Thomson Reuters has consensus estimates for Bank of America earnings of -$0.09 per share on $21.36 billion in revenue. In the third quarter of last year it reported earnings of $0.20 per share and $21.53 billion in revenue. Looking ahead to the current quarter, estimates calls for $0.34 in earnings per share and revenue of $21.67 billion.
Of the three other major banks that have reported, only Citigroup has had a positive response in the first two hours of trading, up over 2%. Wells Fargo and J.P. Morgan were both down over 1%. It is worth noting that Bank of America also trades at a discount to book value similar to Citigroup.
As of last quarter, Bank of America’s tangible book value per share had increased 7% year-over-year to $14.24. The bank’s stated book value per share was $21.16 at the end of June, compared to $20.75 in March.
Bank of America has seen its shares rise about 11% over the third quarter to close at $17.05 from the open of $15.32. Shares during this time had a trading range of $14.84 to $17.20. However in the days ahead of the report, shares have fallen almost 6% from the relative high of $17.41 in early October to Monday’s close of $16.40.
Bank of America shares were trading at $16.43 Tuesday. The stock has a consensus analyst price target of $18.09 and a 52-week range of $13.80 to $18.03. The company has a market cap of roughly $173 billion.
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