Terra Nova Asset Management Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Terra Nova Asset Management reduced its stake in Bank of America Corp by 3.25% during the most recent quarter end. The investment management company now holds a total of 174,420 shares of Bank of America Corp which is valued at $2,461,066 after selling 5,850 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on May 2, 2016.Bank of America Corp makes up approximately 2.86% of Terra Nova Asset Management’s portfolio.

Bank of America Corp opened for trading at $13.83 and hit $14.14 on the upside on Friday, eventually ending the session at $14.11, with a gain of 0.43% or 0.06 points. The heightened volatility saw the trading volume jump to 7,65,95,123 shares. Company has a market cap of $144,937 M.

Other Hedge Funds, Including , Kornitzer Capital Management Inc Ks boosted its stake in BAC in the latest quarter, The investment management firm added 7,300 additional shares and now holds a total of 40,950 shares of Bank of America Corp which is valued at $577,805. Bank of America Corp makes up approx 0.01% of Kornitzer Capital Management Inc Ks’s portfolio.Aperio Group reduced its stake in BAC by selling 606,196 shares or 17.01% in the most recent quarter. The Hedge Fund company now holds 2,956,889 shares of BAC which is valued at $43,052,304. Bank of America Corp makes up approx 0.37% of Aperio Group’s portfolio.Clarivest Asset Management reduced its stake in BAC by selling 8,622 shares or 15.23% in the most recent quarter. The Hedge Fund company now holds 47,975 shares of BAC which is valued at $698,516. Bank of America Corp makes up approx 0.02% of Clarivest Asset Management’s portfolio.Curian Capital reduced its stake in BAC by selling 498,132 shares or 61.25% in the most recent quarter. The Hedge Fund company now holds 315,149 shares of BAC which is valued at $4,588,569. Bank of America Corp makes up approx 0.34% of Curian Capital’s portfolio.Mount Vernon Associates Inc Md boosted its stake in BAC in the latest quarter, The investment management firm added 5,800 additional shares and now holds a total of 73,745 shares of Bank of America Corp which is valued at $1,114,287. Bank of America Corp makes up approx 2.42% of Mount Vernon Associates Inc Md’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 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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