Bank of America (NYSE:BAC) shares are inching upward today after the financial behemoth announced better-than-anticipated second-quarter numbers. Revenue rose 2.9% year-over-year to $25.2 billion, surpassing estimates by $260 million. EPS at $0.88 too landed past expectations by $0.04.
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During the quarter, higher interest rates and loan growth helped BAC increase its net interest income by 14% to $14.2 billion. Further, higher sales and trading revenue resulted in the non-interest income of the company rising by 8% to $11 billion. Additionally, its Global banking and consumer banking segments continued to track well with a growth of 29% and 15% respectively.
Moreover, buoyed by a strong balance sheet position, BAC is also planning to hike its quarterly dividend by 9% in the third quarter.
Overall, the Street has a $34.39 consensus price target on BAC alongside a Moderate Buy consensus rating. Shares of the company have dropped nearly 12.3% so far this year.
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