Rafferty Asset Management Lowers stake in Bank of America Corp (BAC)

Bank of America Corp (BAC) : Rafferty Asset Management reduced its stake in Bank of America Corp by 22.83% during the most recent quarter end. The investment management company now holds a total of 1,111,007 shares of Bank of America Corp which is valued at $16,531,784 after selling 328,672 shares in Bank of America Corp , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Bank of America Corp makes up approximately 1.04% of Rafferty Asset Management’s portfolio.

Other Hedge Funds, Including , Samsung Asset Management (new York) reduced its stake in BAC by selling 89,310 shares or 43.18% in the most recent quarter. The Hedge Fund company now holds 117,540 shares of BAC which is valued at $1,778,380. Bank of America Corp makes up approx 1.30% of Samsung Asset Management (new York)’s portfolio.Finemark National Bank Trust reduced its stake in BAC by selling 4,571 shares or 11.13% in the most recent quarter. The Hedge Fund company now holds 36,481 shares of BAC which is valued at $542,837. Bank of America Corp makes up approx 0.06% of Finemark National Bank Trust’s portfolio.Nippon Life Insurance Co boosted its stake in BAC in the latest quarter, The investment management firm added 12,738 additional shares and now holds a total of 412,836 shares of Bank of America Corp which is valued at $5,977,865. Bank of America Corp makes up approx 0.14% of Nippon Life Insurance Co’s portfolio.Checchi Capital Advisers reduced its stake in BAC by selling 5,609 shares or 6.17% in the most recent quarter. The Hedge Fund company now holds 85,286 shares of BAC which is valued at $1,226,413. Bank of America Corp makes up approx 0.30% of Checchi Capital Advisers’s portfolio.Burns J W Co Incny reduced its stake in BAC by selling 206 shares or 1.9% in the most recent quarter. The Hedge Fund company now holds 10,613 shares of BAC which is valued at $149,749. Bank of America Corp makes up approx 0.04% of Burns J W Co Incny’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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