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Bank of America (BAC) Ascends While Market Falls: Some Facts to Note
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Bank of America (BAC - Free Report) ended the recent trading session at $37.50, demonstrating a +1.05% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily loss of 0.04%. On the other hand, the Dow registered a loss of 0.03%, and the technology-centric Nasdaq increased by 0.03%.
Coming into today, shares of the nation's second-largest bank had gained 4.24% in the past month. In that same time, the Finance sector gained 2.49%, while the S&P 500 gained 2.57%.
Investors will be eagerly watching for the performance of Bank of America in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 16, 2024. The company's upcoming EPS is projected at $0.76, signifying a 19.15% drop compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $25.22 billion, down 3.94% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.11 per share and revenue of $99.58 billion, which would represent changes of -9.06% and +1.02%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Bank of America. Recent revisions tend to reflect the latest 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. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.12% lower. At present, Bank of America boasts a Zacks Rank of #3 (Hold).
Digging into valuation, Bank of America currently has a Forward P/E ratio of 11.93. This indicates a premium in contrast to its industry's Forward P/E of 11.14.
One should further note that BAC currently holds a PEG ratio of 1.7. 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 average PEG ratio for the Banks - Major Regional industry stood at 1.49 at the close of the market yesterday.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 153, which puts it in the bottom 40% of all 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Bank of America (BAC) Ascends While Market Falls: Some Facts to Note
Bank of America (BAC - Free Report) ended the recent trading session at $37.50, demonstrating a +1.05% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily loss of 0.04%. On the other hand, the Dow registered a loss of 0.03%, and the technology-centric Nasdaq increased by 0.03%.
Coming into today, shares of the nation's second-largest bank had gained 4.24% in the past month. In that same time, the Finance sector gained 2.49%, while the S&P 500 gained 2.57%.
Investors will be eagerly watching for the performance of Bank of America in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 16, 2024. The company's upcoming EPS is projected at $0.76, signifying a 19.15% drop compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $25.22 billion, down 3.94% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.11 per share and revenue of $99.58 billion, which would represent changes of -9.06% and +1.02%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Bank of America. Recent revisions tend to reflect the latest 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. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.12% lower. At present, Bank of America boasts a Zacks Rank of #3 (Hold).
Digging into valuation, Bank of America currently has a Forward P/E ratio of 11.93. This indicates a premium in contrast to its industry's Forward P/E of 11.14.
One should further note that BAC currently holds a PEG ratio of 1.7. 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 average PEG ratio for the Banks - Major Regional industry stood at 1.49 at the close of the market yesterday.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 153, which puts it in the bottom 40% of all 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.