More Squawk from Jim Cramer: Bank of America (BAC) Had ‘Decent Quarter Overall’
NEW YORK (TheStreet) -- Shares of Bank of America (BAC) - Get Report are gaining 2.6% to $14.02 late Monday morning after the bank holding company posted better-than-expected earnings for the 2016 second quarter.
"I liked the quarter," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.
Bank of America is "well ahead in mobile," Cramer added.
"You have an amazing decline in branches from 6,000 to 4,600 and that is because people are rapidly adopting mobile," he noted.
It's an "interesting brick and mortar story where you have still one more disruption via the absolutely terrific app that they have. Also book value $16.68," Cramer said.
This will be important because the company can now start buying back stock tomorrow, according to Cramer.
Cramer noted that banks were supposed to have "horrible quarters" because the Federal Reserve did not raise interest rates.
"I've liked almost all the bank quarters," Cramer said.
"I wouldn't sell it," Cramer said of Bank of America stock in the above video, adding that the bank group is "cheap."
Bank of America had a "decent quarterover all," Cramer concluded.
Goldman Sachs (GS) is scheduled to report 2016 second quarter earnings before Tuesday's market open and Morgan Stanley's (MS) results are due out Wednesday morning.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on Bank of America stock.
The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and notable return on equity. The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BAC