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Bank of America (BAC) Dips More Than Broader Markets: What You Should Know
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Bank of America (BAC - Free Report) closed at $33.06 in the latest trading session, marking a -1.11% move from the prior day. This move lagged the S&P 500's daily loss of 0.41%.
Coming into today, shares of the nation's second-largest bank had lost 0.18% in the past month. In that same time, the Finance sector lost 3.73%, while the S&P 500 lost 5.13%.
Wall Street will be looking for positivity from Bank of America as it approaches its next earnings report date. The company is expected to report EPS of $0.80, down 5.88% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $23.58 billion, up 3.59% from the year-ago period.
BAC's full-year Zacks Consensus Estimates are calling for earnings of $3.20 per share and revenue of $93.59 billion. These results would represent year-over-year changes of -10.36% and +5.03%, respectively.
Investors should also note any recent changes to analyst estimates for Bank of America. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. The Zacks Consensus EPS estimate has moved 0.55% lower within the past month. Bank of America currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Bank of America currently has a Forward P/E ratio of 10.45. Its industry sports an average Forward P/E of 9.87, so we one might conclude that Bank of America is trading at a premium comparatively.
We can also see that BAC currently has a PEG ratio of 1.49. 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. Banks - Major Regional stocks are, on average, holding a PEG ratio of 1.3 based on yesterday's closing prices.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 66, which puts it in the top 27% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Bank of America (BAC) Dips More Than Broader Markets: What You Should Know
Bank of America (BAC - Free Report) closed at $33.06 in the latest trading session, marking a -1.11% move from the prior day. This move lagged the S&P 500's daily loss of 0.41%.
Coming into today, shares of the nation's second-largest bank had lost 0.18% in the past month. In that same time, the Finance sector lost 3.73%, while the S&P 500 lost 5.13%.
Wall Street will be looking for positivity from Bank of America as it approaches its next earnings report date. The company is expected to report EPS of $0.80, down 5.88% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $23.58 billion, up 3.59% from the year-ago period.
BAC's full-year Zacks Consensus Estimates are calling for earnings of $3.20 per share and revenue of $93.59 billion. These results would represent year-over-year changes of -10.36% and +5.03%, respectively.
Investors should also note any recent changes to analyst estimates for Bank of America. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. The Zacks Consensus EPS estimate has moved 0.55% lower within the past month. Bank of America currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Bank of America currently has a Forward P/E ratio of 10.45. Its industry sports an average Forward P/E of 9.87, so we one might conclude that Bank of America is trading at a premium comparatively.
We can also see that BAC currently has a PEG ratio of 1.49. 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. Banks - Major Regional stocks are, on average, holding a PEG ratio of 1.3 based on yesterday's closing prices.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 66, which puts it in the top 27% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.