Mixed Q4 for Bank of America

January 19, 2021
Mixed Q4 for Bank of America

While the EPS came in higher-than-expected, revenue missed expectations

For the quarter ended in December 2020, Bank of America posted mixed figures.

The bank reported revenues that came in lower than the $20.7 billion forecasted at $20.2 billion. On the other hand, the EPS published was 59 cents, ahead of the 55 cents/ share touted.

At the same time, equities revenue was $1.32 billion, topping the $1.22 billion estimate.

According to Brian Moynihan, the bank’s CEO, “In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity.”

For the future, Bank of America will maintain its quarterly dividend of 18 cents and will start repurchasing $2.9 billion in shares in Q1 2021.

After the news hit the wires, the bank’s stock price traded 1.2% lower in premarket trading.

Sources: investing.com

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