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Why This 1 Finance Stock Could Be a Great Addition to Your Portfolio

If you're a beginner investor, the idea of creating a portfolio from the ground up can feel like an impossible goal to achieve. That's why you should start by looking at stocks that are set to beat the market over the next 12 months, a strategy that's been proven to generate strong returns.

Let's now take a look at one standout stock that could be a perfect fit for your portfolio.

Why You Should Pay Attention to Bank of America (BAC)

Headquartered in Charlotte, NC, Bank of America Corporation (incorporated in 1874) is one of the largest financial holding companies in the United States. With total assets worth $3.19 trillion as of Mar 31, 2023, it provides a diverse range of banking and non-banking financial services and products through 3,892 financial centers and 15,407 automated telling machines (ATMs) across the country.

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Since being added to the Zacks Focus List on January 9, 2017 at $22.68 per share, shares of BAC have increased 29.98% to $29.48.

Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2023. The Zacks Consensus Estimate has increased $0.13 to $3.42. BAC boasts an average earnings surprise of 7%.

Additionally, Bank of America's earnings are expected to grow 7.2% for the current fiscal year.

It can be very profitable to buy stocks with rising earnings estimates, as stock prices respond to revisions. By adding a Focus List stock like BAC, there's a great chance you'll be getting into a company whose future earnings estimates will be raised, which can lead to price momentum.

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Bank of America Corporation (BAC) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research