Bank of America Corp (BAC) : Hexavest reduced its stake in Bank of America Corp by 54.36% during the most recent quarter end. The investment management company now holds a total of 2,856,277 shares of Bank of America Corp which is valued at $46,014,622 after selling 3,402,406 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.Bank of America Corp makes up approximately 0.84% of Hexavest’s portfolio.
Other Hedge Funds, Including , British Columbia Investment Management Corp reduced its stake in BAC by selling 795,891 shares or 16.69% in the most recent quarter. The Hedge Fund company now holds 3,973,346 shares of BAC which is valued at $64,010,604. Bank of America Corp makes up approx 0.65% of British Columbia Investment Management Corp’s portfolio.Centre Asset Management reduced its stake in BAC by selling 3,390 shares or 5.2% in the most recent quarter. The Hedge Fund company now holds 61,780 shares of BAC which is valued at $1,007,014. Bank of America Corp makes up approx 0.18% of Centre Asset Management’s portfolio.Carroll Financial Associates boosted its stake in BAC in the latest quarter, The investment management firm added 10,901 additional shares and now holds a total of 161,418 shares of Bank of America Corp which is valued at $2,631,113. Bank of America Corp makes up approx 0.40% of Carroll Financial Associates’s portfolio.E&g Advisors Lp reduced its stake in BAC by selling 12,800 shares or 15.45% in the most recent quarter. The Hedge Fund company now holds 70,053 shares of BAC which is valued at $1,141,864. Bank of America Corp makes up approx 0.67% of E&g Advisors Lp’s portfolio.
Bank of America Corp closed down -0.19 points or -1.17% at $16.11 with 7,73,73,955 shares getting traded on Tuesday. Post opening the session at $16.26, the shares hit an intraday low of $16.025 and an intraday high of $16.33 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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. Bank of America Corp was Downgraded by Societe Generale to ” Hold” on Sep 13, 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.