Bank Of America Is Undervalued

9/5/17

Bank of America (NYSE:BAC) has seen recent growth following Warren Buffett’s praises of the company. Warren Buffett is BAC's largest shareholder and still remains optimistic about its future potential. Last Tuesday, Buffett converted his $5 billion investment in 2011 in preferred shares which paid $300 million annually into the common stock for $7.14 a share. Buffett is now the largest shareholder in BAC with 6.60% of the company. He has made over 230% of his original investment. Buffett a couple days ago talked on CNBCand mentioned that he liked the valuation and management that BAC has to offer and indicated a long-term holding. BAC provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, as well as large corporations. The bank also has a current market cap of 237.3 billion, making it the fourth largest by market cap. BAC has seen robust growth over the last several years and continues to see potential upside.

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