Menlo Advisors Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Menlo Advisors reduced its stake in Bank of America Corp by 0.41% during the most recent quarter end. The investment management company now holds a total of 332,870 shares of Bank of America Corp which is valued at $4,660,180 after selling 1,365 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on Apr 13, 2016.Bank of America Corp makes up approximately 4.21% of Menlo Advisors’s portfolio.

Bank of America Corp opened for trading at $13.85 and hit $14.24 on the upside on Monday, eventually ending the session at $14.17, with a gain of 1.21% or 0.17 points. The heightened volatility saw the trading volume jump to 8,19,98,236 shares. Company has a market cap of $146,314 M.

Other Hedge Funds, Including , Gradient Investments boosted its stake in BAC in the latest quarter, The investment management firm added 506 additional shares and now holds a total of 3,790 shares of Bank of America Corp which is valued at $53,060. Bank of America Corp makes up approx 0.01% of Gradient Investments’s portfolio.Wunderlich Securities boosted its stake in BAC in the latest quarter, The investment management firm added 11,401 additional shares and now holds a total of 28,247 shares of Bank of America Corp which is valued at $395,458. Bank of America Corp makes up approx 0.59% of Wunderlich Securities’s portfolio.Exxonmobil Investment Management Inc Tx boosted its stake in BAC in the latest quarter, The investment management firm added 180,167 additional shares and now holds a total of 2,514,039 shares of Bank of America Corp which is valued at $35,196,546. Bank of America Corp makes up approx 0.79% of Exxonmobil Investment Management Inc Tx’s portfolio.Newman Dignan Sheerar reduced its stake in BAC by selling 4,946 shares or 7.13% in the most recent quarter. The Hedge Fund company now holds 64,467 shares of BAC which is valued at $902,538. Bank of America Corp makes up approx 0.65% of Newman Dignan Sheerar’s portfolio.

On the company’s financial health, Bank of America Corp reported $0.21 EPS for the quarter, based on the information available during the earnings call on Apr 14, 2016. Analyst had a consensus estimate of $0.21. The company had revenue of $19700.00 million for the quarter, compared to analysts expectations of $20317.78 million. The company’s revenue was down -8.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.27 EPS.

Many Wall Street Analysts have commented on Bank of America Corp. Bank of America Corp was Downgraded by Atlantic Equities to ” Neutral” on Mar 1, 2016. Bank of America Corp was Upgraded by Credit Agricole to ” Outperform” on Jan 29, 2016. Bank of America Corp was Upgraded by Sandler O’Neill to ” Buy” on Jan 20, 2016.

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution serving individual consumers small- and middle-market businesses institutional investors corporations and Governments with a range of banking investing asset management and other financial and risk management products and services. Through its banking and various nonbank subsidiaries it provides a range of banking and nonbank financial services and products. It operates in five segments: Consumer & Business Banking which offers a range of credit banking and investment products and services to consumers and businesses; Consumer Real Estate Services which provides a line of consumer real estate products and services; Global Wealth & Investment Management which provides wealth management solutions; Global Banking which provides a range of lending-related products and services and Global Markets which offers sales and trading services.

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