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Bank of America (BAC) Stock Sinks As Market Gains: What You Should Know
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The latest trading session saw Bank of America (BAC - Free Report) ending at $41.60, denoting a -0.5% adjustment from its last day's close. This move lagged the S&P 500's daily gain of 0.55%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.63%.
Shares of the nation's second-largest bank witnessed a gain of 6.5% over the previous month, beating the performance of the Finance sector with its loss of 2.67% and the S&P 500's gain of 4.28%.
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 July 16, 2024. The company's upcoming EPS is projected at $0.79, signifying a 10.23% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $25.19 billion, reflecting a 0.05% fall from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.22 per share and a revenue of $101.81 billion, indicating changes of -5.85% and +3.28%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Bank of America. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.4% higher. Currently, Bank of America is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Bank of America has a Forward P/E ratio of 12.97 right now. For comparison, its industry has an average Forward P/E of 11.62, which means Bank of America is trading at a premium to the group.
One should further note that BAC currently holds a PEG ratio of 1.59. 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 average PEG ratio for the Banks - Major Regional industry stood at 1.59 at the close of the market yesterday.
The Banks - Major Regional industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 103, finds itself in the top 41% echelons 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.
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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Bank of America (BAC) Stock Sinks As Market Gains: What You Should Know
The latest trading session saw Bank of America (BAC - Free Report) ending at $41.60, denoting a -0.5% adjustment from its last day's close. This move lagged the S&P 500's daily gain of 0.55%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.63%.
Shares of the nation's second-largest bank witnessed a gain of 6.5% over the previous month, beating the performance of the Finance sector with its loss of 2.67% and the S&P 500's gain of 4.28%.
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 July 16, 2024. The company's upcoming EPS is projected at $0.79, signifying a 10.23% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $25.19 billion, reflecting a 0.05% fall from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.22 per share and a revenue of $101.81 billion, indicating changes of -5.85% and +3.28%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Bank of America. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.4% higher. Currently, Bank of America is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Bank of America has a Forward P/E ratio of 12.97 right now. For comparison, its industry has an average Forward P/E of 11.62, which means Bank of America is trading at a premium to the group.
One should further note that BAC currently holds a PEG ratio of 1.59. 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 average PEG ratio for the Banks - Major Regional industry stood at 1.59 at the close of the market yesterday.
The Banks - Major Regional industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 103, finds itself in the top 41% echelons 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.