High interest rate environment has been pretty good to banks in the past year, posting strong earnings every time. Q1 earnings JPM gave mediocre guidance and stock dropped 6%, Citi, Bank of America, and Well Fargo all three beat earnings and left guidance mostly unchanged. All four bounced back after the market correction finished. All except BAC are lagging behind SPY since May 1st, JPM up 4.4%, C barely up, WFC -1.95%, but BAC is up 7.6%. All except BAC are trading slightly above or just above their 50-day EMA, with JPM trading ~2% above and BAC trading 4.5% above.
So my question is that if Q1 earnings and outlook are so similar for all 4 major banks, and they generally all do the same thing, why is BAC stock up so much more and seem overextended compared to the other 3? I understand that Warren Buffet holds $35bn of BAC stock but he has since 2007 and his last purchase was in 2023. Is it solely because of his name or am i missing something here?
What's the catch of BAC outperforming its peers?
Edit:
Stock performance of all 4 banks since April
TL;DR: BAC stock over performed Citi, JP Morgan, and Well Fargo by 5% in the past 2 month, why? and are they overextended?
