There are a wealth of banks you can trust your money with, and after the financial crisis of 2007-2008, trust is tough to muster. Bank of America, however, has made big gains in the trust department when investing money is concerned. In fact, they may be the best bank stock on the market right now. This has drawn the attention of big investors, and this could keep your investment safe with Bank of America as well.
Bank of America Wins Over Wells Fargo Fans
Bank of America was founded in 1998, and has gathered quite a following since. They have 47 million consumer and small business relationships with new interests blooming from big bank investors. They have even overtaken Wells Fargo as the big bank investor’s premier choice. This has been fueled by their growth potential since their book value has not yet matched their equity.
They Remain Stable in the Market
Last week Bank of America did quite well at the close of the NYSE. They rose to nearly four percent while teetering on $18 per share. This comes after hints of Federal Reserve interest rates to be raised among a five percent decline in unemployment. This could mark the Great Recession recovery with B of A leading the charge.
Plenty of Branches to Choose From
Bank of America has one of the largest branch banking networks among all perspective banks. They boast more than 5,000 branches, and this could mean big gains since credit quality is on the rise with new mortgages once again making sense. The large network of branches also compliments their extensive online services offered on their online banking platform.
Two is Better than One
During the financial crisis of 2007-2008, Bank of America absorbed Merrill Lynch. This only made them stronger in the long run. Wells Fargo was the favorite post-recession, however, Bank of America with its investment potential has taken the top slot as investors flock toward their projected growth.
Flexing Market Muscles
The stronger banks during the Great Recession were the safe bet. However, now that the market has turned around, the once weaker banks are now an investor’s dream, because there is more room for growth. Bank of America is projected to hit $20 per share by the close of 2016, leaving it 10 percent more powerful than before.