Bank of America (BAC) and Morgan Stanley (MS) have topped Q4 earnings, sending their stocks soaring. The strong results come as bank earnings continue to roll in.
Bank of America reported earnings of 82 cents per share, more than doubling from last year’s 35 cents. Revenue increased 15% to $25.3 billion, beating analyst expectations of $25.12 billion. Net interest income rose 3% to $14.4 billion, driven by global markets activity and loan growth.
BAC stock eased slightly after a strong trading day on Wednesday, when it gained 2.9%. The stock is now within striking distance of a buy point at 48.08, having advanced 6% this year.
Morgan Stanley, on the other hand, reported earnings of $2.22 per share, surpassing analyst estimates by 30 cents. Revenue spiked 26% to $16.223 billion, and investment banking revenue increased 25%. The stock climbed 4% on Thursday, retaking support at its 50-day moving average.
The strong results from BAC and MS have lifted the broader banking sector, with JPMorgan Chase (JPM) and Goldman Sachs (GS) also beating expectations. With more bank earnings due out, investors are eagerly watching for further signs of resilience in the sector.
Source: https://www.investors.com/news/bank-of-america-morgan-stanley-q4-2024-earnings-bac-stock-ms-stock