$15.76
0.11 (+0.70%)
Bank of America Corp (BAC)
CAPS Rating:
The Company through its subsidiaries, provide banking & nonbanking financial services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate & Investment Banking & Global Wealth & Investment Management.
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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)