Investors Should Just Keep Banking On Bank Of America
- Bank of America reported Q2 2019 results that beat the consensus bottom-line estimate. Additionally, the bank's operating results were impressive almost across the board.
- The interest rate environment is (and has been) a headwind, but I believe that investors should just keep banking on Bank of America as a long-term investment.
- Bank of America is my largest position, and I plan to stay long the stock.
Bank of America's (NYSE:BAC) stock has performed well so far in 2019, as BAC shares are higher by approximately 19% over the last seven-plus months. However, the stock has still underperformed the broader market by a wide margin over the last 52 weeks.
Financials have been in the crosshairs for a while now as many pundits have questioned their near-term business prospects due to concerns in the economy and the weakening interest rate environment. These concerns have outweighed the sector's strong operating results, but I believe that risks have been overblown and that many of the financials, including BofA, are long-term buys in today's environment. Example A - BofA after its impressive Q2 2019 results.
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