Bank of America (NYSE:BAC), the nation's second-largest bank and a member of the Zacks Banks - Major Regional industry, has been under close watch by investors due to the potential impact of factors such as media releases, significant shifts in business prospects, and empirical studies on its stock price.
In the past month, BAC experienced a -4.8% return on shares, which outperformed the industry's 5.6% loss but fell short of the Zacks S&P 500 composite's -4% change, according to InvestingPro data. Sell-side analysts at Zacks have been closely examining changes in the company's future earnings projections and their subsequent influence on fair value and earnings estimate revisions.
The bank's earnings for this quarter are projected at $0.76 per share, marking a -10.6% change from last year. This projection has seen a -2.5% revision in the past 30 days according to the Zacks Consensus Estimate. Notably, InvestingPro Tips indicate that 10 analysts have revised their earnings downwards for the upcoming period for Bank of America, which could be a factor to consider.
Looking further ahead, the consensus earnings estimate for this fiscal year is $3.42 per share, which would represent a +7.2% change from last year. This figure has been revised upwards by +0.7% in the last 30 days.
These revisions play a crucial role in influencing the current market price and short-term stock price movements, making them key indicators for investors and market analysts alike. As such, all eyes will continue to be on Bank of America as these estimations evolve and new factors come into play.
InvestingPro data also shows that Bank of America is trading at a low P/E ratio of 7.29 relative to near-term earnings growth. Additionally, the bank has a market capitalization of 206.96B USD and has seen its revenue grow by 5.74% in the last 12 months.
Bank of America has a rich history of maintaining dividend payments, having done so for 53 consecutive years according to InvestingPro Tips. The bank's dividend yield stands at 3.65% as of the third quarter of 2023.
For more insights and tips, consider exploring InvestingPro's premium offerings, which include an additional 12 tips for Bank of America and real-time metrics for various companies.
As the market evolves, it's crucial to keep an eye on these metrics and others, as they can provide valuable insights into a company's financial health and its potential for future growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.