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.