- Shares of Bank of America (BAC) closed at $9.82 Wednesday, returning 77% year-to-date, following a 58% drop during 2012. To put those return numbers in perspective, the shares have had a negative return of 28% for the past 52 weeks. Investors have taken comfort that the company's passing stress test grade from the Federal Reserve takes a common equity raise off the table. The shares trade for 0.8 times tangible book value, according to HighlineFI, and while they may appear expensive, at 14 times the consensus 2012 earnings estimate of 69 cents a share, among analysts polled by Thomson Reuters, they look positively cheap, at eight times the consensus 2013 EPS estimate of $1.19.
- Citigroup (C) closed at $37.80 Wednesday, returning 44% year-to-date, following last year's 44% drop. The 52-week return is a negative 14%. Like Bank of America, the shares trade for 0.8 times tangible book value. Citi trades for 9.5 times the consensus 2012 EPS estimate of $3.97, and for just under eight times the consensus 2013 EPS estimate of $4.78.
Shares of First Republic Bank ( FRC) of San Francisco closed at $31.67 Wednesday, returning 3% year-to-date, following a 5% return during 2011.
Shares of Associated Banc-Corp ( ASBC) of Green Bay, Wis., closed at $14.52 Wednesday, returning 30% year-to-date, following a 26% decline last year.
Shares of First Horizon National ( FHN) of Memphis, Tenn., closed at $10.89 Wednesday, returning 36% year-to-date, following last year's 32% decline.