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Bank of America Corp. (NYSE: BAC) announced Q4 2023 financial results before the opening bell in Wall Street on Friday.
The US bank reported revenue that fell short of estimates of $23.5 billion vs. $23.703 billion expected.
Earnings per share was reported well below analyst expectations at $0.35 per share vs. $0.533 per share estimate.
Company overview
CEO commentary
“We reported solid fourth quarter and full-year results as all our businesses achieved strong organic growth, with record client activity and digital engagement. This activity led to good loan demand and growth in deposits in the quarter and full-year net income of $26.5 billion. Our expense discipline allowed us to continue investing in growth initiatives. Strong capital and liquidity levels position us well to continue to deliver responsible growth in 2024,” CEO of Bank of America, Brian Moynihan said in a press release.
Stock reaction
The stock was down by just over 1% on Friday at $32.77 a share.
Stock performance
Bank of America stock price targets
Bank of America Corp. is the 39th largest company in the world with a market cap of $256.76 billion.
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Sources: Bank of America Corp., TradingView, MarketWatch, CompaniesMarketCap, MarketBeat
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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