Bank of America (BAC) Increases Despite Market Slip: Here's What You Need to Know

In the latest market close, Bank of America (BAC) reached $46.08, with a +1.5% movement compared to the previous day. This move outpaced the S&P 500's daily loss of 1.11%. On the other hand, the Dow registered a loss of 0.42%, and the technology-centric Nasdaq decreased by 1.89%.Coming into today, shares of the nation's second-largest bank had lost 1.11% in the past month. In that same time, the Finance sector lost 3.95%, while the S&P 500 lost 1.7%.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 January 16, 2025. The company is forecasted to report an EPS of $0.78, showcasing a 11.43% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $25.22 billion, up 14.87% from the year-ago period.It is also important to note the recent changes to analyst estimates for Bank of America. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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. The Zacks Consensus EPS estimate has moved 0.47% higher within the past month. Bank of America presently features 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 12.39 right now. This represents a discount compared to its industry's average Forward P/E of 14.69.We can also see that BAC currently has a PEG ratio of 1.24. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Financial - Investment Bank stocks are, on average, holding a PEG ratio of 1.28 based on yesterday's closing prices.The Financial - Investment Bank industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 34, placing it within the top 14% of over 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.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of America Corporation (BAC): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks