Are BofA (BAC) Shares Cheap?

If you believe in fundamental valuation... you might think so.

According to Bespoke Investment Group, BofA (NYSE: BAC) shares are trading at the lowest price-to-book value since the financial meltdown of 2008-09. At 0.32x, only January to April 2009 saw a lower book value.

Of course, that's assuming management's valuation of what's on the books is comparable to what traders and investors are seeing. Some arguments in the last day or so have BofA needing anywhere from $40 billion to $200 billion in capital in order to keep running.

BofA is 2.5 percent lower Tuesday; the stock last traded at $6.25.

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