Banking, finance, and taxes
BofA Back at $10.00, Still Substantial Discount To Book Value (BAC, BRK-B)
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Bank of America Corporation (NYSE: BAC) made it back above $10.00 today for the first time since August 21 of 2011. The stock hit a high of $10.10 and the current share price is floating back and forth from $9.99 to $10.00 at the moment.
We recently asked if this stock is now getting overvalued. What is interesting is that this is now almost 10% higher than the $9.08 consensus price target from Thomson Reuters. It also is starting to make Warren Buffett look like he made a very profitable investment if you include his warrants in the $5 billion investment made by Berkshire Hathaway Inc. (NYSE: BRK-B) recently. BofA has traded in a 52-week range of $4.92 to $14.22.
At the end of the last quarterly earnings report, BofA’s stated book value was $20.09 per share and the tangible book value was now up to $12.95.
JON C. OGG
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