NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG) are down -12.72% to $3.02 on Thursday after Greece's statistics agency said the country's economy decline -1.1% for the first quarter of 2014 compared to the same period 2013 when the economy dropped -3.86%, according to a report from Emerging Markets.
The Greek economy is expected to show a growth of 0.6% this year, ekathimerini.com reported.
Separately, on Wednesday Standard & Poor's upgraded its rating on National Bank of Greece as well as three other major banks in Greece to "CCC+" from "CCC."
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The firm affirmed its short term rating at "C" and said outlook on the banks looks stable.
TheStreet Ratings team rates NATIONAL BANK OF GREECE as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate NATIONAL BANK OF GREECE (NBG) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."