BAC stock was trading at $33.71 as of 01:52 PM EDT.
Bank of America (NYSE:BAC) stock went up 2.7% in premarket trading on Monday because the company’s Q3 earnings beat Wall Street’s expectations. This was due to rising interest rates, strong consumer and international banking segments, and relatively stable revenue from global markets. The bank raised its provision for bad debt so that it would have more money in case the economy got worse.
Growth in the company’s Global Markets division’s sales and trading revenue from fixed income, currencies, and commodities helped to offset a drop in revenue from stocks.
In Q2, EPS increased from $0.73 in Q1 to $0.81 in Q2, exceeding the $0.78 consensus. EPS fell to $0.85 in Q3 2021 from $0.85 in Q3 2021. Average loan and lease balances were $1.03T, up from $1.02T in Q2, and average deposits were $1.96T, down from $2.01T in Q2.
BAC stock outlook
Bank stocks began the third quarter earnings season on Friday. On October 17, Bank of America (NYSE:BAC) added its voice by releasing its quarterly results before the market opened. Following the financial services giant’s third-quarter earnings and sales beat, Bank of America shares are currently up over 5%.
The stock has been losing ground recently. On Thursday, the shares went up by more than 6%, but on Friday, they didn’t change at all. This was because many other bank stocks reported good quarterly results and traded well, even though the market as a whole was going down.
Some people are worried that the rally may have peaked because the price of Bank of America is going up while it is getting close to a major downtrend point. More on this is here on TheStreet.
BAC Stock Discussion: Why Bank Of America Corporation Is Trending?
Featured Image – Megapixl © Robwilson39
Author Jowi Kwasu 
