It said the industry selloff appeared to be based on a rise in investor pessimism about earnings power over the next few years because of weak commercial loan demand, regulatory reform and tightening interest margins. In the latest trading session, Wells Fargo (WFC) closed at $49.41, marking a -1.67% move from the previous day. At the same time, the Dow added 0.1%, and the tech-heavy Nasdaq gained 0.48%. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. NEW YORK, Aug 1 (Reuters) - Bank of America's BAC.N stock has potential upside after dropping since April after it said it planned to cut its reliance on fees and charges, Barron's business weekly . Data are provided 'as is' for informational purposes only and are not intended for trading purposes. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright 2019 Refinitiv. This change lagged the S&P 500's 0.31% gain on the day. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved. It noted Wall Street has cooled on the No. Zacks Investment Research, Wells Fargo & Company (WFC) : Free Stock Analysis Report. Source: FactSet. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. This bank stock was beaten down this year for understandable reasons. Bank of America has named Jim Morehead president of Bank of America Seattle. Bank of America Corporation. Meanwhile, our latest consensus estimate is calling for revenue of $18.34 billion, up 2.33% from the prior-year quarter. Simply Wall St. As Bank of America Corporation's (NYSE:BAC)) market cap dropped by US$41b, insiders who sold US$831k worth of stock were able to offset their losses Over the past year . If the P/S ratio is 1, that means you're paying $1 for . In the latest trading session, Wells Fargo (WFC) closed at $49.41, marking a -1.67% move from the previous day. NYSE - Nasdaq Real Time Price. Copyright 2019 FactSet Research Systems Inc. All rights reserved. Source: Kantar Media, Chairman, President & Chief Executive Officer. Change value during other periods is calculated as the difference between the last trade and the most recent settle. All rights reserved. Prior to today's trading, shares of the biggest U.S. mortgage lender had gained 0.72% over the past month. Looking at its valuation, Wells Fargo is holding a Forward P/E ratio of 10.85. After the P/E ratio, it's one of the most common valuation metrics. Responses to the program range from celebration to criticism. For the best Barrons.com experience, please update to a modern browser. The company also announced that Alex Yang will become Seattle Market Executive, replacing Jeremey Williams who was recently promoted to Community Relations Manager (CRM) Executive. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. It noted Wall Street has cooled on the No. The Banks - Major Regional was holding an average PEG ratio of 1.34 at yesterday's closing price. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. The average price target represents a 24.24% change from the last price of $32.38. This represents a discount compared to its industry's average Forward P/E of 11.18. Reporting by Steve James; editing by Bernard Orr. Investors should also note that WFC has a PEG ratio of 1.06 right now. We developed the Zacks Rank to capitalize on this phenomenon. The Consumer Banking segment offers credit, banking, and investment products a BAC will report FY 2022 earnings on 01/13/2023, BAC will report Q4 2022 earnings on 01/13/2023. Fundamental company data and analyst estimates provided by FactSet. Theres a lot of upside in Bank of America, Barrons quoted Sanford Bernstein analyst John McDonald as saying. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. We've detected you are on Internet Explorer. Complete Bank of America Corp. stock information by Barron's. View real-time BAC stock price and news, along with industry-best analysis. The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. (24.24% Upside) Based on 14 Wall Street analysts offering 12 month price targets for Bank of America in the last 3 months. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. We've detected you are on Internet Explorer. Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. This change lagged the S&P 500's 0.31% gain on the day. International stock quotes are delayed as per exchange requirements. Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. The Banks - Major Regional industry is part of the Finance sector. Wells Fargo is currently sporting a Zacks Rank of #3 (Hold). Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. Within the past 30 days, our consensus EPS projection has moved 0.48% higher. Average price target from 29 ratings: $41.41, Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. All rights reserved. NEW YORK, Aug 1 (Reuters) - Bank of America's BAC.N stock has potential upside after dropping since April after it said it planned to cut its reliance on fees and charges, Barron's business weekly said on Sunday. It was at $14 last week -- a bigger drop than shares of chief rivals, Citigroup. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. McDonald, it said, carries a $20 price target on BofA and thinks tangible book value could grow to $15 per share by the end of next year, the paper said. Wall Street will be looking for positivity from Wells Fargo as it approaches its next earnings report date. 1 U.S. bank ranked by assets and deposits since its shares peaked at $19.50. Want the latest recommendations from Zacks Investment Research? Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. To read this article on Zacks.com click here. All quotes delayed a minimum of 15 minutes. On that day, Wells Fargo is projected to report earnings of $1.11 per share, which would represent year-over-year growth of 73.44%. Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. Fundamental company data and analyst estimates provided by FactSet. Copyright 2022 Dow Jones & Company, Inc. All Rights Reserved. Our Standards: The Thomson Reuters Trust Principles. These totals would mark changes of +1029.27% and +4.49%, respectively, from last year. Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. The price drop has made the stock look appealing, said Barrons, noting that it was trading for just seven times potential 2012 profit of $2 per share and 1.1 times projected Sept. 30 tangible book value of $13. $40.23. You can find more information on all of these metrics, and much more, on Zacks.com. International stock quotes are delayed as per exchange requirements. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Currency in USD, Trade prices are not sourced from all markets. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright 2019 Refinitiv. 1 U.S. bank ranked by assets and deposits since its shares peaked at $19.50. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. Data may be intentionally delayed pursuant to supplier requirements. Change value during other periods is calculated as the difference between the last trade and the most recent settle. In the latest trading session, Bank of America (BAC) closed at $32.44, marking a -0.92% move from the previous day. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Click to get this free reportWells Fargo & Company (WFC) : Free Stock Analysis ReportTo read this article on Zacks.com click here. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Data may be intentionally delayed pursuant to supplier requirements. This has outpaced the Finance sector's loss of 2.1% and the S&P 500's loss of 0.04% in that time. The average price target is $40.23 with a high forecast of $52.00 and a low forecast of $28.00. This group has a Zacks Industry Rank of 108, putting it in the top 43% of all 250+ industries. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. The Price to Sales ratio or P/S is calculated as price divided by sales. Analyst Report: Bank of America Corporation Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets . Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. BAC Stock 12 Months Forecast. These revisions help to show the ever-changing nature of near-term business trends. Source: Kantar Media. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability. Our system takes these estimate changes into account and delivers a clear, actionable rating model. But the selling effort went too far. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Source: FactSet. Bank of America's <BAC.N> stock has potential upside after dropping since April after it said it planned to cut its reliance on fees and charges, Barron's business weekly said on Sunday. For the best Barrons.com experience, please update to a modern browser. NEW YORK, Aug 1 (Reuters) - Bank of America's. It is also important to note the recent changes to analyst estimates for Wells Fargo. See here for a complete list of exchanges and delays. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.63 per share and revenue of $75.59 billion. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. stock has potential upside after dropping since April after it said it planned to cut its reliance on fees and charges, Barron's business weekly said on Sunday. Bank of America Corp. research and ratings by Barron's. View BAC revenue estimates and earnings estimates, as well as in-depth analyst breakdowns. It was at $14 last week -- a bigger drop than shares of chief rivals, Citigroup C.N, JPMorgan JPM.N and Wells Fargo WFC.N. Copyright 2019 FactSet Research Systems Inc. All rights reserved. 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