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The bank reported on April 19 first-quarter earnings of $653 million, or3 cents a share, down from year-earlier earnings of $2 billion, or 17 cents a share.
"Bank of America lagged in 1Q in refinancing HARP eligible loans, with only about 1% of eligible loans refinanced in 1Q, and therefore it has large potential for increase in volumes," JPMorgan analysts wrote in a May 16 report. "There are some signs of pickup in HARP refis in 2Q as BofA's prepayment speeds have been well behind. If banks refi another 8-12% of eligible HARP loans, BofA would see the largest pick-up in origination revenues even if it is spread over 4 quarters, with about 3% benefit to 2012 EPS. SunTrust would be the next biggest beneficiary, with about 2.5-3% benefit. The rest of our banks would all see some benefit albeit smaller, as they are further along. BofA may not refi as much as larger peers but still has large potential upside from increase in refis."
Forward Annual Dividend Yield: 0.6%