Bank of America Shows Signs of Life
Company may be getting its national act together.
After a few consecutive quarters of near misses and broken promises, Bank of America (BAC) finally may be getting its act together. The company's core bank is growing, costs appear to be in check, and newer businesses, such as the Internet bank, are on track. A few more quarters of this, and investors may be able to invest in Bank of America with confidence.
Bank of America beat analysts' first-quarter earnings estimates by $0.09 per share with profits of $1.33, up 23% from the year-earlier period. The bull stock market was responsible for most of Bank of America's higher-than-expected profits. Trading and investment-banking revenue and gains in Bank of America's stock investments pushed the company's fee income up 47% to $4 billion.
Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.