Bank of America Shares Fall on Earnings Beat and Citigroup Shares Dip Slightly
Bank of America
On Thursday, shares of Bank of America fell, closing down 2.86%.
Shares of the American multinational bank fell despite the bank reporting strong first-quarter earnings.
Bank of America reported earnings of $0.86 a share on revenue of $22.8 billion, beating analyst expectations for earnings of $0.66 a share on $21.9 billion in revenue.
In a press release, CEO Brian Moynihan said, “While low-interest rates continued to challenge revenue, credit costs improved, and we believe that progress in the health crisis and the economy point to an accelerating recovery.”
Shares of Bank of America have risen over 25% this year.
On Thursday, shares of Citigroup fell slightly lower, closing down 0.51%.
Shares of the American multinational bank fell after the company beat analysts’ expectations in its first-quarter earnings report.
The bank reported earnings of $3.62 a share on revenue of $19.3 billion, beating analyst expectations for earnings of $2.60 a share on revenue of $18.8 billion. The bank said investment banking revenue increased 46% to $1.97 billion, roughly $300 million more than expected, due to increased interest in equity underwriting due to the uptick in SPAC issuance.
Shares of Citigroup have risen over 15% this year.
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