NEW YORK (TheStreet) -- Bank of America Corp. (BAC) reported a decline in net income to $2.3 billion, or 19 cents per diluted share for the 2014 second quarter, compared to $4 billion, or 32 cents per diluted share for the same period last year.
The financial institution posted a 4% drop in revenue to $21.75 billion for the most recent quarter to $22.73 billion from the 2013 second quarter.
Analysts polled by Thomson Reuters were expecting Bank of America to report earnings per share of 29 cents on revenue of $21.61 billion, RTT News reports.
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Shares of Bank of America are lower by -0.13% to $15.79 in pre-market trading on Wednesday.
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 multiple 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.