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 ยป
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)
