Financials are down heavily over the past 3 Months on recession/stagflation fears. BAC is down 24.5% from 52W Highs, with a 2.2% yield and $6 Billion in quarterly shares repurchases. CET1 and Tier 1/2 ratios continue to be healthy, with record deposits. Somehow, they appear to be managing expenses while proving very high branch comp($21 an hour minimum, with a rise to $25 by 2025) protecting them talent competition and wage inflation beyond the $25 for the foreseeable future. As we enter a new rates cycle, NII will benefit. How would you price BAC now?l
Positions: 150 shares @ 36.91
Sold 1 CC3/18/22 48 @0.61
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