Bank of America Q3 adjusted EPS hits $1.08, below the $1.10 analyst forecast

what happened

Bank of America Corporation reported adjusted quarterly earnings of $1.08 per share for the quarter ended September 30. A year earlier the bank posted $1.06 per share. The average forecast of twenty analysts was $1.10, and the range of estimates ran from $1.04 to $1.19 per share.

Revenue climbed 6.6% year on year to $30.12 billion, while analysts had expected $30.69 billion. Quarterly net income came in at $6.54 billion, and reported earnings per share were 91 cents. The figures come from LSEG data.

The shares fell 0.9% over the quarter and are down 1.9% so far this year. Over the past three months the mean earnings estimate fell about 6.6%, and seventeen analysts cut their estimates during the last 30 days.

why it matters

The quarter missed consensus on both earnings and revenue, and the wave of downward estimate revisions keeps attention on the bank's net interest income and cost trends. The median 12-month analyst price target is $66.00, about 18.2% above the last close of $53.96. The consensus rating remains "buy," but that reflects analysts' views rather than a recommendation from Newsmetry.

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