5 Stocks Making Big Moves After Releasing Their Financial Results

2. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 84

Shares of Bank of America Corporation (NYSE:BAC) rose for two consecutive trading sessions after announcing better-than-expected financial results for the first quarter on Monday, April 18, 2022.

Bank of America Corporation (NYSE:BAC) reported earnings of 80 cents per share, compared to 86 cents per share in the same period last year. Revenue came in at $23.2 billion versus $22.8 billion in the comparable period of 2021. The results exceeded analysts’ average estimate of 74 cents per share for earnings and $23.1 billion for revenue.

In addition, Bank of America Corporation (NYSE:BAC) reported that its net interest income increased 13 percent on a year-over-year basis to $11.6 billion. The surge was attributed to solid deposit growth and higher interest rates in the quarter.

Speaking on the results, CEO Brian Moynihan said in a statement:

“We achieved solid first-quarter results earning $7.1 billion, continuing the momentum from record net income in 2021. Across our businesses, ongoing organic growth combined with good expense management drove operating leverage for the third consecutive quarter. Year over year we grew loans $70 billion and deposits by $240 billion.”