Orbitronix Lp Exits Position in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Orbitronix Lp has sold out all of its stake in Bank of America Corp during the most recent quarter, according to the disclosure filed by the company on Aug 11, 2016 with the SEC. The investment management company has sold out 10,000 shares of Bank of America Corp which is valued at $149,100.

Other Hedge Funds, Including , Snow Capital Management Lp reduced its stake in BAC by selling 263,327 shares or 9.03% in the most recent quarter. The Hedge Fund company now holds 2,653,093 shares of BAC which is valued at $39,557,617. Bank of America Corp makes up approx 1.75% of Snow Capital Management Lp’s portfolio.Atlanta Capital Group boosted its stake in BAC in the latest quarter, The investment management firm added 280 additional shares and now holds a total of 125,343 shares of Bank of America Corp which is valued at $1,896,440. Bank of America Corp makes up approx 0.41% of Atlanta Capital Group’s portfolio.Plante Moran Financial Advisors reduced its stake in BAC by selling 663 shares or 5.81% in the most recent quarter. The Hedge Fund company now holds 10,752 shares of BAC which is valued at $155,689. Bank of America Corp makes up approx 0.11% of Plante Moran Financial Advisors’s portfolio.Proffitt Goodson Inc reduced its stake in BAC by selling 1,714 shares or 1.8% in the most recent quarter. The Hedge Fund company now holds 93,531 shares of BAC which is valued at $1,344,976. Bank of America Corp makes up approx 0.71% of Proffitt Goodson Inc’s portfolio.Menlo Advisors reduced its stake in BAC by selling 500 shares or 0.15% in the most recent quarter. The Hedge Fund company now holds 332,370 shares of BAC which is valued at $4,467,053. Bank of America Corp makes up approx 3.72% of Menlo Advisors’s portfolio.

Bank of America Corp opened for trading at $15.26 and hit $15.41 on the upside on Tuesday, eventually ending the session at $15.35, with a gain of 1.12% or 0.17 points. The heightened volatility saw the trading volume jump to 6,77,98,132 shares. Company has a market cap of $156,644 M.

On the company’s financial health, Bank of America Corp reported $0.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 18, 2016. Analyst had a consensus of $0.33. The company had revenue of $20600.00 million for the quarter, compared to analysts expectations of $20518.78 million. The company’s revenue was down -7.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.45 EPS.

Many Wall Street Analysts have commented on Bank of America Corp. Berenberg Initiated Bank of America Corp on Jul 13, 2016 to “Buy”, Price Target of the shares are set at $15.Bank of America Corp was Downgraded by Raymond James to ” Mkt Perform” on Jul 7, 2016. Bank of America Corp was Downgraded by Keefe Bruyette to ” Mkt Perform” on May 16, 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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