As a Action Alerts PLUS holding it's one of the largest financial entities in the country, and the security has taken the brunt of the sell off the sector has seen in 2016. Bank of America shares are down 28% year to date while the KBW Nasdaq Bank Index is down 20% this year.
The industry's exposure to the struggling energy sector has been part of the driving force behind the negative headwinds banking stocks have experienced this year.
As a result of these headwinds, today, TheStreet Ratings downgraded the company's stock to "hold" from "buy" while also lowering its letter grade to C+ from B-. TheStreet found that the company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share and increase in net income. However, as a counter to these strengths, it also found that the stock has had a generally disappointing performance in the past year.
TheStreet Ratings uses an algorithmic model to determine a rating for risk-adjusted total return prospect over 12 months.