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Bank of America Shares Top $10 for First Time Since 2011

DEC 6, 2012 10:08am ET
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Bank of America hit $10 a share on Wednesday for the first time since July 2011, cementing its status as this year's best performer in the Dow.

Its share price climbed 5.7% to $10.46 at 4:15 p.m. in New York, bringing its gain for 2012 to 88%.

The bank has been shedding mortgage assets dramatically the past two years and laying off thousands of workers. Among home lenders it now ranks fourth and is fading fast, according to figures compiled by National Mortgage News and the Quarterly Data Report. 

The Dow Jones benchmark has risen 6.7% this year, with Home Depot Inc. in second place showing a 52% advance. Bank stocks rallied Wednesday as Citigroup Inc., the nation's third-biggest depository,  announced plans to cut more than 11,000 jobs and pull back in some markets.

Brian Moynihan, B of A's CEO, has boosted capital, sold more than $60 billion in assets and set a target of $8 billion a year in expense cuts. Last year, speculation that Bank of America didn't have an adequate cushion against losses prompted a $5 billion investment from billionaire Warren Buffett's Berkshire Hathaway Inc., and the lender's stock dipped below $5 in December.

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