First Pacific Advisors buys $487,968,768 stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : First Pacific Advisors scooped up 6,401,920 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 Aug 9, 2016. The investment management firm now holds a total of 32,793,600 shares of Bank of America Corp which is valued at $487,968,768.Bank of America Corp makes up approximately 3.84% of First Pacific Advisors’s portfolio.

Other Hedge Funds, Including , Brown Advisory Inc reduced its stake in BAC by selling 4,174 shares or 0.13% in the most recent quarter. The Hedge Fund company now holds 3,257,690 shares of BAC which is valued at $49,288,850. Bank of America Corp makes up approx 0.17% of Brown Advisory Inc’s portfolio.California Public Employees Retirement System reduced its stake in BAC by selling 673,600 shares or 2.22% in the most recent quarter. The Hedge Fund company now holds 29,613,913 shares of BAC which is valued at $428,809,460. Bank of America Corp makes up approx 0.67% of California Public Employees Retirement System’s portfolio.Spot Trading L.l.c reduced its stake in BAC by selling 287,428 shares or 37.77% in the most recent quarter. The Hedge Fund company now holds 473,637 shares of BAC which is valued at $6,858,264. Bank of America Corp makes up approx 0.91% of Spot Trading L.l.c’s portfolio.Retirement Systems Of Alabama reduced its stake in BAC by selling 223,544 shares or 2.28% in the most recent quarter. The Hedge Fund company now holds 9,580,771 shares of BAC which is valued at $140,166,680. Bank of America Corp makes up approx 0.79% of Retirement Systems Of Alabama’s portfolio.Huntington National Bank reduced its stake in BAC by selling 58,493 shares or 31.53% in the most recent quarter. The Hedge Fund company now holds 127,049 shares of BAC which is valued at $1,858,727. Bank of America Corp makes up approx 0.05% of Huntington National Bank’s portfolio.

Bank of America Corp closed down -0.02 points or -0.13% at $15.15 with 9,34,07,349 shares getting traded on Wednesday. Post opening the session at $15.16, the shares hit an intraday low of $15.08 and an intraday high of $15.24 and the price fluctuated in this range throughout the day.Shares ended Wednesday 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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