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Bank of America: Financial Winner

Stocks in this article: BACI:BKX

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 Chart BAC data by YCharts

Interested in more on Bank of America? See TheStreet Ratings' report card for this stock.

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-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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