Bank of America was Monday's financial loser, with shares pulling back 2.5% to close at $8.58. The shares have now returned 55% year-to-date, following a 58% decline during 2011. The shares trade for 0.7 times their reported June 30 tangible book value of $13.22, and for nine times the consensus 2013 EPS estimate of 91 cents, among analysts polled by Thomson Reuters. The consensus 2012 EPS estimate is 55 cents. Ramsden on Monday said that Bank of America's shares were "fairly valued, given risks," and the company's timeline for implementing its Project New BAC efficiency program and reducing "its legacy asset servicing costs," as it works through mortgage repurchase demands. The company's mortgage putback claims increased by 41% just in the second quarter, to $22.7 billion as of June 30. Ramsden said that for Bank of America, "earning its cost of capital is likely a 2015+ event and would be highly dependent on circumstances largely outside BAC's control, like the housing recovery and revenue loss associated with expense cuts," and estimated "that with a 5% decline in revenue, better expense efficiency over time could command $12 per share versus closer to $8 per share today, but not without risks." The analyst called Bank of America's potential upside "enticing," but said his firm recommended staying on the sidelines for the time being, as the potential revenue reduction from the cost cuts " is difficult to quantify," and because "recognizing the proposed cost savings will take time and carry execution risk." Speaking at the Barclays Capital Global Financial Services Conference in New York, Bank of America CFO Bruce Thompson said that after adjusting for goodwill impairments and first-quarter annual compensation expenses, "our expenses were down about $3 billion in the second quarter from the prior-year period and down about over $1 billion on a quarter-over-quarter basis." BAC data by YCharts Interested in more on Bank of America? See TheStreet Ratings' report card for this stock.