Bank of America Corp (BAC) is expected to report earnings of 63 cents a share on sales of $22.3 billion before the market opens on Wednesday, Jan. 16, based on a FactSet survey of 25 analysts. In the same period a year ago the company posted earnings of 47 cents a share on sales of $20.4 billion.
The stock has fallen 5.6% since the company last reported earnings on Oct. 15.
Quarterly estimates have fallen 1.8 cents a share in the past month.
Bank of America is currently trading at a price-to-forward-earnings ratio of 9.4 based on the 12-month estimates of 29 analysts surveyed by FactSet.
Wednesday is a busy day for bank earnings with results due from Goldman Sachs Group Inc. (GS) , PNC Financial Services Group Inc. (PNC) Black Rock Inc. (BLK) and Bank of New York Mellon Corp. (BNY) among others.
Among banks that have already reported, Wells Fargo (WFC) managed to beat estimates in the latest quarter, but saw its shares fall after CEO Tim Sloan said the financial giant will likely continue to operate under Federal Reserve sanctions through the end of the year. The sanction, imposed after a series of scandals involving accounts opened without customer consent, erroneous forclosures and more, bar the bank from growing its assets until the matters are fully resolved.
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