Why Bank of America (BAC) Is Up Today

Update (4:03 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.

NEW YORK (TheStreet) -- Bank of America Corp.  (BAC) rose 2.33% to $17.16, up 39 cents from its previous close of $16.77, at the close of the trading day on Wednesday after the company announced its fourth-quarter profits.

The stock had a volume of 315,322,555, more than three times its average of 94,072,400. It hit a high of $17.42 and a low of $17.11 for the day.

The second-largest bank in the U.S. announced it earned $3.44 billion in the period from Oct. to Dec. 2013, up $732 million from the same period in 2012. The bank earned 29 cents per share, which surpassed analysts' expectations of 26 cents per share. Fourth-quarter revenue rose to $22.32 billion from $19.6 billion, which also eclipsed analysts' predictions of $21.2 billion.

Bank of America also reduced its provision for credit losses to $336 million from $2.2 billion in the same period one year earlier.

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 solid stock price performance, compelling growth in net income, revenue growth, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

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