BofA (BAC) Shares Rip Higher Following Strong Q4 Numbers; All Ratios Show Improvement
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Price: $13.40 -0.3%
EPS Growth %: -35.5%
Financial Fact:
Net interest income: 10.66B
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EPS Growth %: -35.5%
Financial Fact:
Net interest income: 10.66B
Today's EPS Names:
DSX, REDF, REX, More
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Bank of America (NYSE: BAC) shares are moving higher early Thursday following strong fourth-quarter numbers showing in-line earnings and better-than-expected revs.
Sales in the quarter increased 11.1 percent from $22.398 billion during the same quarter last year to $24.888 billion in the most recent quarter.
Net income swung from a loss of $1.565 billion in 2010's fourth quarter to a gain of $1.584 billion, or 15 cents per share.
The Street was modeling revs of $24.08 billion and earnings of 15 cents per share.
Tier 1 common ratio for BofA improved 1.26 points to 9.86 percent, Tier 1 leverage ratio moved to 7.53 percent, and tangible equity ratio grew 0.79 points to 7.54 percent. The tangible common equity ratio increased to 6.64 percent in the fourth quarter of 2011, up 39 basis points from the third quarter of 2011 and 65 basis points higher than the fourth quarter of 2010.
Tangible book value moved from $12.98 to $12.95.
"We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company," said Chief Executive Officer Brian Moynihan. "Reflecting a gradually improving economy, we saw solid business activity by companies of all sizes, with commercial and industrial loan balances rising 13 percent from the fourth quarter of 2010, and small business loan originations increasing approximately 20 percent in calendar year 2011."
BofA gained $2.9 billion on the China Construction Bank stake sale, $1.2 billion from the sale of trust preferred securities, and $1.2 billion on debt sales.
Shares of BofA are up more than 10 percent ahead of the bell Thursday.
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Sales in the quarter increased 11.1 percent from $22.398 billion during the same quarter last year to $24.888 billion in the most recent quarter.
Net income swung from a loss of $1.565 billion in 2010's fourth quarter to a gain of $1.584 billion, or 15 cents per share.
The Street was modeling revs of $24.08 billion and earnings of 15 cents per share.
Tier 1 common ratio for BofA improved 1.26 points to 9.86 percent, Tier 1 leverage ratio moved to 7.53 percent, and tangible equity ratio grew 0.79 points to 7.54 percent. The tangible common equity ratio increased to 6.64 percent in the fourth quarter of 2011, up 39 basis points from the third quarter of 2011 and 65 basis points higher than the fourth quarter of 2010.
Tangible book value moved from $12.98 to $12.95.
"We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company," said Chief Executive Officer Brian Moynihan. "Reflecting a gradually improving economy, we saw solid business activity by companies of all sizes, with commercial and industrial loan balances rising 13 percent from the fourth quarter of 2010, and small business loan originations increasing approximately 20 percent in calendar year 2011."
BofA gained $2.9 billion on the China Construction Bank stake sale, $1.2 billion from the sale of trust preferred securities, and $1.2 billion on debt sales.
Shares of BofA are up more than 10 percent ahead of the bell Thursday.
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