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Banking, finance, and taxes

BofA Back at $10.00, Still Substantial Discount To Book Value (BAC, BRK-B)

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By Jon C. Ogg Updated Published
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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

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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