$8.25
0.18 (+2.23%)
Bank of America Corp (NYSE:BAC)
CAPS Rating:
One of the country’s largest banks by assets and branches, Bank of America also provides credit cards, asset management, and other money-related services.
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BAC has been beaten up due to problems in the housing market, which I believe is already factored into the price. What is forgotten is they bought the largest mortgage writer in the country for 10 cents on the dollar. Whenver the mortgage volume returns to a pre bubble (normal) level, BAC will have a huge stream of income not currently reflected in the value of the stock. Mortgage volume is at a standstill and earnings are only down 26% (3.30 in 07 to 2.45 in 08) where as the Stock Price is down 40% 52.96 to 32.25 as of 8/8/08)