Bank of America (NYSE: BAC) recently reported third-quarter results that beat Wall Street expectations. Revenue of $25.2 billion was up 3% year over year, while diluted earnings per share rose 11% to $0.90. 

But the stock hasn't been a winner in recent times. It's down 22% in 2023, a disappointment compared to the S 500's 8% gain and rival JPMorgan Chase's 2.5% increase. 

Nonetheless, Bank of America is Warren Buffett's second largest holding. That's certainly a vote of confidence in the bank stock's investment merits. 

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Source Fool.com