: Bank of America stock jumps toward 13-year high after profit beat, new billion buyback program #FinanceUSA #StockMarketNEWS Shares of Bank of America Corp. rose 1.8% toward a 13-year high in premarket
@stockMarketNEWS Thu 15 Apr, 2021
Bank of America stock jumps toward 13-year high after profit beat, new billion buyback program #FinanceUSA #StockMarketNEWS
Shares of Bank of America Corp. rose 1.8% toward a 13-year high in premarket trading Thursday, after the bank reported profit that more than doubled and beat expectations, citing strong growth in capital markets and lower credit costs, and set a billion stock repurchase program. Net income rose to .1 billion, or 86 cents a share, from .0 billion, or 40 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 66 cents. Total revenue was unchanged at .8 billion, but topped the FactSet consensus of .90 billion, while net interest income (NII) dropped 15.9% to .20 billion to fall shy of expectations of .27 billion. Consumer banking revenue fell 12% to .1 billion, as lower rates led to lower NII, while global markets revenue climbed 19% to .2 billion. Provision for credit losses improved to a benefit of .9 billion from a cost of .8 billion. Separately, the bank said it has authorized the repurchase of up to billion worth of common stock over time. That represents about 7.3% of Bank of America's market capitalization of 4.29 billion. The stock, which is on track to open at the highest price seen since May 2008, has rallied 20.8% over the past three months through Wednesday, while the S&P 500 has gained 9.5%.