Why Pete Najarian Prefers Bank Of America Over JPMorgan: 'This Is The Stock To Own'

Bank Of America Corp BAC was featured as the call of the day Thursday on CNBC's "Fast Money: Halftime Report."

What Happened: Wells Fargo's Mike Mayo reiterated Bank Of America as a top pick on strong net interest income growth. Mayo has an Overweight rating on the stock with a $66 price target, implying more than 50% upside from current levels. 

Najarian's Take: "Right now, I think this is the stock to own," said Pete Najarian, co-founder of Market Rebellion.

At just about any point over the last year, investors would have been better off owning Bank Of America over JPMorgan Chase & Co JPM, he said.

"You look at Bank Of America ... it's been a great company that's been too cheap," he said. 

Banks are often valued on a price-to-book basis, Najarian said. Relative to JPMorgan, Bank Of America has been on sale, he added.

At some point, Najarian said he expects JPMorgan to catch up to Bank Of America, but for now, he plans to continue to stick with what got him here. 

Najarian told CNBC that he owns Bank Of America stock and upside call options.

BAC Price Action: Bank Of America has traded between $36.51 and $50.11 over a 52-week period.

The stock was down 0.06% at $42.78 Thursday afternoon. 

Photo: Mike Mozart from Flickr.