Bank of America Corporation (NYSE: BAC) recently came up with a fall in its fourth-quarter profit. The drop was still marginally better than what Wall Street had expected. At the end of Dec 31, 2020, the Net income applicable to common shareholders fell to 59 cents per share as compared to 74 cents per share in the previous year.
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Bank of America considered being the 2nd largest bank reported a 13% decrease in consumer revenue banking citing lower rates and a drop in credit card activity.
With the Pandemic still looming, the lower interest rates have limited banks from charging for their lending service at the same time flagging consumer retention has increased.
Most banks rely on higher interest rates to drive their profit, as it depends on a higher grade of deposits and mortgage securities. The bank recently released $828 million from its credit reserve to balance the bad loans after adding more than $8 billion.
In 2019, the bank sales and trading unit saw an increase in revenue from $2.8 billion to $3 billion.
Bank of America Corporation (NYSE: BAC) is 8.91% higher on its value in year-to-date trading and has touched a low of $17.95 and a high of $35.45 in the current 52-week trading range. The BAC stock was last observed hovering at around $33.01 in the last trading session, with the day’s gains setting it 0.22% off its average median price target of $33.50 for the next 12 months. It is also 18.95% off the consensus price target high of $41.00 offered by 27 analysts, but current levels are -32.92% lower than the price target low of $25.00 for the same period.