Expensive with a capital "E." That's an apt description for many stocks right now. And you can probably capitalize a few more letters, too.

However, not every stock is valued at a lofty premium. Here are three bargain stocks you can buy today and hold forever.

1. Bank of America

There's no secret why many bank stocks are cheap these days. The failure of several U.S. banks kicked off a major sell-off. Even one of the biggest banks around, Bank of America (BAC -0.21%), wasn't spared from the carnage.

Bank of America stock currently trades at a forward price-to-earnings ratio of around 8.7x. That's less than half the forward earnings multiple for the S&P 500. 

But BofA's business continues to hum along nicely. The company easily beat Wall Street expectations with its second-quarter results announced this week. Revenue jumped 11% year over year, and earnings soared 19%.

Some view Bank of America as one of the handful of banks that are "too big to fail." By that, they mean that the U.S. government would step in to prevent a collapse.

My take, however, is that BofA is too good to fail. The company is well-managed and a technological innovator. Buying the stock at a discount should deliver nice returns over the long run.

2. Chubb

Property and casualty (P&C) insurance isn't the most exciting business in the world. And when there are unexpectedly big catastrophic losses weighing on profits, the business becomes even less exciting for investors.

But that could be the perfect time to buy shares of an especially well-run P&C insurer like Chubb (CB -0.21%). The price certainly appears to be right, with Chubb's shares trading at a forward earnings multiple of only 10.6x.

Looking under the hood, Chubb's business remains strong. The company's core operating income rose nearly 12% in Q1 to a record high. Chubb's underwriting continues to be top-notch, which is the key to long-term success for any insurer. 

The consensus 12-month price target for Chubb reflects an upside potential of more than 20%, and I think Wall Street's optimism is justified. Chubb is likely to quietly deliver solid gains over the long term for patient investors.

3. CVS Health

You might think that CVS Health (CVS -0.22%) looks like a company in retreat. CEO Karen Lynch confirmed in May that CVS remains on track to close 300 stores this year.

The healthcare giant lowered its full-year guidance. And its stock has plummeted more than 20% this year after falling close to 10% in 2022.

One positive outcome from this decline, though, is that CVS Health is more attractively valued now. Its shares trade at only 8.3 times forward earnings.

Another plus is CVS Health's dividend. Thanks to the stock sinking, the company's dividend yield currently stands at nearly 3.4%.

Most importantly, CVS should benefit from the unstoppable tailwind of an aging population. This trend will drive increased demand for healthcare services. With its huge pharmacy operations, Aetna health insurance business, and moves into primary care and home-based care, CVS Health is well-positioned to help meet that demand.