Bank of America Corp (NYSE:BAC) is gearing up to announce its quarterly earnings on Tuesday, October 17, 2023, at around 6:45 AM ET.
Analysts are optimistic about the bank surpassing expectations, with a consensus earnings estimate of $0.80 per share on revenue totaling $25.21 billion, reflecting a 17.0% year-over-year decline.
Despite this decline, analysts are suggesting an earnings beat with an estimated $0.83 per share.
Investors, however, seem cautious ahead of the earnings release, with 78.7% anticipating a beat. Short interest has decreased by 12.4% since the previous earnings release, but the stock has seen a 10.8% dip from its open following the last earnings release, currently resting 11.0% below its 200-day moving average of $30.07, according to Earnings Whisper.
Historically, the stock has seen an average 2.8% move in recent quarters following earnings announcements.
The bank’s most recent earnings, in 2Q, surpassed expectations fueled by customer base growth and the boost from higher interest rates. The bank saw an 11% year-over-year revenue rise to $25.2 billion and a 19% increase in net income to $7.4 billion for the three months ended June 30, 2023.
Earnings per share also exceeded estimates, demonstrating gains in Sales and Trading and Investment Banking businesses.
Shares of Bank of America were up around 0.8% on Monday at $26.98.