The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Bank of America. With an impressive externally audited track record, our proprietary stock rating tool - the Zacks Rank - is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. Over the past month, the estimate has changed -4.8%. This estimate has changed +3.1% over the last 30 days.įor the next fiscal year, the consensus earnings estimate of $3.26 indicates a change of -4.2% from what Bank of America is expected to report a year ago. The consensus earnings estimate of $3.41 for the current fiscal year indicates a year-over-year change of +6.9%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.3%. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.īank of America is expected to post earnings of $0.85 per share for the current quarter, representing a year-over-year change of +16.4%. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. When earnings estimates for a company go up, the fair value for its stock goes up as well. Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account.
That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock. Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. Now the key question is: Where could the stock be headed in the near term?Īlthough media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision. The Zacks Banks - Major Regional industry, to which Bank of America belongs, has gained 1.3% over this period.
Shares of this nation's second-largest bank have returned -0.5% over the past month versus the Zacks S&P 500 composite's +1.2% change. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
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