NEW YORK (TheStreet) -- Shares of Bank of America (BAC) - Get Bank of America Corp Report are up 1.02% to $15.41 in late afternoon trading on Wednesday as CEO and Chairman Brian Moynihan said the company's cybersecurity team can spend as much as is needed to protect the firm and its customers, in an interview with Bloomberg TV from Davos, Switzerland earlier today.

"The only place in the company that doesn't have a budget constraint is that area" said Moynihan, talking about Bank of America's cybersecurity unit.

"The reality is you've got to be willing to do what it takes at this point until we figure this all out," he added on Bloomberg TV.

Exclusive Report:Jim Cramer's Best Stocks for 2015

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Moynihan noted in the interview that the bank spends in excess of $400 million a year on cybersecurity and that it's "going north of that" in 2015.

TheStreet Recommends

Charlotte, NC-based Bank of America is a financial institution, serving individual consumers, small and middle market businesses, institutional investors, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services.

Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its expanding profit margins over time. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The gross profit margin for BANK OF AMERICA CORP is currently very high, coming in at 87.12%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 14.35% trails the industry average.
  • BANK OF AMERICA CORP's earnings per share declined by 13.8% in the most recent quarter compared to the same quarter a year ago. The company has suffered a declining pattern of earnings per share over the past year. However, we anticipate this trend reversing over the coming year. During the past fiscal year, BANK OF AMERICA CORP reported lower earnings of $0.35 versus $0.91 in the prior year. This year, the market expects an improvement in earnings ($1.45 versus $0.35).
  • BAC, with its decline in revenue, underperformed when compared the industry average of 0.1%. Since the same quarter one year prior, revenues fell by 13.0%. The declining revenue appears to have seeped down to the company's bottom line, decreasing earnings per share.
  • The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor weakness in the organization. Compared to other companies in the Commercial Banks industry and the overall market on the basis of return on equity, BANK OF AMERICA CORP underperformed against that of the industry average and is significantly less than that of the S&P 500.
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed against the S&P 500 and did not exceed that of the Commercial Banks industry. The net income has decreased by 11.3% when compared to the same quarter one year ago, dropping from $3,439.00 million to $3,050.00 million.
  • You can view the full analysis from the report here: BAC Ratings Report

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.