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Bank of America (BAC) Gains But Lags Market: What You Should Know
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Bank of America (BAC - Free Report) closed the most recent trading day at $28.48, moving +0.42% from the previous trading session. This move lagged the S&P 500's daily gain of 0.67%. At the same time, the Dow added 0.25%, and the tech-heavy Nasdaq gained 1.14%.
Prior to today's trading, shares of the nation's second-largest bank had lost 9.36% over the past month. This has lagged the Finance sector's loss of 3.09% and the S&P 500's loss of 0.73% in that time.
Wall Street will be looking for positivity from Bank of America as it approaches its next earnings report date. This is expected to be October 17, 2023. On that day, Bank of America is projected to report earnings of $0.81 per share, which would represent no growth from the year-ago period. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $25.05 billion, up 2.25% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.41 per share and revenue of $100.76 billion, which would represent changes of +6.9% and +6.12%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Bank of America. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.09% higher. Bank of America is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Bank of America's current valuation metrics, including its Forward P/E ratio of 8.33. Its industry sports an average Forward P/E of 8.47, so we one might conclude that Bank of America is trading at a discount comparatively.
It is also worth noting that BAC currently has a PEG ratio of 1.19. 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. BAC's industry had an average PEG ratio of 1.47 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 106, putting it in the top 43% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Bank of America (BAC) Gains But Lags Market: What You Should Know
Bank of America (BAC - Free Report) closed the most recent trading day at $28.48, moving +0.42% from the previous trading session. This move lagged the S&P 500's daily gain of 0.67%. At the same time, the Dow added 0.25%, and the tech-heavy Nasdaq gained 1.14%.
Prior to today's trading, shares of the nation's second-largest bank had lost 9.36% over the past month. This has lagged the Finance sector's loss of 3.09% and the S&P 500's loss of 0.73% in that time.
Wall Street will be looking for positivity from Bank of America as it approaches its next earnings report date. This is expected to be October 17, 2023. On that day, Bank of America is projected to report earnings of $0.81 per share, which would represent no growth from the year-ago period. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $25.05 billion, up 2.25% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.41 per share and revenue of $100.76 billion, which would represent changes of +6.9% and +6.12%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Bank of America. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.09% higher. Bank of America is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Bank of America's current valuation metrics, including its Forward P/E ratio of 8.33. Its industry sports an average Forward P/E of 8.47, so we one might conclude that Bank of America is trading at a discount comparatively.
It is also worth noting that BAC currently has a PEG ratio of 1.19. 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. BAC's industry had an average PEG ratio of 1.47 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 106, putting it in the top 43% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.