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Bank of America Corporation Message Board

  • cchaker cchaker May 24, 2013 11:42 AM Flag

    BAC Economics.

    7:40 AM Bank of America (BAC) is seeking bids for about 40 branches in rural NY and PA, reports Bloomberg. The branches hold about $1B in deposits and could go for $20M-$30M, according to a source. On a cost-cutting drive, BofA has been closing or selling outlets for a couple of years, its branch count now at 5,389 vs. about 6K when Brian Moynihan took over in 2010. Bank of America Corporation (BAC) has been on a tear over the past year, up 90%. In my last article regarding the stock I suggested buying the dip when the stock was trading at $11.54 on April 18th. The reason for the dip was the company missed slightly on earnings. After digging into the report, I discovered several fundamental positives. In my previous article I gave several reasons the stock should snap back. The reasons were progress on cost reductions, compelling valuation, improving fundamentals and lower litigation risk. Since then the stock is up 15% in one month. Not a bad return on an annualized basis.

16.025-0.090(-0.56%)10:48 AMEDT