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Even with futures trading nearly 1% higher today. shares of Bank of America (BAC) still can't manage to get a boost and were actually trading modestly lower in the pre-market. As shown in the chart, the price to book ratio (P/B) of BAC is currently at 0.32 and approaching the lows seen at the depth of the credit crisis. Except for a three-month period from January to April 2009, the stock's P/B ratio has not been lower. If, and this is a BIG if, you believe the company's stated book value, shares of BAC are dirt cheap.

Source: Bank of America P/B Approaching Credit Crisis Lows