Bank of America earnings for the company’s second quarter of the year has BAC stock up on Wednesday.
Bank of America (NYSE:BAC) starts off its earnings report for the second quarter of 2019 with earnings per share of 74 cents. This is a 17% increase over the company’s earnings per share of 63 cents from the same time last year. It was also a boon to BAC stock by beating out Wall Street’s earnings per share estimate of 71 cents for the quarter.
Bank of America points out that part of the increase to its earnings per share comes from its share repurchase efforts. The company has bought back 7% of its shares over the last 12 months.
Net income reported in the Bank of America earnings release for the second quarter of the year comes in at $7.30 billion. That’s 8% better than the company’s net income of $6.80 billion reported in the second quarter of 2018.
Bank of America earnings for the second quarter of 2019 also includes revenue of $23.10 billion. This is up 2% from the company’s revenue of $22.50 billion reported in the same period of the year prior. However, it doesn’t come in below analysts’ revenue estimate of $23.23 billion for the quarter. Still, this wasn’t keeping BACK stock down today.
Bank of America notes that its net interest income for the second quarter of the year was up 3% from the same time last year. It also saw noninterest income go up by 2% when compared to the second quarter of the previous year.
BAC stock was up 1% as of noon Wednesday and is up 16% since the start of the year.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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