By Steve Gelsi
Financial institution of America Corp. weighs in with its third-quarter earnings replace because the financial institution seems to proceed the momentum from the primary half of the yr.
Here is what to anticipate when the banking conglomerate (BAC) delivers its numbers earlier than the opening bell.
What to anticipate
Earnings: Financial institution of America is predicted to publish third-quarter earnings of 81 cents a share, down from 84 cents a share within the year-ago quarter, in line with FactSet consensus estimates.
Analysts have trimmed their revenue solely barely from the forecast of 83 cents a share firstly of the quarter, as Financial institution of America’s giant shopper banking unit advantages from a comparatively robust U.S. financial system and jobs image.
Income: Analysts are on the lookout for the financial institution to publish income of $25.13 billion for Financial institution of America, up from the year-ago determine of $24.5 billion.
Inventory motion: Caught up within the bearish sentiment within the sector, Financial institution of America inventory dropped 4.6% throughout the third quarter. Up to now month, Financial institution of America’s inventory has dropped by 6.1% prior to now month, in comparison with a 1.7% drop by the S&P 500 SPX.
What else to observe for: Financial institution of America will present updates on its deposits, which have been within the highlight as account holders transfer cash into higher-yielding product equivalent to certificates of deposits.
One vibrant spot could possibly be Financial institution of America’s buying and selling volumes in its fixed-income enterprise, amid cash actions in international markets and fluctuations in bond yields.
As key knowledge factors such because the month-to-month jobs report proceed to replicate a powerful shopper, Financial institution of America’s giant credit-card enterprise could present perception into the state of the financial system.
-Steve Gelsi
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10-17-23 0313ET
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