NEW YORK (TheStreet) -- Shares of Bank of America Corp. (BAC) are down 1.9% to $17.33 after it was reported that the bank said it expects trading revenue to decline this quarter from the previous three months and a year earlier, according to Bloomberg.
The drop is consistent with customer activity, CEO Brian Moynihan noted at a conference hosted by Goldman Sachs today in New York, Bloomberg reports, adding the bank said in a presentation that trading is among its "revenue headwinds" after generating $3.27 billion in the third quarter and $2.97 billion in the fourth quarter of last year.
"When activity ebbs and flows, we don't try to replace that activity with non-customer-driven business," Moynihan said, according to Bloomberg.
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 some important positives, 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 expanding profit margins 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."