Reservoir Operations Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Reservoir Operations reduced its stake in Bank of America Corp by 10.58% during the most recent quarter end. The investment management company now holds a total of 871,428 shares of Bank of America Corp which is valued at $12,095,421 after selling 103,145 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on May 9, 2016.Bank of America Corp makes up approximately 8.05% of Reservoir Operations’s portfolio.

Other Hedge Funds, Including , Ibm Retirement Fund reduced its stake in BAC by selling 1,185,382 shares or 46.39% in the most recent quarter. The Hedge Fund company now holds 1,370,090 shares of BAC which is valued at $19,016,849. Bank of America Corp makes up approx 0.74% of Ibm Retirement Fund’s portfolio.Court Place Advisors reduced its stake in BAC by selling 100 shares or 0.12% in the most recent quarter. The Hedge Fund company now holds 83,828 shares of BAC which is valued at $1,182,813. Bank of America Corp makes up approx 0.73% of Court Place Advisors’s portfolio.Sanders Morris Harris boosted its stake in BAC in the latest quarter, The investment management firm added 284,270 additional shares and now holds a total of 295,595 shares of Bank of America Corp which is valued at $4,303,863. Bank of America Corp makes up approx 0.71% of Sanders Morris Harris’s portfolio.

Bank of America Corp closed down -0.26 points or -1.84% at $13.88 with 8,61,93,936 shares getting traded on Friday. Post opening the session at $14.15, the shares hit an intraday low of $13.87 and an intraday high of $14.37 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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 Keefe Bruyette to ” Mkt Perform” on May 16, 2016. Bank of America Corp was Downgraded by Atlantic Equities to ” Neutral” on Mar 1, 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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