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Bank of America (BAC) Gains But Lags Market: What You Should Know
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The most recent trading session ended with Bank of America (BAC - Free Report) standing at $38.75, reflecting a +0.16% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily gain of 0.42%. Meanwhile, the Dow gained 0.14%, and the Nasdaq, a tech-heavy index, added 0.57%.
The the stock of nation's second-largest bank has fallen by 8.77% in the past month, lagging the Finance sector's gain of 1.74% and the S&P 500's gain of 1.77%.
The investment community will be closely monitoring the performance of Bank of America in its forthcoming earnings report. The company is scheduled to release its earnings on October 15, 2024. It is anticipated that the company will report an EPS of $0.81, marking a 10% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $25.48 billion, indicating a 1.25% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.28 per share and revenue of $102.16 billion, which would represent changes of -4.09% and +3.63%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Bank of America. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.61% higher. Currently, Bank of America is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Bank of America is presently being traded at a Forward P/E ratio of 11.81. This denotes no noticeable deviation relative to the industry's average Forward P/E of 11.81.
One should further note that BAC currently holds a PEG ratio of 1.38. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Banks - Major Regional industry was having an average PEG ratio of 1.44.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 47, putting it in the top 19% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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) Gains But Lags Market: What You Should Know
The most recent trading session ended with Bank of America (BAC - Free Report) standing at $38.75, reflecting a +0.16% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily gain of 0.42%. Meanwhile, the Dow gained 0.14%, and the Nasdaq, a tech-heavy index, added 0.57%.
The the stock of nation's second-largest bank has fallen by 8.77% in the past month, lagging the Finance sector's gain of 1.74% and the S&P 500's gain of 1.77%.
The investment community will be closely monitoring the performance of Bank of America in its forthcoming earnings report. The company is scheduled to release its earnings on October 15, 2024. It is anticipated that the company will report an EPS of $0.81, marking a 10% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $25.48 billion, indicating a 1.25% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.28 per share and revenue of $102.16 billion, which would represent changes of -4.09% and +3.63%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Bank of America. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.61% higher. Currently, Bank of America is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Bank of America is presently being traded at a Forward P/E ratio of 11.81. This denotes no noticeable deviation relative to the industry's average Forward P/E of 11.81.
One should further note that BAC currently holds a PEG ratio of 1.38. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Banks - Major Regional industry was having an average PEG ratio of 1.44.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 47, putting it in the top 19% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.