Bank of America: Rising Interest Rates Should Lead to Outperformance

Bank of America’s (BAC) shares have struggled since the acute phase of the financial crisis, plagued by bad mortgages and toxic mortgage backed securities acquired in the bank’s respective takeovers of Countrywide and Merrill Lynch, with the latter deal eventually toppling former CEO Ken Lewis. More recently, Bank of America and new CEO Brian Moynihan were embarrassed over spinning dividend hikes before receiving approval from the Federal Reserve which they didn’t get[i],leaving the quarterly dividend at an anemic penny per share.

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