quarter a year ago, Bank of America took a large one-time charge related to the tax overhaul.

The lender's bottom line was also lifted by rising interest rates. Bank of America has been able to charge higher rates on loans but has not paid out much more to depositors, boosting profits. In December, the Federal Reserve raised its benchmark rate for the fourth time in 2018.

Still, investors have turned gloomy on bank stocks. This is the last quarter where earnings growth will benefit from favorable comparisons to a period when corporate tax rates were higher. And the Federal Reserve has signaled a more cautious approach to future rate hikes.

Write to Rachel Louise Ensign at rachel.ensign@wsj.com

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Financials (USD)
Sales 2019 91 774 M
EBIT 2019 36 384 M
Net income 2019 25 557 M
Debt 2019 -
Yield 2019 2,13%
P/E ratio 2019 11,5x
P/E ratio 2020 10,4x
Capi. / Sales2019 3,07x
Capi. / Sales2020 3,08x
Capitalization 282 B
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Technical analysis trends BANK OF AMERICA CORPORATIO
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 33,02  $
Last Close Price 31,02  $
Spread / Highest target 41,8%
Spread / Average Target 6,44%
Spread / Lowest Target -9,74%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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