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Bank of America (BAC) Gains As Market Dips: What You Should Know
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In the latest trading session, Bank of America (BAC - Free Report) closed at $28.09, marking a +1.23% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 0.04%, and the Nasdaq, a tech-heavy index, added 3.58%.
Prior to today's trading, shares of the nation's second-largest bank had lost 1.98% over the past month. This has lagged the Finance sector's gain of 1.96% and the S&P 500's gain of 5.01% in that time.
Investors will be hoping for strength from Bank of America as it approaches its next earnings release, which is expected to be July 18, 2023. On that day, Bank of America is projected to report earnings of $0.86 per share, which would represent year-over-year growth of 17.81%. Meanwhile, our latest consensus estimate is calling for revenue of $25.21 billion, up 11.12% from the prior-year quarter.
BAC's full-year Zacks Consensus Estimates are calling for earnings of $3.42 per share and revenue of $100.9 billion. These results would represent year-over-year changes of +7.21% and +6.27%, respectively.
Investors should also note any recent changes to analyst estimates for Bank of America. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.06% lower within the past month. Bank of America currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Bank of America has a Forward P/E ratio of 8.12 right now. This valuation marks a premium compared to its industry's average Forward P/E of 7.61.
Investors should also note that BAC has a PEG ratio of 1.16 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. BAC's industry had an average PEG ratio of 1.16 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 238, which puts it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Bank of America (BAC) Gains As Market Dips: What You Should Know
In the latest trading session, Bank of America (BAC - Free Report) closed at $28.09, marking a +1.23% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 0.04%, and the Nasdaq, a tech-heavy index, added 3.58%.
Prior to today's trading, shares of the nation's second-largest bank had lost 1.98% over the past month. This has lagged the Finance sector's gain of 1.96% and the S&P 500's gain of 5.01% in that time.
Investors will be hoping for strength from Bank of America as it approaches its next earnings release, which is expected to be July 18, 2023. On that day, Bank of America is projected to report earnings of $0.86 per share, which would represent year-over-year growth of 17.81%. Meanwhile, our latest consensus estimate is calling for revenue of $25.21 billion, up 11.12% from the prior-year quarter.
BAC's full-year Zacks Consensus Estimates are calling for earnings of $3.42 per share and revenue of $100.9 billion. These results would represent year-over-year changes of +7.21% and +6.27%, respectively.
Investors should also note any recent changes to analyst estimates for Bank of America. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.06% lower within the past month. Bank of America currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Bank of America has a Forward P/E ratio of 8.12 right now. This valuation marks a premium compared to its industry's average Forward P/E of 7.61.
Investors should also note that BAC has a PEG ratio of 1.16 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. BAC's industry had an average PEG ratio of 1.16 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 238, which puts it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.