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Bank of America (BAC) Stock Falls Amid Market Uptick: What Investors Need to Know
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In the latest trading session, Bank of America (BAC - Free Report) closed at $34.16, marking a -0.78% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.41%. Meanwhile, the Dow experienced a rise of 0.58%, and the technology-dominated Nasdaq saw an increase of 2.2%.
Heading into today, shares of the nation's second-largest bank had gained 11.21% over the past month, outpacing the Finance sector's gain of 5.34% and the S&P 500's gain of 2.9% in that time.
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 January 12, 2024. In that report, analysts expect Bank of America to post earnings of $0.68 per share. This would mark a year-over-year decline of 20%. Our most recent consensus estimate is calling for quarterly revenue of $23.97 billion, down 2.3% from the year-ago period.
It's also important for investors to be aware of any recent modifications to analyst estimates for Bank of America. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.58% lower. Currently, Bank of America is carrying a Zacks Rank of #4 (Sell).
With respect to valuation, Bank of America is currently being traded at a Forward P/E ratio of 10.66. This signifies no noticeable deviation in comparison to the average Forward P/E of 10.66 for its industry.
Investors should also note that BAC has a PEG ratio of 1.52 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. BAC's industry had an average PEG ratio of 1.7 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 97, finds itself in the top 39% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Bank of America (BAC) Stock Falls Amid Market Uptick: What Investors Need to Know
In the latest trading session, Bank of America (BAC - Free Report) closed at $34.16, marking a -0.78% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.41%. Meanwhile, the Dow experienced a rise of 0.58%, and the technology-dominated Nasdaq saw an increase of 2.2%.
Heading into today, shares of the nation's second-largest bank had gained 11.21% over the past month, outpacing the Finance sector's gain of 5.34% and the S&P 500's gain of 2.9% in that time.
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 January 12, 2024. In that report, analysts expect Bank of America to post earnings of $0.68 per share. This would mark a year-over-year decline of 20%. Our most recent consensus estimate is calling for quarterly revenue of $23.97 billion, down 2.3% from the year-ago period.
It's also important for investors to be aware of any recent modifications to analyst estimates for Bank of America. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.58% lower. Currently, Bank of America is carrying a Zacks Rank of #4 (Sell).
With respect to valuation, Bank of America is currently being traded at a Forward P/E ratio of 10.66. This signifies no noticeable deviation in comparison to the average Forward P/E of 10.66 for its industry.
Investors should also note that BAC has a PEG ratio of 1.52 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. BAC's industry had an average PEG ratio of 1.7 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 97, finds itself in the top 39% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.