Bank of America Corp’s shares lost 15% Post Earnings (NYSE:BAC)
Shares of Bank of America Corp (NYSE:BAC) have fallen about 15% over the past three weeks or since the bank reported its quarterly earnings.
The stock started the year very well and added 28% in January followed by a range bound trading in the month of February.
In March, the stock moved up above $10 mark after passing a critical Federal Reserve’s annual bank stress tests. The bank had an estimated Tier 1 common equity ratio under the adverse economic scenario of 5.7%, increasing to an estimated 5.9% at the end of 2013.
On April 18, 2012, the bank reported a sharp fall in its first quarter profit, but that topped analysts’ forecast.
The second-largest U.S. bank said that it earned $653 million, or 3 cents a share, down from a year ago profit of $2.05 billion, or 17 cents a share. The bank’s results included a $4.8 billion negative valuation adjustment related to changes in the company’s credit spreads, equal to 28 cents per share.
Total revenue also fell to $22.3 billion from $26.9 billion a year ago. Revenue, net of interest expense, on a fully taxable-equivalent basis was $22.5 billion for the quarter. Excluding the valuation adjustments from both periods, revenue was down 3 percent in the first quarter of 2012 to $27.3 billion.
However, post earnings the stock has fallen over 15% from its intra-day high of $9 on Apr 19, 2012. The stock is now down 0.40% to $7.67, well off session low of $7.41.
However, so far this year, the stock is still up 38%. The stock has been moving in a range of $4.92 and $12.27 over the past 52-week.