Is Bank of America Stock a Buy?
Bank stocks haven't been doing too well since the pandemic started and interest rates have been cut down, but that doesn't make them bad investments.
Bank of America (NYSE: BAC) is down after disappointing Wall Street with its first-quarter earnings report on April 15. But despite the drop -- which was partially due to a massive new provision for losses -- there were many bright spots in the quarter. Over time, Bank of America has grown its business and delivered value for investors. Is now the right time to buy shares?
Bank of America, like many of the big banks, has several ways of generating income, with a consumer bank, investment bank, commercial loans, financial advisory, and more. While the credit-card division showed decreased consumer spending at the beginning of the pandemic, as expected, loans and deposits hit an all-time high, specifically companies taking out their full revolving credit lines.
Source Fool.com
