The above items "are expected to negatively impact reported third quarter EPS by approximately $0.28," the company said.
KBW analyst David Konrad rates Bank of America "Market Perform," with a $10 price target, saying on Monday as part of his firm's third-quarter earnings preview for universal banks that "2e expect the expense line to be a big piece of the quarter at $17.6 billion, with about $2.6 billion coming from its Legacy Asset Services Division," and that "BAC's cost savings initiatives are just ramping up and we are only expecting $200 million to come in this quarter--but we are hopeful management can help investors walk through how the $17 billion to $18 billion per quarter current expense run rate should be $15 billion to $16 billion in the future."
Investors will also expect Brian Moynihan to comment on Bank of America's long-running dispute with Fannie Mae, over the government-sponsored mortgage giant's mortgage repurchase claims against the company.
During the second quarter alone, Bank of America's total mortgage putback demands from investors rose 41%, to $22.7 billion, as of June 30.BAC data by YCharts
Interested in more on Bank of America? See TheStreet Ratings' report card for this stock.
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