[美股]【BAC 交流专区】美国银行 Bank of America Corp

葉芬

Banking on Bank of America
By Sean Ryan  October 21, 2009

Despite worsening losses on bad loans, the future is bright for Bank of America (NYSE: BAC).

In the short term, the bank will continue to be hurt by bad loans. Yet that short-term pain should be mitigated by strong investment banking results: The purchase of Merrill Lynch means Bank of America should enjoy some of the same prosperity as Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS).

Bank of America's earnings should improve even before bad loans peak. I'm making an educated guess that during 2010, management will reduce its provision for those loans, expecting improvement in the rate. The reduced amount will fall to the bottom line. As the environment returns to normal over the next couple years, look for Bank of America's earnings per share to move toward my "normalized" projection of $3.00, versus the $2.18 analysts expect for 2011.

Management changes are another positive. With CEO Ken Lewis stepping down this year, investors should benefit. Lewis and his predecessor inflicted so many overpriced acquisitions on shareholders that if they picked the next CEO at random from the Charlotte, N.C., phone book, it would likely be an upgrade.

Though often lumped in with troubled Citigroup (NYSE: C), Bank of America has fewer structural problems, and the better comparison is actually better-managed (and pricier!) JP Morgan Chase (NYSE: JPM).

Bank of America's P/E multiple is higher than normal, but bear in mind that next year's earnings should be the cyclical bottom as loan losses peak. The stock is only trading at around six times "normalized" earnings of $3 per share.

With earnings so depressed, tangible book value may be a better measure of valuation, and it is more bullish. Bank of America currently trades at just 141% of tangible book value; that is more than one-third lower than one year ago, when the stock traded at 228% of tangible book value.

Another positive: As earnings bounce back, Bank of America should raise its dividend from $0.01 to something closer to 40% of earnings. If "normal" earnings are around $3 per share, then that suggests a dividend of around $1.20 per year, offering support to the stock while providing nice current income.

For investors who can stomach some bumps along the way, Bank of America looks like a good long-term value play.

葉芬

Bank of America Corporation
(Public, NYSE:BAC)

16.51  -0.50 (-2.94%)
Pre-market: 16.40 -0.11 (-0.67%)
Oct 22, 4:45AM EDT

葉芬

22/10/09


Bank of America Corp (BAC) - Shares of Bank of America Corporation broke $17 support Wednesday. The next major support level is located between $16.00-$16.10.

goodluck88

叶芬看好BAC吗？
偶也是在瞄着它

葉芬

原帖由 goodluck88 于 22-10-2009 05:25 PM 发表
叶芬看好BAC吗？
偶也是在瞄着它

好的股。。久不久都要瞄下的。。

钻石与水

我也是很注意他。。。

monsterbb

目前的价位适合买进了吗？我有500股是在17块买进的。 我要摊平购入价。
劳烦你们给我建议

miku

15.00.....

monsterbb

会降到那么多的低价？

钻石与水

如果你赶的话，可以放ORDER在16。。。

葉芬

23/10/09

Bank of America Corp (BAC) - Shares of Bank of America Corporation were hammered once again on Thursday. The stock must continue to hold $16 on a closing basis and hold $15.62 on a intraday basis or things could get out of control. Resistance on the upside is located at $17.19 which is the 50 day moving average.

原帖由 monsterbb 于 23-10-2009 12:39 AM 发表
目前的价位适合买进了吗？我有500股是在17块买进的。 我要摊平购入价。
劳烦你们给我建议

等多一陣子吧。

葉芬

26/10/09

Bank of America Corp (BAC) - Shares of Bank of America Corporation are retesting $16 again. The stock must continue to hold $16 on a closing basis and hold $15.62 on a intraday basis. Resistance is located at $17.19.

miku

来了。。15.xx，不过我等明天。。

葉芬

剛才 接近 15 。。。 你買了嗎？

miku

没有， 还会掉

钻石与水

放了ORDER在15。。。
还有WELL FARGO和SUNTRUST。。。希望如我所愿，买到便宜货。。

葉芬

27/10/09

Bank of America Corp (BAC) - Shares of Bank of America Corporation hit $15.07 Monday afternoon. This stock basically took down the whole banking sector. Concern over dilution is the prime reason the stock is getting hammered. Read this news write up for more clarification. As for the technicals, B of A broke the recent low of $15.62. If the stock continues to close below $15.62, there is really no major support until $14 which would then be a great buying opportunity.

bigman

在USD14以下买进比较安全。。

葉芬

原帖由 bigman 于 28-10-2009 12:24 AM 发表
在USD14以下买进比较安全。。

那當然。可以買到越低價越好。

葉芬

28/10/09


Bank of America Corp (BAC) - Shares of Bank of America Corporation continue to test that $15 level but so far it has held. $15.54 is now resistance on the upside, if BAC cracks $15.54, I think it will begin to move higher. If the stock goes under $15, look for $14 to be a great buy.