NEW YORK (TheStreet) -- Bank of America Corp. (BAC) - Get Report stock is increasing 1.58% to $17.37 in early afternoon trading on Thursday after the bank's resubmitted capital plan was approved by the FederalReserve.

The Fed required the Charlotte, NC-based bank to resubmit its plan in March after the regulatory group found weaknesses in the Bank of America's loss and revenue modeling practices and internal controls.

"The firm must continue to make steady, demonstrable progress" before the next 2016 stress test, the Fed said in a statement on Thursday morning. 

Bank of America spent $100 million to prepare for the re-submission of its capital plan, the Wall Street Journal reports. 

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 several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, attractive valuation levels, good cash flow from operations, solid stock price performance and impressive record of earnings per share growth. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.

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

  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Commercial Banks industry. The net income increased by 2043.1% when compared to the same quarter one year prior, rising from -$232.00 million to $4,508.00 million.
  • Net operating cash flow has significantly increased by 7856.00% to $34,902.00 million when compared to the same quarter last year. In addition, BANK OF AMERICA CORP has also vastly surpassed the industry average cash flow growth rate of 310.31%.
  • After a year of stock price fluctuations, the net result is that BAC's price has not changed very much. Although its weak earnings growth may have played a role in this flat result, don't lose sight of the fact that the performance of the overall market, as measured by the S&P 500 Index, was essentially similar. Looking ahead, unless broad bear market conditions prevail, we still see more upside potential for this stock, despite the fact that it has already risen over the past year.
  • BANK OF AMERICA CORP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in 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 ($1.43 versus $0.35).
  • You can view the full analysis from the report here: BAC

Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.