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Summary
- Bank of America’s Q3-2023 results showed robust revenues and a 10% increase in net income.
- The deposit flight that affected regional banks did not impact Bank of America, with 200,000 new checking accounts added and steady total deposits.
- We tell you why BAC could actually go up in a recession and upgrade this to a buy.
- We also show how one preferred share offering could give you a similar returns to BAC common shares over the medium term.
- Conservative Income Portfolio members get exclusive access to our real-world portfolio. See all our investments here »
On our last work on Bank of America (NYSE:BAC) we focused on the fact that margins were past their peak. These margins were of course the net interest margins and while we did like the value, we felt a buy rating would just not make sense. Whether or BAC’s margins have actually peaked for this cycle or not, the stock certainly agreed with our outlook and is now 16% lower.
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