Stoneridge Investment Partners Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Stoneridge Investment Partners reduced its stake in Bank of America Corp by 0.53% during the most recent quarter end. The investment management company now holds a total of 599,004 shares of Bank of America Corp which is valued at $8,763,429 after selling 3,211 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on Jul 25, 2016.Bank of America Corp makes up approximately 1.24% of Stoneridge Investment Partners’s portfolio.

Other Hedge Funds, Including , Msi Financial Services Inc boosted its stake in BAC in the latest quarter, The investment management firm added 194,034 additional shares and now holds a total of 499,040 shares of Bank of America Corp which is valued at $7,300,955. Bank of America Corp makes up approx 0.26% of Msi Financial Services Inc’s portfolio.Mercer Capital Advisers boosted its stake in BAC in the latest quarter, The investment management firm added 12 additional shares and now holds a total of 16,750 shares of Bank of America Corp which is valued at $240,865. Bank of America Corp makes up approx 0.19% of Mercer Capital Advisers’s portfolio.Longer Investments boosted its stake in BAC in the latest quarter, The investment management firm added 30,815 additional shares and now holds a total of 125,240 shares of Bank of America Corp which is valued at $1,803,456. Bank of America Corp makes up approx 1.92% of Longer Investments’s portfolio. Parasol Investment Management sold out all of its stake in BAC during the most recent quarter. The investment firm sold 1,300 shares of BAC which is valued $18,343. Trust Co Of Oklahoma added BAC to its portfolio by purchasing 14,537 company shares during the most recent quarter which is valued at $205,117. Bank of America Corp makes up approx 0.11% of Trust Co Of Oklahoma’s portfolio.

Bank of America Corp closed down -0.19 points or -1.29% at $14.49 with 6,32,76,523 shares getting traded on Friday. Post opening the session at $14.56, the shares hit an intraday low of $14.48 and an intraday high of $14.7 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 $0.36 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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