Bank of America Corporation (BAC)

Executive Summary

Bank of America is the second-largest United States bank by assets and, in our view at T&T Capital Management, the diversified banking franchise that has done the cleanest job of rebuilding from the 2008 financial crisis and the subsequent decade of regulatory consent orders. At $51.10 per share the stock trades at approximately 1.9 times tangible book value of $26.50, approximately 11.5 times consensus FY2026 earnings of approximately $4.45, and offers a 2.2 percent dividend yield. Brian Moynihan has been CEO since January 2010 — the longest-tenured G-SIB CEO in the United States — and has overseen the post-Countrywide cleanup, the dividend reinstatement and compounding from $0.04 to $1.12 annually, and the most consistent capital-return program in the G-SIB peer group.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers