NEW YORK (TheStreet) -- Shares of Bank of America (BAC) are lower by -1.17% to $15.26 Monday morning after the Financial Industry Regulatory Authority announced it has fined the company's Merrill Lynch unit $8 million for not waiving mutual fund sales charges for charities and retirement accounts, Reuters reports.
FINRA also ordered Merrill Lynch to pay $24.4 million in restitution to customers affected by the mutual fund charges, in addition to the $64.8 million the firm already repaid to investors.
Separately, 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 few notable 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."