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Bank of America (BAC) Flat As Market Gains: What You Should Know
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The latest trading session saw Bank of America (BAC - Free Report) ending at $33.86, denoting no adjustment from its last day's close. This change lagged the S&P 500's daily gain of 0.14%. On the other hand, the Dow registered a gain of 0.3%, and the technology-centric Nasdaq increased by 0.16%.
The nation's second-largest bank's stock has climbed by 14.66% in the past month, exceeding the Finance sector's gain of 7.7% and the S&P 500's gain of 4.89%.
The upcoming earnings release of Bank of America will be of great interest to investors. The company's earnings report is expected on January 12, 2024. The company is forecasted to report an EPS of $0.68, showcasing a 20% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $24.03 billion, reflecting a 2.05% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.41 per share and revenue of $100.69 billion, which would represent changes of +6.9% and +6.05%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Bank of America. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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 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. Over the past month, there's been a 1.01% fall in the Zacks Consensus EPS estimate. Bank of America presently features a Zacks Rank of #3 (Hold).
In the context of valuation, Bank of America is at present trading with a Forward P/E ratio of 9.92. For comparison, its industry has an average Forward P/E of 10.22, which means Bank of America is trading at a discount to the group.
It's also important to note that BAC currently trades at a PEG ratio of 1.42. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Banks - Major Regional industry had an average PEG ratio of 1.55 as trading concluded yesterday.
The Banks - Major Regional industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 162, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Bank of America (BAC) Flat As Market Gains: What You Should Know
The latest trading session saw Bank of America (BAC - Free Report) ending at $33.86, denoting no adjustment from its last day's close. This change lagged the S&P 500's daily gain of 0.14%. On the other hand, the Dow registered a gain of 0.3%, and the technology-centric Nasdaq increased by 0.16%.
The nation's second-largest bank's stock has climbed by 14.66% in the past month, exceeding the Finance sector's gain of 7.7% and the S&P 500's gain of 4.89%.
The upcoming earnings release of Bank of America will be of great interest to investors. The company's earnings report is expected on January 12, 2024. The company is forecasted to report an EPS of $0.68, showcasing a 20% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $24.03 billion, reflecting a 2.05% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.41 per share and revenue of $100.69 billion, which would represent changes of +6.9% and +6.05%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Bank of America. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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 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. Over the past month, there's been a 1.01% fall in the Zacks Consensus EPS estimate. Bank of America presently features a Zacks Rank of #3 (Hold).
In the context of valuation, Bank of America is at present trading with a Forward P/E ratio of 9.92. For comparison, its industry has an average Forward P/E of 10.22, which means Bank of America is trading at a discount to the group.
It's also important to note that BAC currently trades at a PEG ratio of 1.42. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Banks - Major Regional industry had an average PEG ratio of 1.55 as trading concluded yesterday.
The Banks - Major Regional industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 162, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.