Verus Financial Partners Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Verus Financial Partners reduced its stake in Bank of America Corp by 7.48% during the most recent quarter end. The investment management company now holds a total of 11,624 shares of Bank of America Corp which is valued at $184,008 after selling 940 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 0.08% of Verus Financial Partners’s portfolio.

Other Hedge Funds, Including , One Capital Management boosted its stake in BAC in the latest quarter, The investment management firm added 7,481 additional shares and now holds a total of 147,999 shares of Bank of America Corp which is valued at $2,384,264. Bank of America Corp makes up approx 0.80% of One Capital Management’s portfolio. Maple Securities Usa Inc sold out all of its stake in BAC during the most recent quarter. The investment firm sold 18,600 shares of BAC which is valued $303,180.Ronna Sue Cohen boosted its stake in BAC in the latest quarter, The investment management firm added 178 additional shares and now holds a total of 39,358 shares of Bank of America Corp which is valued at $641,535. Bank of America Corp makes up approx 0.49% of Ronna Sue Cohen’s portfolio.Lvm Capital Management Ltdmi boosted its stake in BAC in the latest quarter, The investment management firm added 1,367 additional shares and now holds a total of 13,159 shares of Bank of America Corp which is valued at $211,991. Bank of America Corp makes up approx 0.07% of Lvm Capital Management Ltdmi’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.

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