Bank of America (BAC) Investors Losing Faith, Selling Shares Hand Over Fist
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Price: $61.86 -2.07%
Financial Fact:
Telecommunications: 189M
Today's EPS Names:
EDXC, BICX, FBPI, More
Financial Fact:
Telecommunications: 189M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Despite a quarter that looked good on the surface, investors are selling shares of Bank of America (NYSE: BAC) hard as problems at the nation's largest bank are still glaring.
BofA reported a loss of 90 cents per share, or a profit of of 33 cents excluding items which topped the analyst consensus of 29 cents per share. Revenues fell an astonishing 54 percent to $13.5 billion, due to the large mortgage-secularization charge. Pre-Provision Operating Profit increased 4 percent sequentially, but was down 24 percent year over year due to declines in net interest income and elevated expenses. FICC revenue was down 36 percent quarter-over-quarter. Tier 1 Capital Ratio was 8.23 percent, essentially in-line with management’s view of above 8 percent. Book value per share fell from $21.45 last year to $20.29.
Click here for more color on the quarter.
On the call, the company stated they don't need to raise capital, although some in the market are skeptical. Investors continue to focus on put-back exposure and Basel III capital levels.
Shares of Bank of America are down over 3 percent to a new 52-week low of $9.40.
BofA reported a loss of 90 cents per share, or a profit of of 33 cents excluding items which topped the analyst consensus of 29 cents per share. Revenues fell an astonishing 54 percent to $13.5 billion, due to the large mortgage-secularization charge. Pre-Provision Operating Profit increased 4 percent sequentially, but was down 24 percent year over year due to declines in net interest income and elevated expenses. FICC revenue was down 36 percent quarter-over-quarter. Tier 1 Capital Ratio was 8.23 percent, essentially in-line with management’s view of above 8 percent. Book value per share fell from $21.45 last year to $20.29.
Click here for more color on the quarter.
On the call, the company stated they don't need to raise capital, although some in the market are skeptical. Investors continue to focus on put-back exposure and Basel III capital levels.
Shares of Bank of America are down over 3 percent to a new 52-week low of $9.40.
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