Bank of America (BAC) closed the latest trading day at $39.67, indicating a -0.63% change from the previous session's end. The stock's change was less than the S&P 500's daily gain of 0.16%. On the other hand, the Dow registered a gain of 0.02%, and the technology-centric Nasdaq increased by 0.16%.

Coming into today, shares of the nation's second-largest bank had lost 2.85% in the past month. In that same time, the Finance sector gained 2.12%, while the S&P 500 gained 2.97%.

Analysts and investors alike will be keeping a close eye on the performance of Bank of America in its upcoming earnings disclosure. The company's earnings report is set to go public on October 15, 2024. The company is predicted to post an EPS of $0.81, indicating a 10% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $25.48 billion, reflecting a 1.25% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.28 per share and a revenue of $102.16 billion, indicating changes of -4.09% and +3.63%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Bank of America. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.34% upward. As of now, Bank of America holds a Zacks Rank of #3 (Hold).

From a valuation perspective, Bank of America is currently exchanging hands at a Forward P/E ratio of 12.19. This signifies no noticeable deviation in comparison to the average Forward P/E of 12.19 for its industry.

One should further note that BAC currently holds a PEG ratio of 1.43. 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. The average PEG ratio for the Banks - Major Regional industry stood at 1.49 at the close of the market yesterday.

The Banks - Major Regional industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 20, positioning it in the top 8% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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