SMFG - Seven criminally undervalued stocks to watch in March 2024: Part two
2024-02-29 04:34:48 ET
Yesterday, we started talking about companies to watch in March 2024 which are undervalued, in our opinion, and represent significant opportunity for investors this coming month who are looking for a good deal.
Here are the next three stocks we have our eye on, which present good value for money for their share price, in our opinion:
- Bank of America
- Sumitomo Mitsui Financial Group
- Delta Airlines
Bank of America Corporation (NYSE: BAC)
- Current share price at the time of writing: $34.31
- YTD share price appreciation/depreciation: up 1.21%
- YoY share price appreciation/depreciation: up 0.50%
Bank of America is one of the United States’ most respected financial institutions. Its share price valuation fell dramatically in 2023, when market participants were pricing in the possibility of a recession in America.
However, the ‘soft landing’ for 2023 manifested, while a recession hasn’t yet – making Bank of America quite undervalued, compared to some of its financial sector peers.
Sumitomo Mitsui Financial Group (TYO: SMFG)
- Current share price: JPY 8344 ($55.22)
- YTD share price appreciation/depreciation: up 19.54%
- YoY share price appreciation/depreciation: up 41.16%
Speaking of the finance industry, Sumitomo Mitsui Financial Group is one of Japan’s biggest three banks. So, why the lower share price?
Sumitomo Mitsui has not expanded into overseas banking as much as the other bigger Japanese banking stocks have – in fact, they referenced this in a recent interview with Bloomberg.
But that doesn’t mean they’re not a solid, dependable bank that has been around since 2022 and is still going strong – not to mention it is one of the companies benefiting from the huge recent rise in the Japanese stock market.
Delta Airlines (NYSE: DAL)
- Current share price: $42.01
- YTD share price appreciation/depreciation: up 3.86%
- YoY share price appreciation/depreciation: up 9.09%
According to Alpha Spread , Delta Airlines stock may be undervalued by as much as 51% – worth double what it is priced at.
The reason for this undervaluation isn’t immediately clear, except to say that Delta Airlines isn’t the ‘noisiest’ of stocks, without the Boeing fiascos or other big headlines.
Still, this is a well-established American stock that has returned value for decades to investors. It’s certainly not fly-by-night, which is more than one can say about a lot of so-called ‘cheaper stocks’.
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