Jul 17, 2024
 in 
Hot Stocks 🔥

Bank Of America Stock Up After Earnings | Nemo

Name of opportunity: 👀

Bank of America

Stock up (unlike some competitors): 📈

After Bank of America released its Q2 earnings yesterday, its stock rose after it reported higher revenue and profit than analysts had predicted. Analysts had predicted a revenue of US$ 25.20 billion, but it reported a figure of US$25.38 billion, which is 0.69% higher. 

Competing banks Wells Fargo and JPMorgan both experienced a drop in their stock after their Q2 earnings releases, and both reported a decline in profit - the day after each banks’ earnings came out, their stock fell 6% and 1.2% respectively. Citigroup’s stock also fell in value, by 1.8%. 

How hot is this investment opportunity? 🔥🔥🔥

Bank of America is currently rated a ‘Buy’, although analysts’ overall estimate is that the stock will decline in value over the next 12 months. They think it will drop by 10.31%. One reason Bank of America’s stock could fall is the current trend that we mentioned earlier in this Hot Stocks post, in which banks are reporting lower profit and stock is falling. 

In Bank of America’s Q2 earnings press release, Global Wealth and Investment Management performed very well this quarter, with a revenue of $5.6 billion (up 6% year-on-year) - which impressed investors. However, Consumer Banking’s revenue fell by 3%. Some analysts think the US economy may be slowing. They have also highlighted high interest rates as a key reason for less consumer borrowing

All the way to the bank: 🏦

Bank of America is the United States’ second-largest banking institution and the second-largest bank in the world by market cap, in both cases following JPMorgan Chase. BoA’s segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets. The heritage of this bank can be traced through mergers all the way back to 1794, when Massachusetts Bank was founded - but Bank of America itself was first formed in 1928, through a merger between Bank of America, Los Angeles and the US based Bank of Italy. As of December 31, 2023, Bank of America had 213,000 employees. 

Which neme?: 🔍

‘Banks, ‘Analyst Recommendation Changes’, ‘Copy Warren Buffett’, and ‘This Week’s Earnings’ 

Download Nemo to compare BoA stock to competitors like JPMorgan

Han Tan

Han Tan is Chief Market Analyst at Nemo.money, bringing over a decade of experience in financial markets as both a seasoned journalist and analyst. Known for his sharp insights into stocks, currencies, and commodities, Han has become a familiar face to national audiences through appearances on Bloomberg TV Malaysia, BFM 89.9, and NTV7 — earning him a trusted reputation in financial media. Before joining Nemo, Han served as Market Analyst at Exinity Group from 2019, where his commentary on macroeconomic trends and market-moving news was regularly featured by global outlets including Reuters, Bloomberg, CNN, BBC, and AFP. Today, Han brings that same clarity and depth to Nemo’s community, delivering content-led ideas that empower first-time investors to confidently navigate global markets.