Important points
Bank of America (BAC) is scheduled to release its fourth-quarter earnings report before the opening bell on Thursday, with analysts expecting higher sales and profits.
Analysts like the bank’s stock, with 11 of the 12 analysts tracked by Visible Alpha giving the bank a buy or equivalent rating, and just one giving it a hold rating. . Their average price target is around $52, implying a nearly 16% premium to the stock’s closing price on Monday.
Bank of America is expected to report net interest income of $14.18 billion in the final quarter of 2024, with revenue expected to grow year over year to $24.95 billion.
Net income, meanwhile, is expected to be $6.28 billion, up from a year earlier when Bank of America and other major banks recorded billions of dollars in charges related to special assessments from the Federal Deposit Insurance Corporation. Almost double.
The results came after Bank of America beat expectations in each of the first three quarters of the year, driven by growth in its wealth management and investment banking divisions.
Bank of America’s stock price has risen more than 37% over the past 12 months, to $45.06 as of Monday’s close.
