Bank of America, Morgan Stanley trade near buy points after Q4 beats.
Bank of America and Morgan Stanley reported Q4 earnings early Thursday, as banking results continued to expand. BAC stock is trading in a buy position, MS shares rose to entry.
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Bank of America (BAC) revenue doubled to 82 cents from 35 cents last year. Revenue grew 15 percent to $25.3 billion.
FactSet analysts expect earnings of 77 cents per share on revenue of $25.12 billion.
Net interest income rose 3 percent to $14.4 billion, driven primarily by international market activity, fixed-rate asset changes and loan growth.
Bank of America’s provision for credit losses rose to $1.5 billion from $1.1 billion last year.
Bank of America stock
BAC stock was slightly lower early Tuesday after closing up a 2.9% gain on Wednesday on strong trading volume. Shares ended Wednesday less than 1 percent below the 48.08 buy point, based on a seven-week high.
Bank of America was up 7.2 percent this year through Wednesday.
Morgan Stanley
Morgan Stanley (M.S) rose to $2.22 per share from 85 cents last year, clearing analysts’ estimates of $1.70.
Revenue rose 26 percent to $16.223 billion, compared with $15.03 billion expected by analysts polled by FactSet.
Investment banking revenue grew 25 percent to $1.64 billion.
Morgan Stanley boosted its loan loss provision from $3 million to $115 million last year.
Shares of MS rose 1.6 percent early Thursday. Morgan Stanley gained 4.8% on Wednesday, regaining support at its 50-day moving average and paring an earlier bearish entry at 129.95.
That closed an eight-week flat base to a 136.24 buy point.
Banks as a whole on Wednesday JPMorgan Chase (JPM) and Goldman Sachs (GS) led the bank’s fourth-quarter results with a strong beat.
You can follow Harrison Miller on X/Twitter for more stock news and updates. @IBD_Harrison
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