NEW YORK (TheStreet) -- Shares of Bank of America (BAC) are up 3.60% to $15.25 on Tuesday following news the company resubmitted its smaller capital plan to the Federal Reserve, according to the Wall Street Journal.
Bank of America is working to overcome the $4 billion capital error it disclosed in April. The company's mistake forced it to place plans on hold to return capital to shareholders.
The Fed gave the bank until today to resubmit a new plan.
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The Fed has 75 days to review Bank of America's new proposal. "There can be no assurance as to the timing or outcome of the Federal Reserve's review," the Associated Press reports Bank of America as saying.
Details of the plan were not released but the bank said Tuesday the change will result in a less than one-basis point reduction in reported capital ratios for the quarter which ended Sept. 30, 2013, the AP reported.
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 a number of strengths, 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 reasonable valuation levels, expanding profit margins, notable return on equity and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."