Breaking: Bank of America (BAC) Q1 earnings beat expectations

Bank of America (BAC) posted Q1 2021 earnings on Thursday. Earnings per share (EPS) was $0.86, beating Wall Street analyst expectations for $0.66. Revenue for the quarter came in at $22.82 billion, just ahead of expectations for $22.13 billion.

Bank of America also announced a $25 billion common stock repurchase plan and that it would distribute additional capital to shareholders when the repurchase is complete. The repurchase plan is subject to Federal Reserve (FRB) restrictions, and distributions to shareholders will be made after these expire.

Revenue from investment banking was $2.25 billion. On Wednesday, Goldman Sachs and Wells Fargo had posted strong results also beating expectations.

BAC stock price

Bank of America is trading at $40.78 in Thursday premarket, up 2%.

BAC stock chart

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