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Bill Nygren and David Herro Comment on Bank of America

April 14, 2014 | About:
Bank of America (NYSE:BAC) was the top contributor for the quarter, returning 11%. The company's most recent quarterly earnings report demonstrated continued progress toward achieving management's expense reduction targets, driven in large part by declines in the cost of servicing its "legacy" mortgages. As management executes on its plan, investors have increasingly recognized the normalized earning power of Bank of America. We believe the combination of further operational improvements and the company's plan to return capital to shareholders – through its recently increased dividend and additional repurchase authorization – will lead to continued gains in the stock.

From Bill Nygren (Trades, Portfolio) and David Herro (Trades, Portfolio)'s Oakmark Global Select Fund first quarter 2014 commentary.


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GuruFocus has detected 4 Warning Signs with Bank of America Corporation $BAC.
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