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Why the Market Dipped But Bank of America (BAC) Gained Today
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The latest trading session saw Bank of America (BAC - Free Report) ending at $39.62, denoting a +0.18% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.29% for the day. At the same time, the Dow lost 0.25%, and the tech-heavy Nasdaq lost 0.31%.
Heading into today, shares of the nation's second-largest bank had gained 2.22% over the past month, lagging the Finance sector's gain of 2.97% and outpacing the S&P 500's gain of 1.57% in that time.
The upcoming earnings release of Bank of America will be of great interest to investors. The company's earnings report is expected on October 15, 2024. On that day, Bank of America is projected to report earnings of $0.80 per share, which would represent a year-over-year decline of 11.11%. Alongside, our most recent consensus estimate is anticipating revenue of $25.41 billion, indicating a 0.98% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.28 per share and a revenue of $101.93 billion, representing changes of -4.09% and +3.39%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Bank of America. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 remained unchanged. At present, Bank of America boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, Bank of America is holding a Forward P/E ratio of 12.08. This denotes a discount relative to the industry's average Forward P/E of 12.2.
Also, we should mention that BAC has a PEG ratio of 1.42. 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. By the end of yesterday's trading, the Banks - Major Regional industry had an average PEG ratio of 1.52.
The Banks - Major Regional industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 65, placing it within the top 26% of over 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Why the Market Dipped But Bank of America (BAC) Gained Today
The latest trading session saw Bank of America (BAC - Free Report) ending at $39.62, denoting a +0.18% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.29% for the day. At the same time, the Dow lost 0.25%, and the tech-heavy Nasdaq lost 0.31%.
Heading into today, shares of the nation's second-largest bank had gained 2.22% over the past month, lagging the Finance sector's gain of 2.97% and outpacing the S&P 500's gain of 1.57% in that time.
The upcoming earnings release of Bank of America will be of great interest to investors. The company's earnings report is expected on October 15, 2024. On that day, Bank of America is projected to report earnings of $0.80 per share, which would represent a year-over-year decline of 11.11%. Alongside, our most recent consensus estimate is anticipating revenue of $25.41 billion, indicating a 0.98% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.28 per share and a revenue of $101.93 billion, representing changes of -4.09% and +3.39%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Bank of America. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 remained unchanged. At present, Bank of America boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, Bank of America is holding a Forward P/E ratio of 12.08. This denotes a discount relative to the industry's average Forward P/E of 12.2.
Also, we should mention that BAC has a PEG ratio of 1.42. 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. By the end of yesterday's trading, the Banks - Major Regional industry had an average PEG ratio of 1.52.
The Banks - Major Regional industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 65, placing it within the top 26% of over 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.