5 Stocks That Surpassed Earnings Expectations

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 87

Shares of Bank of America Corporation (NYSE:BAC) hit a new 52-week high of $46.27 on Friday, 15 October 2021, after the Charlotte-based financial services holding company posted better-than-expected results for the third quarter.

Bank of America Corporation (NYSE:BAC) reported earnings of 85 cents per share, beating the consensus forecast of 71 cents per share. Revenue came in at $22.8 billion, ahead of the consensus forecast of $21.68 billion. The company had reported earnings of 51 cents per share on revenue of $20.3 billion in the same period last year.

Discussing the results, CEO Brian Moynihan said in a statement:

“We reported strong results as the economy continued to improve and our businesses regained the organic customer growth momentum we saw before the pandemic. Deposit growth was strong and loan balances increased for the second consecutive quarter, leading to an improvement in net interest income even as interest rates remained low.”