Bank of America (BAC)

Just re-bought after selling it in March. He needed bank exposure, so he bought BAC again. He expects the economy to have a soft or no landing.

Owns shares in company, and waiting for increase in share price.
Bank fundamentals strong - excellent balance.
Expecting better results going forward.
Very inexpensive stock at current trading price.
Once fear of recession passes, will perform better. 

It was a good play on higher interest rates with higher net interest margins. It beat in the last quarter but is down (and cheap) with the regional banking concerns in the U.S. even though it is not a regional bank. He is still holding but trimmed it and others last year because of big capital gains.

Second-largest in the US, next to JPM. CEO has turned it around. Big banks are highly regulated compared to regionals. Lots of cash to increase dividends and such. Great retail business, investment banking and wealth management, credit card segment. Trading below book value. Yield is 3.27%.

Great opportunity, as it's trading below book value at 0.85x. Rising wages are a concern for every company. Benefited in deposits from smaller banks going under. Will see more share buybacks and dividend increases. Financials benefit from the early part of an economic cycle. Yield is 3.75%.

Has sold shares in company.
Large deposits entering big banks with recent banking scares.
Does not like US banking system regulations.
Believes Canadian banking system has better opportunity. 

Believes business is strong and has good long term prospects.
Well positioned from recovering US economy.
Excellent balance sheet with good business model.
Would recommend holding shares in the company. 

He had sold it, then bought it back during the SVB crisis. A long term hold and run by a great CEO.

Doesn't own it nor hate it, though he owns many other big banks.

Boring, but never let good prices go to waste. Regional banks' bleed out will benefit some of the bigger ones. They've all come down in price. This large, global franchise trades at under 7x 2024 earnings, with 13.6% annual compound growth rate. Beat last quarter. 

Won't hurt you. If we don't have a soft landing, won't go down much more from here. Collect your dividend, and when we get to the other side, will really participate as interest rates start to come down. Really nice dividend of 3.06%.

BAC will be fine, but fine isn't enough in this environment in which banks face so much hostility. BAC though is a good, well-run bank.

Believes top banks in USA makes sense for investors.
$120 billion has been raised by top 25 banks in the USA in the past month.
$3 Trillion is assets with hundreds of millions in revenues.
Very diversified business with multiple revenue stream.
Current share price presenting good buying opportunity (down 17% the past month).
Customers looking for safety in larger banks.
Trading at discount to book value.
Paying ~3% dividend yield.

As opposed to 2008, big money-centre banks now have a chance to be the good guys. Liquidity problems will be the friend of these banks. Pristine balance sheet, excess capital, no depository risk. US government has de facto guaranteed bank deposits. Valuation metrics are all at 6 to 7-year lows (excepting the drop and recovery in 2020). Yield is 3.09%.

Shares shouldn't be this low, but banking is so despised now. Don't buy it now.