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Bank of America Corporation (BAC)
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Barclays Raises Price Bank of America Corporation (BAC) $45.00 ➝ $49.00 Overweight
Oppenheimer Raises Price Bank of America Corporation (BAC) $48.00 ➝ $51.00 Outperform
RBC Raises Price Bank of America Corporation (BAC) $44.00 ➝ $50.00 Outperform
$25 Billion in NI through 9 months add another $8 billion and BAC's at $33 Billon for the year. Say no buybacks in Q4 that give BAC $4/ share. If you apply a PE of 15 BAC's trading at $60. Could that happen??
If you're feeling low, have a look at BAC's 1-year chart! It's been an amazing rally. Something must have happened late last fall to lift investors' spirits and compel them to buy BAC. Because the rally has been stupendous!
10/14/2021 - 12:26:00 - Bank of America Corp. said Thursday that third-quarter profit rose 58%, suggesting banks' lending businesses are starting to improve from a pandemic slump.
The bank released $1.1 billion of the reserves it had set aside for pandemic loan defaults, helping boost its profit. Revenue was up 12% from the year-ago period.
Bank profits soared in the latest quarter in large part because the U.S. economy bounced back so quickly from the pandemic recession. Banks last year set aside billions of dollars to prepare for a wave of loan defaults, but now they are releasing the money they had socked away. That helped power double-digit earnings gains at JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. Equities trading and a deal-making boom also pushed up earnings.
Much of the country's economic activity flows through Bank of America and its peers, offering a real-time view of how consumers and businesses are recovering from the pandemic. Despite an improving economy, banks have had difficulty growing their loan books this year. Total loans outstanding were down from a year ago at Bank of America and Wells Fargo , and flat at Citigroup.
Still, bank executives said they see signs that consumers and businesses have an increasing appetite for debt. Bank of America said its consumer and small-business customers were spending at well ahead of pre-pandemic levels.
The bank's outstanding loans and leases totaled $927.74 billion at the end of the third quarter, up slightly from the second quarter but down 3% from a year earlier. If not for the runoff in government Paycheck Protection Program loans, the bank's loan book would have grown almost 2% from the second quarter.
Commercial lending inside the U.S. and abroad ticked up from a year ago. Additionally, more people borrowed against their stock portfolios. Securities-based loans to wealth-management clients jumped by about one-quarter over the past year.
The bank benefited from a rebound in net interest income, which includes the money it makes on loans and holdings of debt instruments such as mortgage-backed securities. Net interest income rose 10% from a year earlier to $11.1 billion .
"We're anticipating more loan growth across all of our products," Paul Donofrio , the bank's exiting chief financial officer, said on a call with reporters Thursday.
Bank of America's noninterest income, which includes fees, rose 14% from a year earlier to $11.67 billion . A boom in mergers and acquisitions helped lift investment-banking fees across the industry. Advisory fees more than tripled at Morgan Stanley and Citigroup, and more than doubled at JPMorgan. They rose 65% at Bank of America .
The bank's investment bank has often trailed peers, but Mr. Donofrio said that the pipeline of deals remained robust going into the fourth quarter. Equities-trading revenue rose almost across the board at the banks, but fixed-income trading slowed. JPMorgan and Citigroup both reported a 5% drop in overall trading revenue; Morgan Stanley reported a 6% increase.
At Bank of America , total adjusted trading revenue was $3.63 billion , up 9% from a year earlier. Overall, the second-largest U.S. bank earned $7.69 billion , up from $4.88 billion in the same period a year earlier. Per-share earnings of 85 cents topped the 71 cents that analysts polled by FactSet had expected.
Revenue totaled $22.77 billion , up 12% from $20.34 billion a year ago. That beat analysts' expectations for revenue of $21.68 billion . Analysts and investors also have been keeping a close eye on expenses, which rose in recent quarters. Noninterest expenses were roughly flat from a year earlier at $14.44 billion .
BAC Will melt up to 50 bucks by end of year……a juggernaut….only getting stronger every quarter…… great management,the Tom Brady of Banks…..we could see 55 or 60 by next year at this time …….and a .25 cent or more dividend……keep loading up if you can.
BAC stock is outperforming the DOW once again! Thank you, Big Joe, for your record-breaking 2021 bull market! It's been awesome!
It is my mom's birthday today. Buying her 1000 shares $AMC as it is Kenny G's birthday too. What a perfect gift for both!
Do you think it's possible....do I dare say this out loud....do you think we'll see...+$46 today? Do ya?
Bid $45.91. Ahhhh....PROFIT! I must ask....isn't that the ultimate drug and high for a Capitalist? A direct feed of it straight into the veins....quite the...narcotic...isn't it?
6:58 AM EDT, 10/14/2021 (MT Newswires) -- Bank of America (BAC) posted Q3 earnings Thursday of $0.85 per share, up from $0.51 per share a year earlier. Analysts surveyed by Capital IQ projected $0.71.
Revenue was $22.8 billion for the quarter ended Sept. 30, up from $20.3 billion a year ago. The consensus estimate was $21.6 billion.
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Bank of America reached a 52 Week high at 46.23
In response to the statement that ETH is not competitive with BTC, many people have taken the time to compare, metaphorically speaking, if you were shopping for a new car, would you buy the model that came out six years ago or the new improved model with improved features?
Hats off to Brian Moynihan. He is the total antithesis of Ken Lewis. Lewis made the single worse acquisition of Countrywide Financial and walked away with a huge severance pay.
Let me explain to you something...
MCD stock rises for the last 5 years. despite sales down years after years. PE up to 30..
Why. MCD sells its international real estate and business and buy its stock.?
What should BAC stock be? I think $100 year end..
Don't sell, just hold it like AAPL.. In fact, you want to buy at any dips..
Help me to help you.. Stop analyze this and analyze that...
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An auto stock can have PE of 400.. Why high tech bank like BAC can't have PE of 30?
Take on the day: BAC bought back 250,000,000 shares of stock in the Qtr. That's $210,000,000 in dividends that won't be paid. Almost$.03/share.
Volume heavy. So far a new 52wk high at $44.91 has been hit. We'll have to see how it closes...see if the bus gets pushed over $45...but so far...well..what's not to like if you're on the buy side of the table? G/L in the final half hour...
Man, this is a brutal board. I read some comments that make absolute sense, from both sides and they got hammered. God bless and good luck to all. j.salca
Bashers where are you? Switch sides yet? MOASS getting closer.
Could be November could be anytime after. The longer it takes, the more we buy and increase our position in $AMC.
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