BofA Co-President: Q2 Market Revenue Growth Could Exceed 15% on Equity Strength
BAC sits 24% above its 52-week low of $43.665 on light trading volume (0.3× avg).
Summary
Bank of America's Co-President Jim DeMare indicated that Q2 market revenue growth could surpass the 15% projection, primarily fueled by strong performance in the equities business. This positive update follows CEO Brian Moynihan's earlier forecast in May for a 15% increase in trading revenue. Exceeding prior guidance for a key revenue segment suggests stronger financial performance than initially anticipated, which is a significant positive for the bank.
At the time of this announcement, BAC was trading at $54.28 on NYSE in the Finance sector, with a market capitalization of approximately $385.2B. The 52-week trading range was $43.66 to $57.55. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.