New Century Advisors buys $5,631,840 stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : New Century Advisors scooped up 276,000 additional shares in Bank of America Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 18, 2016. The investment management firm now holds a total of 391,100 shares of Bank of America Corp which is valued at $5,631,840.Bank of America Corp makes up approximately 7.52% of New Century Advisors’s portfolio.

Other Hedge Funds, Including , Farmers Merchants Investments Inc boosted its stake in BAC in the latest quarter, The investment management firm added 12,000 additional shares and now holds a total of 177,815 shares of Bank of America Corp which is valued at $2,560,536. Bank of America Corp makes up approx 0.28% of Farmers Merchants Investments Inc’s portfolio.Lathrop Investment Management Corp boosted its stake in BAC in the latest quarter, The investment management firm added 515 additional shares and now holds a total of 26,276 shares of Bank of America Corp which is valued at $370,754. Bank of America Corp makes up approx 0.11% of Lathrop Investment Management Corp’s portfolio. Hexavest added BAC to its portfolio by purchasing 6,258,683 company shares during the most recent quarter which is valued at $88,310,017. Bank of America Corp makes up approx 1.31% of Hexavest’s portfolio.Gateway Investment Advisers boosted its stake in BAC in the latest quarter, The investment management firm added 1,911 additional shares and now holds a total of 7,519,666 shares of Bank of America Corp which is valued at $101,064,311. Bank of America Corp makes up approx 0.85% of Gateway Investment Advisers’s portfolio.Beacon Financial Group boosted its stake in BAC in the latest quarter, The investment management firm added 2,778 additional shares and now holds a total of 50,013 shares of Bank of America Corp which is valued at $672,175. Bank of America Corp makes up approx 0.14% of Beacon Financial Group’s portfolio.

Bank of America Corp opened for trading at $14.35 and hit $14.43 on the upside on Wednesday, eventually ending the session at $14.4, with a gain of 0.98% or 0.14 points. The heightened volatility saw the trading volume jump to 7,92,77,868 shares. Company has a market cap of $147,916 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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