NEW YORK (TheStreet) -- Shares of financial companies such as Bank of America (BAC - Get Report) , JPMorgan (JPM), Credit Suisse (CS) and Wells Fargo (WFC) are all tumbling this morning, as the financial sector continues to struggle.
"It's very worrisome to see that sector go down," TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning. "There's no new money coming in there."
He explained that unless the Federal Reserve raises interest rates, investors feel that they can't own these stocks.
Shares of these companies are contending with a "level of uncertainty I haven't seen in some time," Cramer said, adding that it doesn't seem to matter that Bank of America trades tremendously under book value.
The problem is not systemic, as the current environment is better for banks than it was in 2009, 2010 and 2011, he added.
Rather, a big issue facing these companies is that stocks that have already "been through the mill" perform better than those that have not, Cramer contended.
"If [the stock] has already been mutilated and spun out, then it does seem to catch a bid," Cramer continued. "If it hasn't been mutilated, then people want to wait until it is mutilated."
He urged investors that are in some of these stocks to realize that it's not the fault of management.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B-.
Bank of America's strengths such as its revenue growth, growth in earnings per share, increase in net income, attractive valuation levels and expanding profit margins outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: BAC
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.BAC data by YCharts