Highland Capital Management Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Highland Capital Management reduced its stake in Bank of America Corp by 10.22% during the most recent quarter end. The investment management company now holds a total of 651,331 shares of Bank of America Corp which is valued at $10,310,570 after selling 74,172 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Bank of America Corp makes up approximately 0.88% of Highland Capital Management’s portfolio.

Other Hedge Funds, Including , Community Bank N.a. reduced its stake in BAC by selling 100 shares or 1.4% in the most recent quarter. The Hedge Fund company now holds 7,060 shares of BAC which is valued at $111,760. Bank of America Corp makes up approx 0.03% of Community Bank N.a.’s portfolio.Community Trust Investment Co reduced its stake in BAC by selling 8,051 shares or 0.74% in the most recent quarter. The Hedge Fund company now holds 1,081,007 shares of BAC which is valued at $17,620,414. Bank of America Corp makes up approx 2.24% of Community Trust Investment Co’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.Hudson Valley Investment Advisors Inc Adv reduced its stake in BAC by selling 30,299 shares or 16.79% in the most recent quarter. The Hedge Fund company now holds 150,179 shares of BAC which is valued at $2,447,918. Bank of America Corp makes up approx 0.76% of Hudson Valley Investment Advisors Inc Adv’s portfolio. Cardinal Capital Management added BAC to its portfolio by purchasing 702 company shares during the most recent quarter which is valued at $11,309.

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.

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