Benzinga | Oct 14, 2021 08:32AM EDT

Why Bank Of America Shares Are Rising Today

Bank Of America Corp (NYSE:BAC) is trading higher Thursday after the company reported better-than-expected third quarter financial results.

Bank of America reported quarterly earnings of 85 cents per share, which beat the estimate of 71 cents per share. The company reported quarterly revenue of $22.8 billion, which beat the estimate of $21.78 billion.

"We reported strong results as the economy continued to improve and our businesses regained the organic customer growth momentum we saw before the pandemic. Deposit growth was strong and loan balances increased for the second consecutive quarter, leading to an improvement in net interest income even as interest rates remained low," said Brian Moynihan, chairman and CEO of Bank of America.

Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets.

BAC Price Action: Bank of America has traded as high as $44.87 and as low as $23.12 over a 52-week period.

The stock was up 2.85% at $44.36 at time of publication.

Photo: Mike Mozart from Flickr.