Bank of America Corp (NYSE: BAC) has reported earnings for its second fiscal quarter (ending June 30) of $0.83 versus $0.88 for the same period a year ago — a decline of -6%. Relative to the consensus estimate of $0.81, this was a premium of $0.02. For the latest four quarters through June 30, E.P.S. were $2.87 versus $3.49 for the same period a year ago — a decline of -18%.
Recent Price Action
On 7/16/24, Bank of America Corp (NYSE: BAC) stock enjoyed a very large increase of 5.3%, closing at $44.13. Moreover, exceptionally high trading volume at 220% of normal accompanied the advance. Relative to the market the stock has been exceptionally strong over the last nine months and has risen 8.6% during the last week.
Current PriceTarget Research Rating
With future capital returns forecasted to be above the cost of capital, BAC is expected to continue to be an important Value Builder.
Bank of America has a current Value Trend Rating of A (Highest Rating). This rating combines highly consistent signals from two proprietary PTR measures of a stock’s attractiveness. Bank of America has a very high Power Rating of 89 and a very high Appreciation Score of 97, producing the Highest Value Trend Rating.
Rating Review
In light of this new information and positive market action we are reviewing our current Overall Rating of A. This review will be completed in the next several days.
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