Bank of America Corp (NYSE: NYSE:BAC) shares are trading lower by 3.38% to $29.81 Thursday morning. Shares of banks and financial services companies at large are trading lower in sympathy with JP Morgan Chase (NYSE:JPM) and Morgan Stanley (NYSE:MS), which reported worse-than-expected second-quarter results.
JPMorgan Chase reported quarterly earnings of $2.76 per share which missed the analyst consensus estimate of $2.91. The company also reported quarterly sales of $31.63 billion which missed the analyst consensus estimate of $31.95 billion by 1%. Meanwhile, Morgan Stanley's sales fell to $13.13 billion from $14.76 billion last year.
Jamie Dimon, Chairman and CEO of JP Morgan Chase, commented on the financial results: “JPMorgan Chase performed well in the second quarter as we earned $8.6 billion in net income on revenue of $30.7 billion and an ROTCE of 17%, with growth across the lines of business, while maintaining credit discipline and a fortress balance sheet.”
The earnings reports have caused concerns for the financial services sector heading into earnings season. Bank of America will report Q2 results on Monday, July 18.
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Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets.
According to data from Benzinga Pro, Bank of America has a 52-week high of $50.11 and a 52-week low of $29.70.
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