Benzinga | Oct 15, 2021 10:51AM EDT

Why Bank Of America Shares Are Rising

Bank of America Corp (NYSE:BAC) shares are trading higher amid strength in bank stocks. The company on Thursday reported better-than-expected third-quarter results.

Bank of America reported quarterly earnings of 85 cents per share which beat the analyst consensus estimate of 71 cents per share by 19.7%. The company reported quarterly sales of $22.80 billion which beat the analyst consensus estimate of $21.78 billion by 4.7% percent.

Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets.

Bank of America has a 52-week high of $46.27 and a 52-week low of $23.12.