BofA (BAC), Wells Fargo (WFC) : Q116 Earnings Whisper

Bank of America (BAC) and Wells Fargo (WFC) are both scheduled to report earnings before the open on Thursday.

Wall Street analysts are on average expecting BofA to post $20.3 billion in sales during the quarter. This would show a 2.53% increase from the Q415 revenue of $19.8 billion. EPS in Q116 are expected to come in at $0.21, a decline rate of 22.22% from $0.27 per share a year earlier. Meanwhile, EarningsWhisper.com reports a whisper number of $0.26 per share.

As a quick reminder, Bank of America reported Q415 EPS of $0.28, $0.02 better than the Street’s consensus estimate. Revs increased 1.12% yoy to $19.8 billion versus the $19.86 billion consensus.

Shares of BofA are up 0.36% at $13.84 as of this writing.

Wells Fargo & Company – Analysts expect the banking giant to report Q116 earnings per share of $0.98 and revenue of $21.6 billion. That would be $0.05 lower the $1.03 per share posted last quarter and $0.06 lower the $1.04 posted in the Q115. Revenue is projected to be $21.6 billion. Meanwhile, EarningsWhisper.com reports a whisper number of $1.00 per share.

Wells reported Q415 EPS of $1.03, $0.01 better than the Street’s consensus estimate of $1.02. Revenue increased 0.93% year-over-year to $21.6 billion vs the $21.8 billion consensus.

So far this morning, WFC is indicated +2.64%.

Update: Bank of America reported earnings of $0.21 per share on revenues of $19.70 billion, down 8% from a year ago. Analysts were expecting EPS of $0.21 on revenues of $20.32 billion.

Shares of Wells Fargo & Company are down $0.63 to $48.40 after the company released its earnings results. The San Francisco-based bank said in its quarterly report that it earned $0.99 per share, 1 penny above the $0.98 per share analysts were expecting. Revenue rose 4.2% to $22.20 billion, above views for $21.6 billion.

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