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Bank of America ( BAC) will release first-quarter earnings on Thursday before the markets open. Analysts expect the Charlotte, N.C.-based bank to post earnings per share of 21 cents on sales of $20.3 billion. During the same quarter last year, the company posted earnings of 27 cents per share with revenue of $21.4 billion.
Jim Cramer commented on Bank of America stock on Monday: “This stock has been hammered mercilessly, and it still has risk. It is not our favorite, but we recognize the price to book has gotten absurd and it is a good hedge against higher Fed rates if they do take them up at an accelerated rate.”
Bank of America is a holding in Jim Cramer’s Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells BAC?
“The Stock” is still very much the Brian Moynihan story,” said Jim Sinegal, senior equity analyst at Morningstar, referring to the bank’s CEO. “He’s really done a great job of fixing the bank after all of the problems it went through in the financial crisis.”
Must Read: JPMorgan Beats Estimates as Mortgage Business Expands.
Sinegal said he’ll be watching the company’s expenses for the quarter. The bank has been cutting costs as of late and Sinegal is curious to see if those efforts have continued.
As for the stock market volatility at the start of 2016, Sinegal said the bank is a bit more insulated from those risks than some of its peers.
“Bank of America is very much a play on the U.S. consumer,” he said.
Sinegal said he is anxious for commentary on how B of A’s auto lending efforts are doing, as well as how the bank reacted to the Federal Reserve’s historic rate hike in December.
Shares of Bank of America have lost 21% year to date, compared to the 7.3% drop for financials stocks in the broad S&P 500.
“We like Bank of America,” he said. The bank has a little bit more control of its future than some of the other banks that are performing better, he added.
“Over the next year or two, the housing market should start to improve as Millennials age from their twenties into their thirties,” he said. “We think a long-overdue rebound in the housing market is just about to begin, and we think that will be great for Bank of America.”
Broad Street Alerts has not been compensated for the mention of (BAC) and we do not hold any positions.