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Bank of America (BAC) Increases Yet Falls Behind Market: What Investors Need to Know
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The most recent trading session ended with Bank of America (BAC - Free Report) standing at $25.94, reflecting a +0.12% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.81%. Elsewhere, the Dow gained 0.39%, while the tech-heavy Nasdaq added 1.35%.
Shares of the nation's second-largest bank witnessed a loss of 9.56% over the previous month, trailing the performance of the Finance sector with its loss of 6.45% and the S&P 500's loss of 6.19%.
Analysts and investors alike will be keeping a close eye on the performance of Bank of America in its upcoming earnings disclosure. The company's earnings report is set to go public on October 17, 2023. The company's earnings per share (EPS) are projected to be $0.81, reflecting no change from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $25.1 billion, indicating a 2.44% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.40 per share and a revenue of $100.77 billion, representing changes of +6.58% and +6.13%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Bank of America. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.15% downward. Bank of America is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Bank of America is holding a Forward P/E ratio of 7.62. This expresses no noticeable deviation compared to the average Forward P/E of 7.62 of its industry.
It is also worth noting that BAC currently has a PEG ratio of 1.09. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Banks - Major Regional industry had an average PEG ratio of 1.2 as trading concluded yesterday.
The Banks - Major Regional industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 187, placing it within the bottom 26% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Bank of America (BAC) Increases Yet Falls Behind Market: What Investors Need to Know
The most recent trading session ended with Bank of America (BAC - Free Report) standing at $25.94, reflecting a +0.12% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.81%. Elsewhere, the Dow gained 0.39%, while the tech-heavy Nasdaq added 1.35%.
Shares of the nation's second-largest bank witnessed a loss of 9.56% over the previous month, trailing the performance of the Finance sector with its loss of 6.45% and the S&P 500's loss of 6.19%.
Analysts and investors alike will be keeping a close eye on the performance of Bank of America in its upcoming earnings disclosure. The company's earnings report is set to go public on October 17, 2023. The company's earnings per share (EPS) are projected to be $0.81, reflecting no change from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $25.1 billion, indicating a 2.44% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.40 per share and a revenue of $100.77 billion, representing changes of +6.58% and +6.13%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Bank of America. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.15% downward. Bank of America is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Bank of America is holding a Forward P/E ratio of 7.62. This expresses no noticeable deviation compared to the average Forward P/E of 7.62 of its industry.
It is also worth noting that BAC currently has a PEG ratio of 1.09. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Banks - Major Regional industry had an average PEG ratio of 1.2 as trading concluded yesterday.
The Banks - Major Regional industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 187, placing it within the bottom 26% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.