Summary
- Bank Of America reported strong Q1 2019 earnings that beat the consensus EPS estimate.
- There are two main reasons why I believe that investors should stay long the stock. Simply put, the investment thesis for Bank Of America remains intact.
- Bank Of America is my largest holding and I have no plans to reduce my stake.
- This idea was discussed in more depth with members of my private investing community, Going Long With W.G.. Start your free trial today »
Bank Of America's (BAC) stock has performed well so far in 2019, as BAC shares are up ~21% while the S&P 500 (SPY) is up ~16% over the same period of time. However, BAC shares are still significantly underperforming the broader market over the last year.
Data by YChartsI am a well-documented Bank Of America bull (see my Seeking Alpha profile for more detail) and, in my opinion, the bank's Q1 2019 results shows that the long-term story for this large financial institution remains intact. In this article, I will describe the 2 reasons why I believe that Bank Of America is still a great buy even at current levels (slightly above $30 per share)
