Bank of America Corp Second Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Bank of America Corp (NYSE:BAC) will unveil its latest earnings on Tuesday, July 19, 2011. Bank of America Corporation is a bank holding and a financial holding company which, through its subsidiaries, provides banking and other financial services and products to customers in the United States and abroad.

Bank of America Corp Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for a loss of 91 cents per share, a swing from net income of 27 cents in the year earlier quarter. During the past three months, the average estimate has moved down from 31 cents. Between one and three months ago, the average estimate moved down and dropped from 28 cents during the last month. For the year, analysts are projecting net loss of 16 cents per share, a swing from profit of 86 cents last year.

Past Earnings Performance: The company is looking to break the streak of missing estimates in the past two quarters. Last quarter, it fell short of analyst expectations by reporting net income of 17 cents per share against an estimate of profit of 27 cents per share. The quarter before that, it missed forecasts by 15 cents.

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Wall St. Revenue Expectations: On average, analysts predict $25.92 billion in revenue this quarter, a decline of 11.1% from the year ago quarter. Analysts are forecasting total revenue of $104.22 billion for the year, a decline of 5.4% from last year’s revenue of $110.22 billion.

Analyst Ratings: Analysts are bullish on Bank of America as 13 analysts rate it as a buy, none rate it as a sell and 13 rate it as a hold.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 15.5% to $32.71 billion in first quarter. The figure fell 10.8% in the fourth quarter of the last fiscal year from the year earlier, dropped 3.9% in third quarter of the last fiscal year from the year-ago quarter and 12.8% in the second quarter of the last fiscal year.

Bank of America’s profit in the latest quarter follows losses in the previous two quarters. The company reported a profit of $2.05 billion in the first quarter, a loss of $1.24 billion in the fourth quarter of the last fiscal year and a loss of $7.3 billion in the third quarter of the last fiscal year.

Competitors to Watch: Citigroup Inc. (NYSE:C), Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Goldman Sachs Group, Inc. (NYSE:GS), Barclays PLC (NYSE:BCS), Morgan Stanley (NYSE:MS), PNC Financial Services (NYSE:PNC), KeyCorp (NYSE:KEY), and American Express Company (NYSE:AXP).

Stock Price Performance: During April 15, 2011 to July 13, 2011, the stock price had fallen $2.61 (-20.4%) from $12.81 to $10.20. Shares have been on an upward streak of late, closing up every day between July 7, 2011 and July 13, 2011. It saw one of its worst periods between December 15, 2010, and December 22, 2010, when shares fell for six-straight days, falling 8.2% (-$1.09) over that span. Shares are down $3.12 (-23.4%) year to date.

(Source: Xignite Financials)

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