Bank of America: S&P Laggard

NEW YORK ( TheStreet) - Bank of America ( BAC) was among the worst-performing stocks in the S&P 500 on Friday.

The S&P fell 17.31 points, or 1.25%, to 1,370.26.

Shares of Bank of America dropped 5.34% on Friday to close at $8.68.

News broke on Friday that the bank is being sued because it charged customers who could not qualify for or did not want payment protection plans, The Associated Press reported.

Bank of America shares trade at an estimated price-to-earnings ratio for next year of 8.21X; the average for its peers is 8.39X. For comparison, Citigroup ( C) has a lower forward P/E of 7.21X; Wells Fargo's forward P/E is 8.98X.

Twenty-three of the 39 analysts who cover Bank of America rate it at hold. Eleven analysts give the stock a buy rating and five rate it at sell.

TheStreet Ratings gives Bank of America a C- grade with a hold rating. The stock has risen 56.12% year to date.

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Other S&P 500 laggards on Friday included:
  • E-Trade Financial (ETFC): The stock fell 5.63% Friday to $10.06. The stock has risen 26.38% year to date. TheStreet Ratings gives E-Trade Financial a C- grade and hold rating.
  • Edwards Lifesciences (EW): The stock dropped 5.58% Friday to $68.55. The stock has fallen 3.04% year to date. TheStreet Ratings gives Edwards Lifesciences a B grade with a buy rating and $83.15 price target.
  • First Solar (FSLR): The stock fell 5.32% Friday to $20.83. The stock has dropped 38.3% year to date. TheStreet Ratings gives First Solar a C- grade and hold rating.
  • Morgan Stanley (MS): The stock dropped 5.16% Friday to $17.28. The stock has risen 14.21% year to date. TheStreet Ratings gives Morgan Stanley a C- grade and hold rating.
  • Nabors Industries (NBR): The stock fell 4.8% Friday to $16.16. The stock has dropped 6.81% year to date. TheStreet Ratings gives Nabors Industries a B- grade with a buy rating and $19.17 price target.
  • KeyCorp (KEY): The stock dropped 4.55% Friday to $7.97. The stock has risen 3.64% year to date. TheStreet Ratings gives KeyCorp a C+ grade and hold rating.
  • Goldman Sachs (GS): The stock fell 4.4% Friday to $115.09. The stock has risen 27.27% year to date. TheStreet Ratings gives Goldman Sachs a B- grade with a buy rating and $136.29 price target.
  • First Horizon National (FHN): The stock dropped 4.31% Friday to $9.77. The stock has risen 22.12% year to date. TheStreet Ratings gives First Horizon National a C+ grade and hold rating.
  • St. Jude Medical (STJ): The stock fell 4.27% Friday to $38.58. The stock has risen 12.48% year to date. TheStreet Ratings gives St. Jude Medical a B grade with a buy rating and $47.32 price target.

-- Written by Alexandra Zendrian in New York.

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